BEAMSTART Logo
Receive $25,000 in member benefits

Vedanta's proposal to transfer Rs 12,587 cr gets proxy advisory firm's nod

Business Standard LogoBusiness Standard6d ago

Vedanta's proposal to transfer Rs 12,587 cr gets proxy advisory firm's nod - Business Standard

Quick Summary:

"The company is of the view that the funds represented by the general reserves are in excess of the company's anticipated operational and business needs in the foreseeable future, thus, these excess funds can be utilised to create further shareholders' value," it said.

Metals and oil conglomerate Vedanta Ltd's proposal to reorganise capital and transfer Rs 12,587 crore from general reserves to retained earnings has won the backing of US-based proxy advisory firm Glass Lewis.

In a notice to shareholders, Vedanta reasoned that the firm had over the years "built up significant reserves through transfer of profits".


More Pictures


or

Article Details

Author / Journalist: Press Trust of India

Category: EconomyFinance

Topics: Reserves Transfer Business General Shareholders Standard Firm Proposal Companies Vedanta

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-23, 20:04:00

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Reading Time: 3 minutes read

Article Length: 479 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 495305

View Article Analysis

About Business Standard

Business Standard Logo

Main Topics: EconomyFinance

Official Website: business-standard.com

Update Frequency: 225 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2h ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #49

Publisher Details

BEAMSTART brings you the latest news, jobs, and events from all around the world on startups, technology, and business. Stay updated with industry news, plug-in to exciting events, and discover incredible career opportunities with the world's most innovative companies.

© Copyright 2022 BEAMSTART. All Rights Reserved.