Hathway Cable seeks shareholder nod to enhance borrowing limits

MUMBAI: Being one of the first movers in the cable TV industry, the Rajan Raheja group promoted Hathway Cable & Datacom, has been aggressively pushing the agenda of digital addressable systems (DAS) nationally. And its aggressive digitisation drive means it has to have oodles of cash when it needs it.

And it is taking steps to ensure that its pockets are bulging with cash. The cable giant earlier this week informed the bourses about it seeking an approval from its shareholders in order to raise the borrowing limits.

Hathway leads the Rs 37,000 crore Indian television industry with a handsome 23.5 per cent market share across 140 cities with over 71 analogue and 20 digital head ends across India.

In light of its great potential in installing set top boxes in subscriber homes, and also considering the effective implementation of the broadband initiatives, the Hathway directors considered it savvy to extend their current borrowing limit of Rs 1,200 crore to Rs 1,400 crore. Earlier this year (25 February 2013) Hathway?s board had got its shareholders? nod (through postal ballot) to enhance its borrowing limit to Rs 1,200 crore but deeming it insufficient, it has once again asked to increase it by Rs 200 crore.

As per section 293(1) (d) of the Companies Act, 1956, the power of the board of directors to borrow money(s) in excess of the aggregate of the paid-up capital and free reserves of the company, requires an approval from the shareholders of the company.

Apart from seeking an approval on an ordinary resolution for increasing the borrowings limits of the company, the BOD also seeks the shareholder?s affirmation for bestowing the powers upon the BOD to create a charge/hypothecation/mortgage on the movable/immovable properties of the company for securing the borrowings of the company as it may consider fit.

The deadline for the postal ballot has been dated 22 July 2013, before which the shareholders must return the form attached with the self addressed postage prepaid envelope to the scrutiniser. The alternate medium available is through the e-voting platform provided by the company.

Latest Reads
Livestreaming App SWOO sees momentum in India; Launches Trivia Format in India

SWOO, a leading global livestreaming platform established in Middle East, today announced the launch of its SWOO TRIVIA SHOW ? a celebrity hosted live video streaming game show for Indians. SWOO is a user friendly, engaging and feature-rich live broadcasting app available across Android/ iOS/ Web...

Technology Software Applications
TiVo exits STB business

MUMBAI: TiVo is exiting the manufacturing, sales and distribution of set-top boxes to a yet-undisclosed third party, the company has said.

Technology Hardware Set-top Boxes
IET India IoT Panel joins hands with exhibitions india group for the 3rd edition of IoT india congress

IoT India Congress is India?s Platform of Platforms for the Internet of Things conceptualized by IET India IoT Panel, a think tank constituted by the Institution of Engineering and Technology (IET) India. The 3rd edition of IoT India Congress will be hosted in collaboration with India?s leading...

Technology Software Firmware
Tata Elxsi's Automation suite adopted by pan-European Media and Telecommunications Company

Tata Elxsi, a global design and technology services company, announced the licensing of its integrated test automation and monitoring suite ?FalconEye? to a pan-European media and telecommunications company for OTT automation and improving streaming performance.

Technology Software Firmware
Verimatrix recognized for contributions to latin american Pay-TV market with PRODU award win at NAB Show

LAS VEGAS: Verimatrix, a specialist in securing and enhancing revenue for network-connected devices and services, has received the PRODU Award for Best Pay-TV Technology Contribution on behalf of its MultiRights? OTT solution. MultiRights helps service providers effectively navigate the modern OTT...

Technology Software Firmware
Amagi debuts machine-learning powered content-preparation suite

Amagi, a cloud-based technology provider for media processing, has launched Tornado, a machine learning-based content preparation service that enables TV networks and content owners to scale their operations and accelerate broadcast workflows.

Technology Hardware Components
Sharp and TiVo extend interactive program guide deal to power content Discovery across entertainment devices

MUMBAI: TiVo Corporation (NASDAQ: TIVO), a global leader in entertainment technology and audience insights, today announced that Sharp Corporation will further utilize TiVo?s G-Guide HTML across Sharp 4K smart TVs and Ultra HD Blu-ray recorders in Japan, TiVo?s G-Guide xD app and remote schedule...

Technology Hardware Components
HARMAN announces Priyanka Chopra as global brand ambassador

HARMAN International, a wholly-owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies for automotive, consumer and enterprise markets, today announced that actress, singer, producer and philanthropist Priyanka Chopra has been named a global brand ambassador for the...

Technology Hardware Components
Etere HSM expands interoperability with Grass Valley

Etere HSM features an integration with Grass Valley that improves interoperability, streamlines connectivity, enables faster content processing and includes deep archive capabilities. Etere introduces a new integration layer between Etere Hierarchical Storage Management (HSM) and Grass Valley...

Technology Hardware Components

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories