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:
