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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".

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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:

Language: English

Reading Time: 3 minutes read

Article Length: 479 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 495305

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About Business Standard

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Year Established: 1975

Headquarters: India

News Last Updated: 2h ago

Coverage Areas: India

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Publication Timezone: GMT +5:00

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