Wednesday, May 7, 2014

Sistema's India unit seeks foreign investment limit hike to dilute Minority Shareholders

http://www.business-standard.com/article/companies/sistema-s-india-unit-seeks-foreign-investment-limit-hike-114050700651_1.html

Sistema's India unit seeks foreign investment limit hike

Approval will enable conversion of preference shares in company into equity shares

Reuters | New Delhi

May 7, 2014 Last Updated at 14:02 IST

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Sistema Shyam TeleServices Ltd, majority-owned by Russia's Sistema, said on Wednesday that it had sought the government's approval to raise the foreign direct investment limit in the telecommunications carrier beyond 74%.

Govt had last year allowed foreign companies to fully own local telecommunications carriers, removing an earlier cap of 74%. But any stake increase beyond 49% in the telecom sector needs prior government approval.

Sistema and Russia's government together own nearly 74% in the unlisted Sistema Shyam joint venture, while India's Shyam Group has a 24% stake. The rest is owned by individual Indian investors.

A Sistema Shyam spokesman declined to comment beyond the company statement.

According to a copy of Sistema Shyam's application filed in March with the foreign investment regulator and seen by Reuters, the approval will enable conversion of preference shares in the company held by a Sistema unit into equity shares.

Sistema Shyam last year bought new telecommunication permits in an auction after its earlier permits were cancelled by court order on a broader licensing scandal. The company has said it is interested to buy more airwaves in the next auction and would need funding for that.

($1 = 60.0725 rupees)

Letter from Shareholders to SSTL

LETTER RECD AT AMSOST FROM SHAREHOLDERS

Dear Mr.Malik,

I am also an unfortunate man amongst 17000 shareholders & holding 3970 shares of SSTL since 2007. I am an ex-Air Force personnel & invested my lumsum money in this share,which i got after my discharge. This really dragged me out & is bankrupted me. The court has given its verdict is going to be almost 4 years back, but still the issue is pending. Jutice delayed is

justice denied. So obviously these 17000 people are not waitng to listen only promises but real action. Hope some positive turn in our favour very shortly.
Regards,

Subrata

krishna rao narra_krishna30@yahoo.co.in

6:36 AM (17 minutes ago)

to rashid.malik, me

Dear Mr.Malik,

I would like to inform that I am holding 7224 shares of SSTL since long. I have invested from my hard earned

pension benefit money. Pse bail out me from exit option with reasonable amount so that i should not think that it is a sin in investying in SST

(formerly shyam telecom). My DP no.10162995- NSDL.

Awating for ur favouyrable reply. My Moble no.8374460997.

with regards.

N.krishna Rao

******************

Mr Rahid Malik

Company Seceratry

Shyam Siestema Televentures ltd

Dear Sir

Sub Listing of SSTL Shares

I have 10322 shares of SSTL DP CDSL DP ID 13019300 Client ID 01137578 in the name of MAN MOHAN resident of Tower 6 A Flat No 203, Ansal Valley View Estate, Gwal Pahari , Gurgaon Faridabad Road , Gurgaon,122003, Haryana. As per the August 2008 order of Rajasthan High Court these shares were to be listed or an exit offer at a fair price was to be given to investors . Why the company has not sent me any such offer? Pl send me this offer and also inform me immediately timeline for the same Man Mohan

********

Himanshu Rindani rindanihk@yahoo.co.in

11:31 AM (2 hours ago)

to rashid.malik, me

Dear Mr.Rashid Malik,

We are holding 7840 shares of SSTL since so many year due to split followed by SHYAM TELELINK..

We are looking for exit option as directed by the court to SSTL.

Kindly let us know what should we do to move ahead.

Warm Regards

*****

Rajashekhar.reddy

1:21 PM (0 minutes ago)

to rashid.malik

Dear Sir,

I have been holding shares of SSTL for the past so many years and has been waiting for an exit option from you at a fair price. When the company has been selling its majority stake to other players at much higher prices, the minority share holders should also need to get a fair price for the same.

Looking at the recent media news, wherein the company has been quoting that there has been no requests for exit option, let me take this opportunity to tell you that we would definitely like to have an option to exit and donot want to continue our shareholding anymore. I feel for my other 18000 odd partners who are also stuck with their hard money in this scenario.

I would request you to please assure us a fair pricing for the exit and limited time frame in which this can be done, since we have already waited for a very long period.

My details are as follows:

Name: P RAJASHEKHAR REDDY,

Address: MUMBAI MAHARASHTRA INDIA 400098

. total of 794 shares as of today.

Waiting a positive reply from you at the earliest.

Regards,

--------------------------------------------------------

Khetshi Maru

11:35 AM (1 hour ago)

to rashid.malik, bcc: me

FROM:- KHETSHI U MARU

DP ID BO ID:-CDSL 1302340000053717 ISE OF INDIA LTD

SIR

I HOLD 10000 SHARES OF SYSTEMA SHYAM

I AM A MINORITY SHAREHOLDER OF THE COMPNY

I WANT EXIT OPTION FROM MY INVESTMENT OF 10000 SHARES OF SYSTEMA SHARES

PL DO THE THE NEEDFUL

K.U.MARU

----------------------------------------------------------------------------

Munish Kumar

9:51 AM (3 hours ago)

to rashid.malik, me

Images are not displayed. Display images below - Always display images from munish@powergridindia.com

Dear Sir,

I am also one of the minority share holder of SSTL. I am holding about 15000 shares. I also want an exit option at reasonable price because I am also in the wait for about 6 years. Please let me know about any development in exit option and put up my name to the SSTL that I am interested in exit option. This is more than enough now for us.

Thanks

Regards,

Munish

Address: Flat No 17, Sec-22, DDA SFS Flats

Dwarka, New Delhi-110075

Ph: +91 9810167109

Email: munish@powergridindia.com

Copy to : amsost@gmail.com; please take this matter collectively with all minority share holders as you have earlier gone to Court and won the battle to take further stake in SSTL. You won and we got additional shares also. But, unfortunately, there is no scene of listing any more. It is better to get an exit option at a reasonable price (not less than Rs 50/=/ per share) because we are kept in waiting for more than 6-7 years, in dark, and after additional allotment, I feel, we, the minority share holders have lost our valuable money. Please take up with SSTL on our behalf

Our Folio No and names are as follows. We want an exit option as per Court Order. Please offerl us reasonable price of your exit option.

Ø India Infoline DP ID: FOLIO NO. IN302269-10168441- Name : Meena-Nos of SSTL Shares holding: 14450

Ø India Infoline DP ID: FOLIO NO IN302269-10262510- Name: Veena Talreja- Nos of SSTL Shares holding: 4644

Please reply by return mail.

Thanks

Regards

AMSOST - Association of Minority Shareholders of Sistema Shyam Teleservices Limited

Wednesday, May 7, 2014