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.

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