IIP.L Regulatory News (IIP)

14 Jan 2010 16:42



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 HouseHope StreetDouglas

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