http://www.vedomosti.ru/tech/news/26636001/akcionery-shyam-hotyat-vykupa
Minorities Sistema Shyam Teleservices ltd Court asked to wait
Minorities "daughter" AFK "System" - Sistema Shyam Teleservices ltd ( SSTL ) asked the authorities not to allow India to increase its share in the AFC statement to the court decision in their lawsuit against the company
05/19/2014
Sistema Shyam Teleservices Ltd.
Indian telecom operator
Shareholders: AFK "System» (56,68%), Shyam Group (23,98%), Federal Property Management Agency (17.14%).Revenue (US GAAP, 2013) - $ 209 million Net loss - $ 225 million |
This article is based on article "Shareholders want Shyam redemption" from the newspaper "Vedomosti", 05.19.2014, number 87 (3591).
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Minority shareholders Indian " daughters "AFK " System " SSTL Committee appealed to the Indian Foreign Investment Promotion ( FIPB) to defer a decision on increasing the share of " systems "in SSTL , until the court decides on their claim to SSTL , the message says the Association of minority shareholders. Last week sent letters like minorities and other locations in India, the manager knows the " system. "
Provide minorities Shyam Telecom ( formerly SSTL ) an exit from their investments promised even the previous owners of the company, until it ROS source in the know " System. " In August 2008, the court reaffirmed that commitment and decided that SSTL should be for 18 months ( until February 2010) to begin preparing for IPO. Accommodation did not take place, but the company in accordance with the decision of the court has begun preparing for it, then the representative of the company explained. In 2012, the minority once again went to court hoping to force SSTL allow them to exit the investment, says one of them. Supreme Court of Jaipur ( capital of Rajasthan, home state SSTL ) has not made a decision on the case, said the minority shareholder .
Activists appealed to the FIPB, as the committee considers the application just " System "to convert its preferred shares SSTL in common. " System "from April 2012 to March 2013 acquired 100% of preferred shares SSTL in the company for $ 1.05 billion Indian law while limiting foreign ownership to 74% of mobile operators ( now SSTL - 73.82%), and the operator needed the money to refinance the debt, which was so progarantirovan " System. " Now the restriction on foreign ownership is removed, and the AFC decided to swap preferred shares to voting shares.
Minority shareholders are asked to wait FIPB as May 9 SSTL court gave assurance that before the next hearing ( it must be held July 11, 2014) does not change the structure of the share capital, the letter said. Such guarantees were not, says manager " systems "minority wishful thinking. The document referenced by minority shareholders ( have " Sheets "), it follows that their lawyers objected to the transfer hearing ( requested by lawyers SSTL ), worrying that action to change the shareholder structure will harm their claim. As a result, the representative of SSTL assured the court that prior to the date of the next hearing ( July 11), the company did not take any steps that are in some form might prejudice the claim of minority shareholders.
Jaipur court hearing associated with anxiety about the impossibility of minority shareholders to realize their stakes, says the AFC Catherine Tcukanova . Actions same AFC " Sistema "to convert already funded preferred shares into ordinary in any way on the possibility or impossibility of realization of this right shall not affect - either in terms of legislation, either in terms of corporate logic, she explains. According Tsukanova, on June 27, 2014 scheduled general meeting of shareholders SSTL , which will discuss the issue of conversion. Minority shareholders, as always, will be offered the opportunity to participate in the issue. As for the exit of minority shareholders from participating in SSTL , it is a commercial matter that does not pertain to interests of other shareholders, she said.
Provide minorities Shyam Telecom ( formerly SSTL ) an exit from their investments promised even the previous owners of the company, until it ROS source in the know " System. " In August 2008, the court reaffirmed that commitment and decided that SSTL should be for 18 months ( until February 2010) to begin preparing for IPO. Accommodation did not take place, but the company in accordance with the decision of the court has begun preparing for it, then the representative of the company explained. In 2012, the minority once again went to court hoping to force SSTL allow them to exit the investment, says one of them. Supreme Court of Jaipur ( capital of Rajasthan, home state SSTL ) has not made a decision on the case, said the minority shareholder .
Activists appealed to the FIPB, as the committee considers the application just " System "to convert its preferred shares SSTL in common. " System "from April 2012 to March 2013 acquired 100% of preferred shares SSTL in the company for $ 1.05 billion Indian law while limiting foreign ownership to 74% of mobile operators ( now SSTL - 73.82%), and the operator needed the money to refinance the debt, which was so progarantirovan " System. " Now the restriction on foreign ownership is removed, and the AFC decided to swap preferred shares to voting shares.
Minority shareholders are asked to wait FIPB as May 9 SSTL court gave assurance that before the next hearing ( it must be held July 11, 2014) does not change the structure of the share capital, the letter said. Such guarantees were not, says manager " systems "minority wishful thinking. The document referenced by minority shareholders ( have " Sheets "), it follows that their lawyers objected to the transfer hearing ( requested by lawyers SSTL ), worrying that action to change the shareholder structure will harm their claim. As a result, the representative of SSTL assured the court that prior to the date of the next hearing ( July 11), the company did not take any steps that are in some form might prejudice the claim of minority shareholders.
Jaipur court hearing associated with anxiety about the impossibility of minority shareholders to realize their stakes, says the AFC Catherine Tcukanova . Actions same AFC " Sistema "to convert already funded preferred shares into ordinary in any way on the possibility or impossibility of realization of this right shall not affect - either in terms of legislation, either in terms of corporate logic, she explains. According Tsukanova, on June 27, 2014 scheduled general meeting of shareholders SSTL , which will discuss the issue of conversion. Minority shareholders, as always, will be offered the opportunity to participate in the issue. As for the exit of minority shareholders from participating in SSTL , it is a commercial matter that does not pertain to interests of other shareholders, she said.
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