BENGALURU: At the 20 August 2014 AGM, TV Today Network Limited (TVTN) shareholders gave their nod to the 20 per cent dividend mooted by the board of directors on 14 May 2014 for the financial year ended 31 March 2014 (FY-2014). Of the 10 resolutions, resolution no 2 ‘Declaration of dividend’ (Rs 1 per equity share of face value of Rs 5) was passed with a 100 per cent margin through the e-voting process and 99.99 per cent margin through the polling process at the AGM, says the report by independent scrutinizer Juris Prudent Consulting Partners (JPCP) founder and principal consultant and advocate Ajay Kumar Jain.
The JPCP report says that 10,08,291 votes were cast through the e-voting process, all were in favour of the resolution for dividend. 137 members directly or through their proxies cast 3,39,55,288 votes of which 114 votes of 5 members (or proxies) were invalid. The votes were in favour of the resolution for dividend at polling done at the AGM on 20 August 2014.
For the last 10 years, since 2004, TVTN has been declaring a final dividend of 15 per cent, in its eleventh year (FY-2104) the company has upped it to 20 per cent. As mentioned earlier, TVTN, a part of the India Today group, had reported 5.02 times growth in standalone PAT in FY-2014 to Rs 61.32 crore (15.75 per cent of Income from Operations or Op Inc) as compared to the Rs 12.21 crore (3.9 per cent of Op Inc) in FY-2013.
