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
India, China to propel APAC, beat CAS Europe market share

APAC is expected to overtake the market share of Europe in future due to an increasing demand for digital TV set-up boxes in countries such as China and India. North America and Europe dominated the global CAS market in 2015. APAC region is estimated to mark a growth rate of 12.0 per cent CAGR...

Technology Hardware Set-top Boxes
India lucrative market for 4K UHD STBs: Grand View Research

Here’s a view on the demand for 4K or ultra high definition (UHD) set-top boxes (STBs) in India.

Technology Hardware Set-top Boxes
Infor appoints Dass as south Asian subcontinent V-P

Infor, a leading provider of business applications specialized by industry and built for the cloud, has appointed Ashish Dass as the vice president and managing director for the south Asian subcontinent. Infor software helps eliminate the need for costly customization through embedded deep...

Technology Software Applications
Siti & DishTV opt for Conax conditional access

The Essel group has been using Conax’s tech for sometime now for its Siti Network (earlier known as Siti Cable). Now the group has extended that partnership for another product for both Siti Network and DTH operator Dish TV India. This time it is for the cardless set top boxes that the two are...

Technology Hardware Set-top Boxes
Imagine Communications extends functionality of Selenio One unified transcoding platform to OTT

MUMBAI: Imagine Communications, empowering the media and entertainment industry through transformative innovation, today introduced a high-density adaptive bitrate (ABR) transcoding product built on Selenio One™, the company’s software-defined linear transcoding platform. Selenio One is designed...

Technology Hardware Components
DJI Makes Your Smartphone Smarter with the New Osmo Mobile

DJI, the world leader in creative camera technology, Thursday launched the Osmo Mobile, an extension for smartphones that turns them into intelligent, precision camera systems.

Technology Hardware Components
Prime Focus Tech gets funding from PE firm Ambit Pragma

MUMBAI: Prime Focus Technologies (PFT) – the technology offshoot of media services company Prime Focus - informed the Bombay stock exchange today that it had received its first round of funding from growth capital private equity fund Ambit Pragma.

Technology Software Applications
Three new products developed by C-DOT launched on its Foundation Day

Communications Minister Manoj Sinha today expressed the hope that 100,000 Gram Panchayats (GPs) will be connected through Optical Fibre Cable (OFC) by March next to set up a network infrastructure to serve the rural masses.

Technology Hardware Distribution
Genpact and BITS partner to build talent in the field of analytics

Genpact (NYSE: G), a global leader in digitally-powered business process management and services, today announced a partnership with premier technical education university Birla Institute of Technology and Science (BITS) for offering training programs in the field of analytics.

Technology Software Middleware

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories