Vedanta shareholders approve shifting of cash reserves

London-based Vedanta Resources, helmed by billionaire Anil Agarwal, has received shareholders’ approval of its Indian unit to move funds into its balance sheet.

The company had held a meeting of shareholders of its India-list unit, Vedanta Ltd, in which it holds about 70% stake, on October 11.

The special resolution by Vedanta was favoured with a total 99.97% of votes cast, of which promoters and promoter groups approved it with 100% votes. Public institutions supported it with 99.98% and non-public institutions with 99.97% of votes, according to a stock exchange update.

According to a stock exchange notice convening the meeting of shareholders, the proposed scheme of arrangement between Vedanta and its shareholders provides for capital reorganisation of the company. This is to provide for transfer of amounts standing to the credit of the general reserves to the retained earnings of the company.