SES has said in its report that "information given is not sufficient for an informed decision by shareholders. This a complex multi-stage scheme involving divisions of listed companies
and unlisted companies.
An independent complete valuation must be disclosed rather than a share exchangeratio alone."
An R-Com spokesperson referred to a voting recommendation by Institutional Investor Advisory Services that had asked shareholders to vote in favour of the same proposal. The spokesperson added the notice and explanatory statements for the meeting of the shareholders is complying with all the disclosure requirements under section 230 of the Companies Act, 2013, and applicable rules.
"The notice and explanatory statement is providing all the material information, including supplementary accounting statements of all the Companies involved in the scheme and the valuation reports. Further, Sebi and stock exchanges have perused the scheme, valuation reports and other relevant documents before granting their approvals," he said.
The company further informed that the valuation exercise was carried out by S R Batliboi & Co LLP, which is a reputed firm of valuers, and they have arrived at the value of both the companies based on the generally accepted valuation methodologies. "The valuation reports have been annexed to the notice and explanatory statement of the company at the value of both the companies based on the generally accepted valuation methodologies. The valuation reports have been annexed to the notice and explanatory statement of the company," the company added.