On June 2, the annual general meeting held the agenda had to turn down the company’s asset monetisation plan as per shareholder of Reliance Power (RPower).

On June 4 (Monday), the AGM result was disclosed that 78 per cent of shareholders had voted in favour of a special resolution to monetise its assets. The rest, 28 per cent, had voted against the resolution.

Yet, the resolution did not get through because a special resolution requires 75 per cent of shareholders to vote in its favour, according to proxy advisory firms. Last month, a report by Institutional Investor Advisory Services (IiAS) said the company defaulted on loans to the tune of Rs 3,561 crore as of March 31, 2022.

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As per the report, the principal amount with interest works out to Rs 1,783 crore. Lenders to Reliance Power include Axis Bank, YES Bank and State Bank of India, among others.

ALSO, IiAS recommended that Reliance Power shareholders vote against adopting the financial statements for the year ended March 31, 2022, citing auditors’ concerns. But that has not happened at the AGM.

Reliance Power received 72.74 per cent votes in favour of the first resolution to adopt the audited financial statements. It got over 99 per cent of the votes for the second and third resolutions.