Statement re Infrastructure India PLC
January 14 2010 - 11:42AM
UK Regulatory
TIDMADU TIDMIIP
RNS Number : 5905F
Advance UK Trust PLC
14 January 2010
Advance UK Trust plc ("Advance UK") requisitioned a meeting of the shareholders
of Infrastructure India PLC in December 2009. Advance UK's requisition was
received by Infrastructure India PLC on 14 December 2009. A month later they
have not sent out any notice of the meeting. What follows is the full text of a
letter sent to the Infrastructure India PLC today by Advance UK's Manager,
Progressive European Markets Limited.
The Board of Directors
Infrastructure India PLC
IOMA House
Hope Street
Douglas
Isle of Man IM1 1AP
14 January 2010
Dear Sirs,
INFRASTRUCTURE INDIA PLC (the "Company")
A month has elapsed since you received a requisition from our client, Advance UK
Trust PLC, to convene a meeting at which shareholders in Infrastructure India
PLC would be able to vote upon changes to the Board of Directors. You will be
aware that, under the previous Isle of Man Companies Act s113 (3), our client
would be able to convene the meeting itself after 21 days and, under the UK
Companies Act 2006 s304 (1), you would be obliged to call the meeting within 21
days of receiving our client's requisition. It appears however that under the
Isle of Man Companies Act 2006 our client's best recourse, in the event of your
failure to convene the shareholder meeting within a reasonable time (which we
believe you have already failed to do), is to apply to the Court under s70 of
the 2006 Act asking them to order that the Company holds a meeting to consider
our client's proposals.
We give notice therefore that it is our client's intention to apply to the Isle
of Man Court unless notice of a meeting to consider our client's proposals is
published by 12 noon on Tuesday 26 January 2010.
We and our client consider your failure to respond to our client's requisition
in a timely manner supports the case that changes need to be made to the Board.
Yours sincerely,
James Carthew
Managing Director
END
This information is provided by RNS
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END
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