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GTL Infrastructure, the independent tower company of Global Group, has constituted a committee of independent directors to monitor implementation of its Strategic Debt Restructuring (SDR) scheme. The committee, in turn, has inducted eminent personalities to assist it in the process.
The SDR process, which began on September 20, 2016, has to be completed within 210 days. The SDR scheme also stipulates induction of a new investor within 18 months from the reference date (September 20).
The committee will be chaired by former SIDBI Chairman and Managing Director N. Balasubramanian, who is also a non-executive independent director with GTL Infrastructure. The other members being advocate Vinod B. Agarwala and independent director Anand P. Patkar.
Former RBI Deputy Governor K. C. Chakrabarty, former SEBI Chairman G. N. Bajpai and Chief Executive Officer and Managing Director of Haribhakti Group Shailesh Haribhakti are the special invitees on the committee. Haribhakti, a veteran in M&A deals, is also the chairman and trustee of the National Pension System Trust.
The special invitees are experienced personnel from lending, minority protection and governance.
“The role of the committee is to ensure transparency in the SDR process and safeguard the interests of stakeholders, lenders and minority public shareholders,” GTL Infrastructure said in a regulatory filing, adding that the committee will review the terms of the SDR package and make recommendations to the board and oversee the process of obtaining shareholder approvals among others.
GTL Infra, along with Chennai Network Infrastructure Ltd (CNIL) (in which it holds stake), owns and operates 27,000 towers with more than 45,000 tenants across all the 22 telecom circles in the country.
“The company believes that the advice and assistance of the eminent personalities along with the existing members of the committee will lend strength to ensure transparency and governance during the SDR process, merger of CNIL with GTL Infrastructure and the investor induction process...,” it said.
This will also lead to discovery of “maximum value, which is in the larger interests of the lenders and the minority shareholders,” it added.
E&Y has been appointed by the lenders and GTL Infra for the SDR scheme and the merger of GTL Infra and CNIL.
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