Anil Ambani, chairman of Reliance ADAG Group, who is facing constant difficulties on the business front, has been dealt a big blow by the shareholders of his company. According to the information, at the AGM (Annual General Meeting) of Reliance Power on June 2, shareholders voted against the special resolution brought to sell the company’s assets. Let us tell you, in order to pass a special resolution in the AGM of any company, the approval of at least 75 percent of the shareholders is required.
According to the information given by the company to the stock exchanges, 72.02 per cent of the shareholders in the AGM voted in favor of the proposal while 27.97 per cent of the shareholders still voted against it.
Wanted less debt: In the notice given in the AGM, the company had told that in order to reduce debt and liability, the company has decided to sell its assets. Along with this, it was said in the notice that the company needs the consent of the shareholders for this, for which a special resolution has been brought in the AGM.
According to the rules, no company can sell or lease more than 20 percent of its assets in any one financial year without making a special offer at the AGM.
Reliance Power had a net loss of Rs 555 crore in the fourth quarter of FY 2021-22, while the company had made a net profit of Rs 72 crore during the same period last year. In the fourth quarter of the financial year 2021-22, the company’s income increased to Rs 1878 crores, which was about Rs 1690 crores in the previous financial year. However, during this time the company’s expenses increased to 2525 crores. The company has incurred a loss of Rs 605 crore during the entire financial year 2021-22, while last year the company had a profit of Rs 228 crore.