Name of the Insurer: Future Generali India Insurance Co. Ltd
Period of Reporting: April 2021 – June 2021
Meeting Date |
Investee Company Name |
Type of Meeting (AGM/EGM) |
Proposal of Management/ Shareholders |
Description of Proposal |
Management Recommendation |
Vote (For/ Against/ Abstain) |
Reason supporting the Vote decision |
| 22-June2021 | Dewan Housing Finance Corp. Ltd (DHFL) | E-voting No. 1 | To approve revisions to the distribution mechanism of the value receivable by certain creditors. | To approve revisions to the distribution mechanism of the value receivable by certain creditors of Dewan Housing Finance Corporation Limited (“DHFL”) under the resolution plan submitted by Piramal Capital & Housing Finance Company Limited (as discussed in the Twentieth Meeting of the Committee of Creditors of DHFL)1 | Management has sought approval of the NCD holders to approve the distribution mechanism of the value receivable by the creditors of DHFL under the resolution plan submitted by the successful resolution applicant. | Voted in against of the resolution | The amount of recovery for Secured NCD Holders is higher under the old distribution plan. Also, the proposal is against the interest of our stakeholders. Hence we voted against the new resolution plan proposed by CoC to improve the chances of getting higher recovery for our exposure. |
| 22-June2021 | Dewan Housing Finance Corp. Ltd (DHFL) | E-voting No. 2 | To authorise State Bank of India, Union Bank of India and Catalyst Trusteeship Limited (acting in its capacity as Debenture Trustee for debenture holders of DHFL) to act on behalf of the Committee of Creditors, as per the below proposal | To authorise State Bank of India, Union Bank of India and Catalyst Trusteeship Limited (acting in its capacity as Debenture Trustee for debenture holders of DHFL) to act on behalf of the Committee of Creditors, as per the below proposal: | Management has sought approval of the NCD holders to authorize State Bank of India, Union Bank of India and Catalyst Trusteeship Limited (acting in its capacity as Debenture Trustee for debenture holders of DHFL) to act on behalf of the Committee of Creditors | Voted in against of the resolution | We believe voting For the resolution would mean giving a blanket approval to the three entities (as mentioned below ) to act on behalf of CoC and we are not comfortable giving such an approval to a Bank, whose interest could be very different than NCD Holders. Hence, we vote against the said resolution plan |
Place: Mumbai
Signature of Compliance Officer
Date: 15/07/2021
Name:
Name of Insurer Future: Generali India Insurance Company Limited
Period of Reporting: July 2021 - September 2021
Meeting Date |
Investee Company Name |
Type of Meeting (AGM/EGM) |
Proposal of Management/ Shareholders |
Description of the proposal |
Management Recommendation |
Vote | Reason supporting the vote decision |
| (For / Against / Abstain) | |||||||
| 08th July 2021 | Dewan Housing Finance Corporation Limited | Evoting | Committee of creditors | To approve Revisions to the distribution mechanism of the value receivable by certain creditors of DHFL |
Vote For | As per new distribution mechanism fund receivable is more the old distribution mechanism |
|
Place: Mumbai
Signature of Compliance Officer
Date: 27/11/2021
Name:
Name of Insurer: Future Generali India Insurance Company Limited
Period of Reporting: October 2021 - December 2021
Meeting Date |
Investee Company Name |
Type of Meeting (AGM/EGM) |
Proposal of Management/ Shareholders |
Description of the proposal |
Management Recommendation |
Vote | Reason supporting the vote decision |
| (For / Against / Abstain) | |||||||
| NIL | |||||||
Place: Mumbai
Signature of Compliance Officer
Date: 14/02/2022
Name:
Name of Insurer: Future Generali India Insurance Company Limited
Period of Reporting: January 2022 - March 2022
Meeting Date |
Investee Company Name |
Type of Meeting (AGM/EGM) |
Proposal of Management/ Shareholders |
Description of the proposal |
Management Recommendation |
Vote | Reason supporting the vote decision |
| (For / Against / Abstain) | |||||||
| 08-03-2022 | Reliance Industries Ltd (RIL) | Evoting | To approve the Scheme Of Arrangement Between Reliance Industries Limited & Its Shareholders And Creditors And Reliance Syngas Limited & Its Shareholders And Creditors (Secured NCD's) |
RIL has initiated the process of reorganizing by carving-out gasification undertaking into an independent subsidiary. RIL will transfer the Gasification Undertaking as a going concern on Slump Sale basis to Reliance Syngas Limited (“RSL”), a wholly owned subsidiary of RIL. The nature of risk and returns associated with the Gasification Business will be distinct from those of the other businesses of RIL. This distinct business profile also provides the opportunity to attract a different pool of investors and strategic partners for the Gasification Business and new materials and chemicals projects. This is the primary rationale for the reorganisation being undertaken now. |
Management has sought approval of the NCD holders to approve the Scheme of Arrangement. |
Vote 'For the resolution' | • We believe that RIL’s reorganization of its Gasification assets into Reliance Syngas Limited (“RSL”) provides the opportunity to potentially attract a different pool of investors and strategic partners. Formation of a separate RSL subsidiary is a precursor to strategic partnerships and new investors in the business. • Additionally, we believe that the reorganization will have little, if any, impact on the consolidated financials. • RIL is expected to retain its investment grade international (BBB+/ Baa2), and domestic (AAA) credit ratings are already reaffirmed. • Our investment will still be in the parent company, Reliance Industries Limited, and all debt servicing (interest and maturity) will be done by RIL. • All debt covenants are complied with |
| 08-03-2022 | Reliance Industries Ltd (RIL) | Evoting | To approve the Scheme Of Arrangement Between Reliance Industries Limited & Its Shareholders And Creditors And Reliance Syngas Limited & Its Shareholders And Creditors (Secured NCD's) |
RIL has initiated the process of reorganizing by carving-out gasification undertaking into an independent subsidiary. RIL will transfer the Gasification Undertaking as a going concern on Slump Sale basis to Reliance Syngas Limited (“RSL”), a wholly owned subsidiary of RIL. The nature of risk and returns associated with the Gasification Business will be distinct from those of the other businesses of RIL. This distinct business profile also provides the opportunity to attract a different pool of investors and strategic partners for the Gasification Business and new materials and chemicals projects. This is the primary rationale for the reorganisation being undertaken now. |
Management has sought approval of the NCD holders to approve the Scheme of Arrangement. |
Vote 'For the resolution' | • We believe that RIL’s reorganization of its Gasification assets into Reliance Syngas Limited (“RSL”) provides the opportunity to potentially attract a different pool of investors and strategic partners. Formation of a separate RSL subsidiary is a precursor to strategic partnerships and new investors in the business. • Additionally, we believe that the reorganization will have little, if any, impact on the consolidated financials. • RIL is expected to retain its investment grade international (BBB+/ Baa2), and domestic (AAA) credit ratings are already reaffirmed. • Our investment will still be in the parent company, Reliance Industries Limited, and all debt servicing (interest and maturity) will be done by RIL. • All debt covenants are complied with |
Place: Mumbai
Signature of Compliance Officer
Date: 03/06/2022
Name:
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