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PFC’s Extraordinary General Meeting (EGM) successfully held

Mar 19th, 2019 7:34 pm | By | Category: LATEST NEWS

Extra Ordinary General Meeting of the members of Power Finance Corporation Limited held on Tuesday, the March 19, 2019 at Dr. SRKVS Auditorium (Dr. Sarvepalli Radhakrishnan Auditorium) New Delhi. Rajeev Sharma is the Chairman & Managing Director of Power Finance Corporation Limited.

The meeting focussed on transact the following special business:-
1. Approval of Related Party Transaction
To consider and if thought fit, to pass with or without modification(s), the following resolutions as Ordinary Resolutions:
“RESOLVED THAT pursuant to the provisions under section 188 and other applicable provisions/rules, if any, of the Companies
Act, 2013, and also the provisions/rules under other applicable enactments /regulations, approval be and is hereby accorded for the company to enter into a related party transaction with President of India, acting through Ministry of Power, Government of India (GoI) to acquire GoI’s 1,03,93,99,343 fully paid up equity shares of REC Limited together with management control at a price determined in accordance with Regulation 8 and 10(1)(a) of SEBI (Substantial Acquisition and Takeover) Regulations, 2011 (“Takeover Regulations”), including premium as may be decided by the Board of Directors, on the basis including inter alia a valuation report from a valuer appointed by the Company, which shall not exceed the threshold limit of 25% provided under Regulation 10(1)(a) of the Takeover Regulations given that the transaction will be exempt from a requirement of making an open offer under Regulation of the Takeover Regulations.”

“RESOLVED FURTHER THAT the Board of Directors of the Company (including any Committee duly constituted by the Board of
Directors or any authority as approved by the Board of Directors) be and is hereby authorized to do all such acts, deeds and things as may be deemed necessary including but not limited to negotiating, finalizing and signing a share purchase agreement, other agreements, declarations and documents, fixing the price, quantum, consideration, premium, terms of payment including in advance or otherwise etc. for giving effect to the said Related Party Transaction as they may, in their absolute discretion deem necessary.”

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