DTH

Dish TV gets shareholder assent to borrow up to Rs 3000 crore

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MUMBAI: Dish TV India, on 8 August, had called on its shareholders to participate in a postal ballot to decide a few key decisions which will help it rev up its business going forward. The company announced that majority of its stakeholders have approved the resolutions.

They have authorised the board of directors (BOD) to borrow up to Rs 3000 crore over and above the company's paid up share capital and free reserves. This was passed as a special resolution under Section 180{1) (c) of the Companies Act, 2013 and 98 per cent of the total voters were in favour.

It also authorises the BOD to create a charge/mortgage on its assets that will aid the borrowings. This was passed as a special resolution under Section 180{1) (c) of the Companies Act, 2013 and 98 per cent of the total voters were in favour. Out of 87 crore, only 1.6 crore voters weren’t in agreement with this resolution.

Additionally, the postal ballot result also allows the BOD to offer or invite for subscription of non-convertible debentures (NCD) on private placement basis up to Rs 500 crore. This move will allow the company to make offers within one year seeking subscription for secured and/or unsecured, redeemable NCDs in one or more series/tranches/currencies to persons such as FIIs, mutual funds, banks, body corporate, persons etc. For this resolution, 98 per cent of 87 crore voters were in conformity.

Finally, the last resolution authorises the BOD for making investment/giving any loan or guarantee/providing security up to Rs 500 crore. The investments, guarantees and securities will bring about optimum utilisation of the company’s funds and achieve long term strategic and business objective. Of 87 crore voters, only 2 crore weren’t in agreement.

The postal ballot took place between 8 August and 6 September. On 22 July 2014, BOD had approved the postal ballot notice and postal ballot form for seeking consent on important matters.

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