Cairn India Ltd has informed BSE that the members of the Company will consider to approve the Special Resolution by way of Postal Ballot pursuant to the provisions of Sections 78, 100 to 103 and other applicable provisions, if any, of the Companies Act, 1956 and Article 8 of the Articles of Association of the Company and subject to the sanction of the Scheme of Arrangement between Cairn Energy India Pty Ltd, Cairn Energy India West B.V., Cairn Energy Cambay B.V., Cairn Energy Gujarat B.V. and Cairn India Ltd and their respective shareholders and creditors ('the Scheme') by the Hon'ble High Court of Judicature at Bombay and the Hon'ble High Court of Judicature at Madras under Sections 391 to 394 read with Sections 78, 100 to 103 and other applicable provisions, if any, of the Companies Act, 1956, the Goodwill arising pursuant to the Scheme shall be adjusted against the balance in the Securities Premium Account, not exceeding Rs 15,000 crores, of the Company. The Board of Directors has appointed Mr. Nesar Ahmad, Practicing Company Secretary, as Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner. The Postal Ballot form duly completed should reach the scrutinizer on or before the close of working hours on February 24, 2010. The scrutinizer will submit his report to the Chairman after completion of the scrutiny and the results of the postal ballot will be announced on March 01, 2010.
Source: BSECourtesy moneycontrol.com
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