TTML announces results of postal ballot on special resolution for issue of securities

Mumbai: Tata Teleservices (Maharashtra) (TTML) today announced the result of the postal ballot on a special resolution for issue of securities.

The postal ballot was conducted pursuant to Section 192A of the Companies Act, 1956 read with the Companies (Passing of Resolution by Postal Ballot) Rules, 2001 and Article 60A of the Articles of Association of the company.

TTML had sent a notice dated September 23, 2009 to the members of the company for seeking their approval through postal ballot on a special resolution for issue of securities including by way of a qualified institutional placement (QIP) and / or securities partly / optionally / fully convertible into equity shares of the company including but not limited to issue of foreign currency convertible bonds (FCCBs), American depositary receipts (ADRs), global depository receipts (GDRs) to raise funds up to an equivalent of $250 million. The last date for receipt of postal ballots was October 31, 2009.

Based on the scrutiniser's report, the result of the postal ballot was announced as follows:

Out of total 1,483 postal ballots received by the scrutiniser, 1,252 postal ballots were valid and 231 postal ballots were invalid.

The special resolution for issue of securities was passed with over 99.99 per cent votes in favour of the resolution.

Source : Equity Bulls

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