RBI Grade BNABARD ESISEBI
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Context:
The National Company Law Appellate Tribunal (NCLAT) has approved Bharti Telecom’s 2018 capital reduction scheme, rejecting minority shareholders’ objections that the scheme was unfair and non-compliant with legal standards.
Key Points
- Scheme Nature: Capital reduction involves the company buying back shares from shareholders, thereby reducing its share capital.
- Approval: NCLAT found the scheme legally compliant and procedurally sound.
- Majority Support: 99.90% of shareholders voted in favor of the scheme.
Minority Shareholder Objections
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- Allegation: Claimed Bharti Telecom undervalued the shares by applying a 25% discount, calling it unfair and unlawful.
- Representation: Minority shareholders constitute just 1.09% of Bharti Telecom’s total share capital.
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Legal and Procedural Compliance
- Bharti Telecom maintained that the scheme followed all relevant legal and regulatory procedures.
- The Tribunal upheld the argument that overwhelming shareholder support confirmed corporate governance norms were respected.
