In a filing to the BSE, the company said a special resolution was approved by the shareholders "with requisite majority" at an extraordinary general meeting held yesterday.

The company said 76.33 per cent of the minority shareholders approved its proposal, a tad over the 75 per cent requirement.

Although the promoter and promoter groups are required to abstain from voting, the filing said United Breweries (Holdings) Ltd, holding 2.90 per cent shares of the United Spirits and Kingfisher Finvest India Ltd, holding 1.14 per cent of the share capital, have exercised their votes in favour of the special resolution.

"Pursuant to the terms of the extra general meeting notice, the scrutiniser has invalidated the votes exercised by these entities," it added.

The proposal included entering into licence for manufacture and sale agreements, distribution, cost sharing and other agreements by the company with its holding company Diageo Plc, the filing added.

The approval by the minority shareholders comes nearly two months after they had rejected as many as 9 of 12 resolutions, including some pertaining to pacts with entities connected to erstwhile promoter Vijay Mallya.

Shareholders at the November 28 EGM had rejected approval to a loan agreement dated July 3, 2013 between USL and United Breweries (Holdings) Ltd.

They also did not approve pacts dated September 30, 2011 and December 22, 2011 between USL and and UBHL that required UBHL to sell to the firm certain immovable properties, a BSE filing said.

Read More at Source (Economic Times)