@) | Vardhman - VARDHMAN SPECIAL STEELS LIMITED Delivering Excellence. Since 1965. CHANDIGARH ROAD , LUDHIANA-141010, PUNJAB T: +91-161-2228943-48 F: +91-161-2601048, 2222616, 2601040 E: [email protected]Vardhman | Ref. VSSL:SCY:SEP:2020-21 Dated: 02-Sep-2020 BSE Limited, The National Stock Exchange of India Ltd, 1t Floor, New Trading Ring, Exchange Plaza, Bandra-Kurla Complex, Rotunda Building, P.J Towers, Bandra (East), Dalal Street, MUMBAI-400001. MUMBAI-400 051 Scrip Code: 534392 Scrip Code: VSSL Dear Sir/Madam, Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Newspaper Advertisement Pursuant to Regulation 47 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith copy of the Notice published in “Business Standard” and “Desh Sewak” regarding “Notice of 10h Annual General Meeting, Book Closure and e-Voting details”. This is for your information and records. Thanking you, Yours faithfully, For VARDHMAN SPECIAL STEELS LIMITED SONAM TANEJA COMPANY SECRETARY m 6 YARNS | FABRICS | THREADS | GARMENTS | FIBRES | STEELS PAN NO.: AADCV4812B CIN: L27100PB2010PLC033930 WWW.VARDHMANSTEEL.COM
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@) | Vardhman - VARDHMAN SPECIAL STEELS LIMITED Delivering Excellence. Since 1965. CHANDIGARH ROAD
Business Standard NEW DELHI | WEDNESDAY, 2 SEPTEMBER 2020
GVK's descent path . How the group's big bet on infrastructure in the early 2000s finally cost it its prized asset, Mumbai airport
ANEESH PHADNIS & AMRITHA PILLAY
Mumbai, 1September
GV Krishna Reddy as he celebrated 50 years of his business enterprise.
A year earlier Reddy, who began his career as an irrigation works contractor in his native Andhra Pradesh, acquired an additional 14 per cent stake in Bangalore airport, making him the largest shareholder with a 43 per cent stake. The same year he took another bold bet, buying three coal mines in Australia in a $1.26-billion deal. Though there were a few black clouds such as the disruption of gas supplies to its pow- er plants, the mood in the GVK group was optimistic as it scouted for investors and partners.
Eight years later, the group was forced to sell its crown jewel, Mumbai International Airport Ltd (MIAL), to the
rising star of Indian business, Gautam Adani. That leaves it with a clutch of doubtful projects in coal, gas and power and missed loan repayments. To top it all, Reddy senior and his son Sanjay are being probed for corruption and money laundering. Last month, PwC, the auditor of the group’s listed arm GVK Power and Infrastructure Limited, resigned citing non co-operation.
The airport business has been crucial to the GVK group. MIAL, the operating company for Mumbai airport and which is developing Navi Mumbai airport, is a profitable venture. Given its potential, Adani group had been vying for an entry in MIAL since last year. Last October, GVK group signed a deal to sell MIAL to a consortium of Abu Dhabi Investment Authority, National Investment and Infrastructure Fund and Canada’s PSP Investments to ward off the Adanis and
2° was a special year for
DIM OUTLOOK GVK Power & Infra
Net worth -297
(Consolidated figures in €crore)
-841
FY17 FY18 FY19 FY20#
Net sales 3,516 3,863 4.098 3,178
PBT Fe -376 -307 -334
# As per unaudited results filing (net worth and debt as on Sep 2019); data for nine months Source: Capitaline Compiled by BS Research
clear debt but the deal remained stuck and was finally terminated.
“The GVK group has done a fantastic job at Mumbai airport and has managed the airport extremely well despite its challenges. But unlike the GMR group it has not been able to develop a portfolio of airport assets. GMR group has been far more successful at that and has helped it in value creation,” said an avi- ation expert.
In July, for instance, the GMR group sold 49 per cent stake in its airport busi- ness to Group ADP of France for %9,720 crore and retained majority control.
Meanwhile, the GVK group exited the Bangalore airport three years ago selling its entire 43 per cent stake to Fairfax for %3,492 crore in a two-step transaction. This ended a seven year-old saga in which the GVK group had raised loans from banks for the Bangalore airport deal, and pledged shares for the pur- chase. After the stake sale to Fairfax, a portion of the loan was paid.
But it was the foray into coal, power and road that proved the backbreaker. “The opening up of the economy made it possible for me to think big,” Reddy told an interviewer in 2011. Power sector reforms in the early 1990s enabled Reddy to set up India’s first independent power plant at Jegurupadu in Andhra Pradesh, even as suc- cesses in irrigation contracts helped him diversify into real estate and hospitality in the earlier years. The Reddy fam- ily owns luxury hotels in Hyderabad, Chandigarh, Chennai and Mumbai in partnership with the Tata group’s Indian Hotels Company and also runs a bio- sciences company specialising in clinical trials and contract manufacturing.
But between 2012 and 2018, each of GVK’s non-airport business took a mas- sive knock owing to a series of bad busi- ness bets, aggressive bidding and a
‘There is no closure in this case’ Following the order of the Supreme Court of
India on the adjusted gross revenue (AGR) dues case, ABHISHEK SINGHVI, third-term
sitting member of Parliament and eminent
jurist who represented Airtel, explains to
Sudipto Dey why the issue is yet to reach legal
closure. Edited excerpts:
Should we nowexpectalegalclosureon
theissue after the Supreme Court order?
At one level, itbrings a quietus onsuchan important commercial matter. However, I don’t think this is permanentoreven longterm. It is very likely that one or more of the entities involved inthe matter will file review petitions. Different companies may have different reasons to seek review. Forexample, thetreatmentof Spectrum Usage Charges (SUC) as AGR duesis an errorandastrong ground forseeking review.
Some ofus had argued that ae SUCisa totally different charge, ~r conceptually and in nature. Ihad also pointed out that SUC amounts were not part ofthe AGR calculations bythe governmentina
¥
+
ABHISHEK SINGHVI Member of Parliament
and jurist
— ey z.
chart handed over by the Solicitor General of India to the apex court during the course of hearing. The calculation of SUC may involve formulae referring to AGR but that does not make SUC an intrinsic component of AGR. These significant conceptual points have not been considered.
Equally, the ten-year period reduction may lead toa review, given the huge economic downturn, the present
and long-term effects of
DECODED
Covid-9 and thesectoral distress.
Any possibility of the government
seekingareview?
The government may well file a review. It was the government’s idea to seek 20 years for repayment of dues. The governmentalone could take into consideration the larger picture given the current economic scenario, amega all-India perspective and the need for supportto the sector so that long-term distress is avoided.
Theissue of whetherspectrum canbe
traded under Insolvency and
Bankruptcy Code has been left
unresolved. Your comments.
Paucity of time in view of the impending retirement of the presiding judge made that inevitable. Since it's a much larger issue, with very wide ramifications, the
Bench has referred it to the Tribunal but it is inevitable that it will make
its way to the Supreme Court in the not too distant future. Hence, there is no closure inthis case; instead there is the beginning of new offshoots!
Why Sebi’s new margin pledge norms have rattled brokerages SAMIE MODAK
Mumbai, 1 September
ost brokerages are rattled by M market regulator Securities and
Exchange Board of India’s (Sebi’s) new margin pledging norms. Here is why Sebi introduced this new sys- tem and why it is worrying the broking community:
What has triggered the move by Sebi?
Under the earlier system, as part of the account opening form, several brokers obtained a power of attorney (POA) from
their clients to access their account. This was required to provide higher margins for trading. A POA allowed a broker to move client securities from their demate- rialised (demat) account to a collateral
account, which could be accessed by both the broker as well as a client. Several brokers were seen misusing the POAs, prompting Sebi to rework its entire sys- tem of pledging.
How did brokers misuse the POA?
Several brokers used shares of dormant
or inactive clients to provide margins for other more active clients. Some brokers
even raised money by pledging shares in the collateral account to fund other busi-
nesses. They also siphoned off dividends of inactive clients. Sebi has taken action
against several brokers for misusing their client securities.
How will the new pledging system work?
Now that Sebi has done away with the system of creating POAs, brokers will not have direct access to client securit- ies. Instead, clients will be able to pledge and re-pledge their holdings
with brokers for generating margins. Depository firms CDSL and NSDL have developed a software for pledging and repledging demat holdings directly by clients. Whenever clients have to gener- ate margins, they will now be directed to the webpage of the depository. After OTP authentication, clients will be able to see their holdings, which can be pledged or unpledged with the broker to generate margins for trading.
When does the pledging system
come into effect?
The new system has become effective from September 1, 2020. It was sup- posed to come into effect from August 1. However, due to under-preparedness of brokers and depository firms, Sebi delayed the implementation by a month. The market regulator allowed the earlier and the new systems to work in parallel in the interim. As a result, many brokers, especially the tech- savvy ones, have already moved to the new system. Some traditional brokers are still not prepared. They had approached the market regulator seek- ing more time. However, Sebi has turned the request down following assurances by depositories that the new
system was ready.
Will the new system impact the
stock markets?
Many are expecting the trading volumes to come down in the cash segment. This has less to do with the new pledging sys- tem and more to do with the new margin norms. Under the new margin norms, Sebi has virtually put an end to excessive leverage trades. The regulator has direct- ed brokers to collect higher margins from their client. The margins differ for individual stocks based on their VAR and ELM readings (value at risk and
extreme loss margin). Failing to do so, Sebi will impose heavy penalties. Also, clients will have to wait for the settle- ment cycle (T+2) to complete to use the
proceeds of their sales or to pledge share they have newly bought. Earlier, brokers allowed clients to use profits from their trades or allowed newly bought shares to be pledged even before the settlement cycle completed. Some expect cash mar- ket volumes to drop by 25 per cent. Also, some attributed Monday’s selloff due to unwinding of positions required to move to the new system.
What changes for stock market investors?
Clients who are not into intra-day and ultra-short-term trading may not be impacted much. However, those who are active traders will have to provide higher margins, which will technically increase their trading costs. It could also take time for traders to get a han- dle on the new system. Further, there could be delays in getting shares pled- ged and unpledged in case depository systems are not able to take the load and generate OTPs on time.
GVK's second bet — in gas-based power plants — was also entangled in controversies with the Centre, initially over gas supply and pricing and vanishing demand
»
Supreme Court order. Industry watchers agree that the
group’s $1.26 billion investment in coal mines in Australia turned into a mill- stone around its neck. While the invest-
ment added to the group’s indebtedness, a near halving of coal prices made mining an unviable business. “Mining is highly regulat- ed and success depends on factors such as mine yield and exchange rates,” said a consultant.
“GVK Coal has not been able to achieve
financial closure resulting in delays in commencement of mine development activity .... delays in entering into defin- itive agreements for port and rail devel- opment and agreement for sale of coal. Further, certain lenders of GVK Coal have classified the loan as non-performing,” GVK Power and Infrastructure Limited
TAKE TWO 9
said in its notes to accounts in Q3 FY 20
results (GVK Coal is categorised as an
associate of GVKPIL). The company has not announced fourth-quarter or full- year results for FY20. The group did not reply to email queries.
GVK’s second bet — in gas-based power plants — was also entangled in controversies with the Centre, initially over gas supply and pricing and vanish- ing demand. Then in November 2014, the Supreme Court abruptly cancelled the licences for 218 coal blocks allocated to various metal and power companies. GVK lost its Tokisud block, which was to supply coal to its Goindwal Sahib power plant.
The roads business suffered for dif- ferent reasons. GVK’s current trans- portation portfolio consists of one oper- ational project, which started operations in 2005 and is a 20-year contract for six- lane road between Jaipur and Kishangarh.
In 2010-11, GVK was eager to partici-
pate in the public-private partnership model for road development. However, the company had to terminate one proj- ect owing to aggressive bidding and delay in clearances. Since then, the company has terminated a couple of other road contracts for various reasons.
“This is another story of a conglom- erate that focused on infrastructure, which became unviable due to high debt, constantly changing government policies. The company also made the mistake of stretching itself beyond its means, driven by general sentiments in the market that time,” said Harish HV, managing partner at ECube Investment Advisors.
He added, “Like all other companies that invested in infrastructure in the post-2005 period, nobody thought any- thing could go wrong, they could keep borrowing and can keep growing. I think they got carried away and did not limit ambitions in line with the resources available.”
De ei Central Bank of india
www.centralbankofindia.co.in
Central Office: Chandermukhi, Nariman Point, Mumbai - 400 021
SALE OF NON PERFORMING FINANCIAL ASSETS
Central Bank of India proposes to sell NPA Loan account Mis. M S P Sponge Iron Ltd to eligible purchasers in terms of the guidelines issued by the Reserve Bank of India and the provisions of SARFAESI Act 2002.
For further details please visit our Website www.centralbankofindia.co.in (Under E-Auction).
Notice is hereby given that the 35" Annual General Meeting (“AGM”) of the Members of Eldeco Housing and Industries Limited (“the Company”) will be held on 25" September, 2020 at 02.00 p.m. IST through Video Conferencing (“VC”)i Other Audio Visual Means (“OAVM”) without the physical presence of the members at a common venue, to transact the business as set forth in the Notice of the AGM.
In view of the massive outbreak of COVID-19 pandemic, Ministry of Corporate Affairs vide its circular No. 20/2020 dated 5" May, 2020, 14/2020
dated 8" April, 2020 and 17/2020 dated 13” April, 2020 and the Securities and Exchange Board of India vide Circular number SEBI/HO/CFD/CMD1/ CIR/P/2020/79 dated 12” May, 2020 (“the Circulars”) permitted the holding of AGM without the physical presence of the members at a common venue. In compliance with the provisions of Companies Act, 2013 (“the Act”) and rules framed thereunder and Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and the Circulars, the 35" AGM of the Company is being held through VC/OAVM.
In compliance with the Circulars, electronic copies of the Annual Report for the year 2019-2020 including the Notice of AGM setting out the businesses to be transacted thereat have been sent on September 1, 2020 to all the members electronically whose e-mail addresses are registered with the Company or Registrar and Share Transfer Agent i.e. Skyline Financial Services Private Limited ("RTA") or Depository Participant(s) (DP's). The same shall also be made available on the Company's website www.eldecogroup.com, and can also be accessed on the website of
Bombay Stock Exchange Limited at www.bseindia.com and on the website of Central Depository Services (India) Limited (CDSL) at www.evotingindia.com. In accordance with the abovementioned Circulars, the requirement of sending the physical copies of the Notice of AGM has been dispensed with.
Members holding shares in physical mode and who have not
registered/updated their email addresses with the Company are requested to furnish their email addresses by writing to the Company at [email protected] or Registrar and Share Transfer Agent of the Company at [email protected] or [email protected]. Members holding shares in dematerialized mode are requested to register / update their email addresses with the relevant DP's.
Pursuant to the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Rules, 2014 and Regulation 44 of the SEBI Listing Regulations, your Company is pleased to provide to its
members with the facility to cast their vote on all the resolutions as set forth in the Notice of 35" AGM using electronic voting system (remote e-voting and e- voting during AGM) through a platform which shall be provided by Central Depository Services (India) Limited (CDSL). Detailed procedure is being provided in the Notice of 35" AGM.
The remote e-voting period begins on Tuesday, September 22, 2020 (9:00 A.M) and ends on Thursday, September 24, 2020 (5:00 P.M). During this period, members holding shares either in physical form or in dematerialised form as on the cut-off date i.e. Friday, September 18, 2020 may cast their votes electronically. The e-voting module shall be disabled by CDSL for voting thereafter.
The facility for e-voting will also be made available during the AGM and the Members present in the AGM through VC/OAVM who have not cast their vote on the Resolutions through remote e-voting and or otherwise not barred from doing so shall be eligible to vote through the e-voting system during the AGM. The Members who have cast their vote by remote e-voting may also attend
the AGM through VC/OAVM but shall not be entitled to cast their votes again.
Any person, who acquires shares of the Company and becomes a member of the Company after dispatch of the Notice of AGM and holds shares as on cut- off date i.e. Friday, September 18, 2020 can follow the process for generating User ID and Password for e-voting and for attending AGM through VC/OAVM or who have forgotten the user id and password may retrieve the same by following the remote e-voting instructions as provided in the Notice of the AGM. Such members may also obtain user id and password by sending a request at [email protected] or [email protected]. If the member is already registered with CDSL for e-voting, then he can use his/her existing user-id/password for casting their vote.
In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions (“FAQs”) and e-voting manual available at
www.evotingindia.com under help section or write an email to [email protected]. All grievances connected with the facility for voting by electronic means should be addressed to Mr. Rakesh Dalvi, Manager, CDSL at [email protected] or call on 022- 23058542/43 or our RTAat [email protected].
By the order of the Board For Eldeco Housing and Industries Limited
@ | Vardhman Verdhmiin Dellvering Excellence. Since 1965.
VARDHMAN SPECIAL STEELS LIMITED Registered Office: Vardhman Premises, Chandigarh Road,
Ludhiana-141 010 (Punjab), India Tel No: 0161-2228943-48, Fax: 0161- 2601048
NOTIGE OF AGM, BOOK CLOSURE AND E-VOTING DETAILS Notice is hereby given that the 10th Annual General Meeting (AGM) of the
Members of Vardhman Special Steels Limited is scheduled to be held on Friday, 25th September, 2020 at 10:30 a.m. through Video Conferencing (VC)/ Other Audio Visual Means (OAVM) in compliance with all the applicable provisions of the Companies Act, 2013 and the Rules made
thereunder and the Securities and Exchange Board of India (“SEBI”)
(Listing Obligations and Disclosure Requirements) Regulations, 2015, read with General Circular(s) No. 14/2020 dated April 8, 2020, 17/2020
dated April 13, 2020 and 20/2020 dated May 5, 2020, and other applicable circulars issued by the Ministry of Corporate Affairs (“MCA’) and SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 (collectively referred to as “relevant circulars”), to transact the business set out in the Notice calling the AGM. Participation of Members through VC / OAVM will be reckoned for the purpose of quorum for the AGM as per section 103 of the Companies Act, 2013.
Pursuant to the provisions of Section 91 of the Companies Act, 2013 and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and the Share Transfer Books of the Company will remain closed from Tuesday, 15th September, 2020 to Friday, 25th September, 2020 (both days inclusive) as Annual Book Closure.
In compliance with the relevant circulars, the Notice of the AGM alongwith Annual Report for the FY. 2019-20, have been sent to all the Members
whose email addresses are registered with the Company / Depository Participant(s). The aforesaid documents are also available on the Company's website at www.vardhman.com /www.vardhmansteel.com.
and on the website of the Stock Exchanges, i.e., BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and
www. nseindia.com, respectively.
Further, pursuant to the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014, Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and relevant circulars, the Company is
pleased to provide Members facility to exercise their right to vote at the
AGM by electronic means (“e-Voting”).
Members may cast their votes remotely, using the electronic voting system
of Central Depository Services (India) Limited (CDSL) on the dates mentioned hereinbelow (“remote e-Voting”).
Allthe Members are informed that:
i. The remote eVoting period shall commence from Tuesday, 22nd September, 2020 from 9:00 a.m. and shall end on Thursday, 24th September, 2020 at 5:00 p.m. The remote e-Voting module shall be disabled by CDSL after the aforesaid date and time for e-Voting and once the vote on a resolution is cast by the Member, the Member shall not be
allowed to change it subsequently;
ii. The cut-off date for determining the eligibility to vote by electronic means is Friday, 18th September, 2020;
iii, Any person, who acquires shares and become Member of the Company after dispatch of the Notice of AGM and holding shares as of the cut-off date i.e. Friday, 18th September, 2020, may obtain the login ID and password by sending a request at [email protected]. However, if a person is already registered with CDSL for e-Voting then existing user ID and password can be used for casting vote;
iv. Members may note that:
a) The manner of e-Voting by Members holding shares in dematerialized mode, physical mode and for Members who have not registered their email addresses is provided in the Notice of the AGM andis also available onthe website of the Company.
b) Members holding shares in physical mode and who have not registered/ updated their email address with the Company are requested to register/update the same by writing to the Company with details of folio number and attaching a self-attested copy of PAN card at [email protected] or to RTA at [email protected]
c) Members holding shares in dematerialised mode who have not registered/updated their email address with their Depository Participant(s) are requested to register/update their email addresses with the relevant Depository Participant.
d)} the voting rights of Members shall be in proportion to their shares of the paid up equity share capital ofthe Company as on the cut-off date;
e) the Members who have cast their vote by remote e-Voting prior to the AGM may attend the AGM but shall not be entitled to cast their vote again;
f) a person whose name is recorded in the register of Members or in the
register of beneficial owners maintained by the depositories as on the cut- off date shall be entitled to avail the facility of e-Voting;
g) The result of the resolution passed at the AGM will be declared within 48
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