Latest news with #ofArrangement
Otago Daily Times
5 days ago
- Business
- Otago Daily Times
Farmers to vote on co-op's 65% sale to overseas group
The Alliance Group's Pukeuri plant. Photo: Sally Rae. Irish meat company Dawn Meats Group will take a 65% stake of Alliance Group, subject to the co-operative's farmer-shareholders giving the deal a tick. This morning, Alliance confirmed the rumour that had been circulating, following a capital raise process, that the Irish company would pay $NZ250 million in the proposed transaction, subject to shareholder acceptances, High Court and regulatory approvals. Proceeds from the transaction would be used to reduce Alliance's short-term working capital facility by approximately NZ$200 million, accelerate the board's strategic capital expenditure programme and enable the distribution of up to $40 million to the co-operative, subject to shareholder livestock supply, the co-operative said in a statement. Alliance chairman Mark Wynne said the announcement comes after a two-year process to reset and recapitalise the business. The transaction is to be implemented via a Scheme of Arrangement and will require a minimum of 75 per cent shareholder acceptance of those who vote, and greater than 50 per cent of all shareholding voting yes at a Special General Meeting (or via proxy) to be held in Invercargill in mid-October. If shareholders do not support the proposed investment, the Alliance board would be obligated to enter into a process led by its banking syndicate, which may involve possible asset sales, site closures and further cost-reduction initiatives, the statement said.
Time of India
07-07-2025
- Business
- Time of India
Suzlon Energy shares in focus after NSE, BSE issue 'no adverse observations' for merger with subsidiary
Suzlon Energy shares will be in focus on Monday after the company received 'no adverse observations' letters from the National Stock Exchange (NSE) and BSE for its proposed merger with wholly-owned subsidiary Suzlon Global Services Limited. In a regulatory filing, Suzlon informed that the observations were received from the exchanges on Thursday, July 3, clearing a key hurdle in its ongoing corporate restructuring plan. Under the 'Scheme of Arrangement', which involves the company, its shareholders, and creditors, Suzlon Energy will undertake the reduction and reorganisation of reserves. Also Read: Street favourite! 10 BSE large-cap stocks analysts expect to rally up to 70% Suzlon plans to adjust its accumulated losses by reducing and reorganising reserves, specifically transferring the credit balance in the General Reserve to Retained Earnings. Live Events This means Suzlon will use existing reserves (built up during profitable years) to wipe out past losses reflected in the Retained Earnings account. The company said that it will result in a cleaner balance sheet, which can improve the company's ability to pay dividends and attract investors. Also Read: TCS, HCLTech among 10 stocks that have paid dividends over 40 times since 2011 The following are the compliance with legal requirements: 1) The company must comply with detailed disclosures, including how reserves will be adjusted, the historical build-up of losses and reserves, rationale for the scheme, impact on shareholders, cost-benefit analysis, and updated balance sheets pre- and post-scheme. 2) The company has to ensure that additional information, if any, submitted by the company after filing the Scheme with the stock exchange is displayed on the websites of Suzlon and the exchanges. 3) The company has to ensure entities involved in the proposed scheme will not make any changes in the draft scheme subsequent to filing the draft scheme with SEBI by Stock Exchange(s), except those mandated by the regulators/ authorities/tribunal. 4) The company should ensure compliance with the Sebi circulars issued from time to time. 5) The company should ensure that the financials in the scheme considered are not more than 6 months old. Also Read: 10 Nifty smallcap stocks analysts expect to rally up to 72% ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
India.com
27-06-2025
- Business
- India.com
Investors Forum Seeks Maharashtra CM Fadnavis's Support For Rs 1,950 Cr Settlement Plan
In a major step toward resolving the long-standing NSEL payment crisis, the NSEL Investors Forum has reached out to Maharashtra Chief Minister Devendra Fadnavis, seeking the state's support for a proposed Rs. 1,950 crore One-Time Settlement (OTS) between the National Spot Exchange Limited and its investors. The forum, which represents a significant number of affected investors, has emphasised the importance of government cooperation in facilitating the scheme, cautioning against any intervention from state agencies that could impede its progress. According to the Forum, the settlement—nearly twelve years in the making—promises a recovery rate of approximately 48%, far surpassing the recovery benchmarks seen in typical insolvency proceedings. Investors have agreed to assign their claims to 63moons in return for the settlement amount, even as enforcement actions under MPID and PMLA Acts continue against defaulters. Earlier this year, NSEL initiated a formal Scheme of Arrangement under the Companies Act, 2013. Following NCLT's direction, a month-long postal ballot process was conducted, where over 92% of participating investors, by number and value, voted in favor of the proposal. The final hearing at the NCLT is slated for July 11, 2025. In the lead-up, the Forum has urged the Chief Minister to issue appropriate guidance to relevant state bodies, emphasizing the importance of a unified approach to avoid delays or disruptions. The forum also suggested appointing an expert in company law to represent the state's interests effectively before the tribunal.
Arabian Post
14-06-2025
- Business
- Arabian Post
WazirX Offers Partial Repayment Amid Court‑Mandated Restructuring
WazirX has unveiled a revised restructuring plan under Singapore High Court oversight that proposes to repay approximately 85% of users' pre‑hack balances, while the remaining 15% would be settled over time through a Recovery Token mechanism. A final court decision is expected by 20 June, setting the stage for ensuing repayments. A hack that occurred on 18 July 2024 led to the theft of nearly US $235 million from the exchange's wallets, widely attributed to North Korean Lazarus Group operatives. WazirX parent company Zettai Pte Ltd subsequently secured a moratorium in Singapore and initiated a formal Scheme of Arrangement allowing creditors to vote on recovery proposals. By April, rebalancing of assets was completed, enabling the exchange to present each affected user's USD and INR valuations based on their 18 July 2024 holdings. Around 93% of creditors voted in favour of this plan in April, far exceeding the 75% threshold required by law. ADVERTISEMENT Under the scheme, the initial payment—estimated at 85% of the original holdings—would be disbursed in either the original asset or USDT within ten business days of court approval. The remaining 15% would be issued as RTs, tradable tokens redeemable via quarterly buybacks funded from WazirX's profits or recovered assets. Risks remain, however: if creditors reject the plan, the court may order liquidation under Section 301 of the Singapore Companies Act. That scenario could trigger asset fire‑sales, reducing recovery potential and extending the timeline until 2030. Community reaction is mixed. Many users have expressed doubts over the exchange's transparency and the partial compensation model. Subreddits suggest a collective legal response is forming in Kerala and beyond. One user asserted: 'If anyone still believes that WazirX will return our funds without us taking any action — that hope is gone after yesterday's court decision.' Meanwhile, creditor‑activist voices have argued the restructuring represents a better outcome than liquidation. As one FTX creditor remarked, it is 'far superior to liquidation' for preserving value. CoinSwitch has also launched a parallel initiative named CoinSwitch Cares, offering affected users a potential path to full recovery—up to ₹600 crore—with added incentives for sign‑ups and referrals. However, that scheme depends on WazirX restoring withdrawal functionality. The Singapore High Court's deadline of 20 June will determine whether the court grants final sanction to WazirX's Scheme of Arrangement. Should it proceed, initial disbursements would begin between late June and July. If it's rejected, WazirX would head into liquidation—triggering a protracted, uncertain payout stretching possibly until 2030, with potentially deep losses. WazirX's recovery architecture combines immediate restitution and long‑term tools designed to align creditor outcomes with the firm's future performance. The RT buyback mechanism underscores this approach, offering users potential upside linked to the exchange's profitability and asset recovery. Users must act to verify claims through WazirX's Claim Tracker, accept the rebalanced valuations, and monitor further updates. Approval hinges on the court's formal order and the willingness of creditors to embrace a controlled, phased repayment versus the uncertain prospects of full liquidation.
Business Upturn
11-06-2025
- Business
- Business Upturn
Sterlite Technologies signs Rs 2,631 crore agreement with BSNL for BharatNet project in J&K and Ladakh
Sterlite Technologies Limited (STL), through its demerged Global Services Business vertical, has announced the signing of a significant agreement with Bharat Sanchar Nigam Limited (BSNL). The agreement, signed on June 11, 2025, pertains to the design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network under the BharatNet initiative for the Jammu & Kashmir and Ladakh telecom circles, under Package 13. This development follows STL's earlier disclosure dated March 27, 2025, and is aligned with the Scheme of Arrangement approved by the Hon'ble National Company Law Tribunal, Mumbai, on February 14, 2025. As per the scheme, STL's Global Services Business has been demerged into STL Networks Limited, effective from the close of business hours on March 31, 2025. Consequently, the agreement will be novated in favor of STL Networks Limited upon completion of the required formalities. The agreement marks a major step in the government's push to expand digital infrastructure across India's underserved regions. The middle-mile network will play a crucial role in connecting Gram Panchayats to the main internet backbone, thereby facilitating last-mile connectivity under the BharatNet initiative. Valued at ₹2,631.14 crores (inclusive of GST), the agreement includes a capital expenditure of ₹1,620.50 crores. Additionally, it covers operational expenditure for both the newly constructed network, estimated at ₹972.30 crores, and the existing network, valued at ₹38.33 crores. The project duration spans three years for construction, followed by a ten-year maintenance period. The maintenance component will be compensated at 5.5% of the capital expenditure annually for the first five years and 6.5% per annum for the subsequent five years. The contract has been awarded by BSNL, a domestic public sector undertaking, and outlines general contract conditions. It signifies STL's continued commitment to building robust digital infrastructure in remote and strategic regions of India. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
