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Tag: EGM

  • Invesco approaches NCLT against Zeel, presses for EGM

    Invesco approaches NCLT against Zeel, presses for EGM

    New Delhi: The boardroom tussle at Zee Entertainment Enterprises Ltd (Zeel) rages on. One of its top investors, Invesco Developing Markets Fund has now moved the National Company Law Tribunal (NCLT) against the company for not yet announcing a date of the extraordinary general meeting (EGM).

    The application moved under Sections 98(1) and 100 of the Companies Act, 2013 requests the tribunal to order the company to hold EGM. The NCLT has listed the hearing on Thursday. 

    “The company’s failure to take steps within its notice period to call an EGM, coupled with its delay in noticing our EGM on 11 September and failure to notice our 23 September letter to the exchanges, has prompted us to file a petition before NCLT to enforce our rights as shareholders to call for this EGM,” a spokeswoman for Invesco said.

    One of the largest shareholders of Zeel, Invesco Developing Markets Fund had sent a special notice to Zeel on 11 September calling for an EGM of the shareholders seeking removal of its sitting MD Punit Goenka, and long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani had submitted their resignations a day prior.

    The funds had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to the approval of the ministry of information and broadcasting (I&B).

    Invesco and OFI Global China Fund IIC together hold an 18 per cent stake in the media company. According to rules, a company has three weeks to announce a date for an EGM from the day it receives such a request from any of its big investors. So, if the special notice was received by Zeel on 12 September, then the company has until October 2 to announce a date for an EGM. 

    The latest move comes days after Zeel announced a mega-merger with its rival media group Sony Pictures Network India (SPNI). The merger will result in SPNI holding a majority of 52.93 per cent with Zeel and its shareholders having 47.01 per cent of the new entity which will continue to list on the stock exchanges. The joint company will appoint Punit Goenka as the CEO and managing director, with the promoter family being free to increase its holding from four per cent to 20 per cent over time. 

  • Producers Guild of India amends by-laws Makes it mandatory for members to implement ‘The Sexual Harassment of Women at Workplace’ (Prevention, Prohibition and Redressal) Act 2013 (PoSH)

    Producers Guild of India amends by-laws Makes it mandatory for members to implement ‘The Sexual Harassment of Women at Workplace’ (Prevention, Prohibition and Redressal) Act 2013 (PoSH)

    Mumbai: Producers Guild of India at its Extraordinary General Meeting (EGM) on 14th November, 2018 in Mumbai unanimously passed a resolution to amend its by-laws thereby making  it  mandatory  for  all those  members  who  fall  under  the  purview  of  the  The  Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 (PoSH), to implement the requisite laws including constitution of Internal Complaints Committee (ICC) and accordingly submit a declaration to the Producers Guild of India confirming enforceability of necessary PoSH guidelines within their organisation.

    Prior to the EGM, Producers Guild of India also conducted a workshop through a specialized external agency  which  made  a  comprehensive  presentation  highlighting  various  facets  and  provisions required to be statutorily executed under the PoSH Act 2013. The objective of the EGM along with the workshop was not only to educate members on the legal provisions of the PoSH Act 2013 but also  sensitize  them  about  the  growing  need  and  urgency  to  institute  and  implement  robust processes at their workplaces.

    President of  the  Producers  Guild  of  India, Siddharth  Roy  Kapur  stated  that “It  is  incredibly heartening to see the unanimous support that our members have extended towards the initiatives taken  by  the Guild  to  help  make  workplaces  in  our  industry  safe  spaces  for  women.  We  are committed  to  working  closely  with  our  members  to  ensure  complete  compliance  with  PoSH guidelines across the industry.”
     

  • Balaji may formalise RIL stake purchase at 16 Aug EGM

    MUMBAI: Balaji Telefilms, in a communique to the BSE and the National Stock  Exchange, intimated about its extraordinary general meeting to be held on 16 August at “The Club”, 197, Juhu Versova Link Road, Opp.  D. N. Nagar  Police Station, Andheri (W), Mumbai- 400 053, Maharashtra.  The  cut-off   date   for   determining  the  shareholders  eligible   for   e-voting  is 9 August, 2017..

    The meeting proposes to conduct special business. Increase in authorised share capital: To consider and,  if thought fit, to pass, with or without modification, the following resolution as Ordinary Resolution: “Resolved that, in accordance with Sections 4, 13 and  61 and  other applicable provisions, if any, of the Companies Act, 2013 and  rules made thereunder, and  applicable provisions of the Articles of Association of the Company and  any other applicable law or laws,  rules  and  regulations (including  any  amendments thereto or re-enactment thereof  for the  time being in force),  the authorised share capital  of the Company be and  is hereby increased from Rs. 260 million divided  into 100 million equity  shares of Rs.  2  each and  30 million Preference Shares of Rs. 2 each to Rs. 360 million  divided into 150 million Equity Shares of Rs. 2 each and  Rs. 60 million divided  into 30 million Preference Shares of Rs. 2 each.

    Issue of 25.2 million equity shares on a preferential allotment / private placement basis: To consider and  if thought fit, to pass, with or without modification, the resolution as a Special Resolution: Balaji is seeking consent of the  members of the  company to create, issue, offer and  allot 2,52,00,000 equity  shares of the  Company of the  face  value  of Rs. 2/- each (“Equity Shares”) at a price  of Rs. 164/- which includes a premium of Rs. 162/- per Equity Share aggregating to Rs. 4.13 billion to Reliance Industries Limited in accordance with ICDR Regulations.

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  • TV18 calls EGM to allot 10 million convertible warrants

    MUMBAI: Television Eighteen India Ltd, part of Raghav Bahl’s media conglomerate Network 18, today informed the BSE that an Extra Ordinary General Meeting (EGM) will be held on 8 February to allot 10 million convertible warrants on preferential basis to Network18 India Holdings.

    These warrants would be convertible into 10 million equity shares, of the face value of Rs 5 each at a premium of Rs 518 against the convertible warrant of Rs 523.

    Network18 India Holdings is a wholly owned subsidiary of Network18 Media & Investments (formerly known as Network18 Fincap).

    The proposal was approved by the board of directors during their meeting held today.

    Network 18 through its holdings in TV18 operates business news channels — CNBC TV18 and CNBC Awaaz.

  • IOL Broadband to hike share capital

    IOL Broadband to hike share capital

    MUMBAI: IOL Broadband has decided to increase the authorised share capital of the company from Rs 500 million divided into 50 million equity shares of Rs 10 each to Rs 700 million divided into 70 million equity shares of Rs 10 each.

    The board has agreed to issue and allot, on a preferential basis, upto 7 million equity share warrants (warrants), carrying an entitlement to subscribe to an equivalent number of equity shares of Rs 10 each at Rs 95 to Maula Trading Company, asserts an official release.

    The members will increase the investment limit for Foreign Institutional Investors upto 49 per cent, including their sub- accounts (FIIs), in the shares or bonds convertible into shares of the company, by purchase or acquisition from the market under the portfolio investment scheme under FEMA, subject to necessary provisions and approvals.

    An extra ordinary general meeting (EGM) of the members of the company will be held on 11 December to discuss the aforesaid matters, adds the release.

  • TV18 plans to raise Rs 1 billion, HSBC gets mandate

    TV18 plans to raise Rs 1 billion, HSBC gets mandate

    MUMBAI: Raghav Bahl-promoted Television Eighteen India Ltd. plans to raise Rs 1 billion by placing equity shares or convertible bonds with foreign institutional investors (FIIs).
    The company has mandated HSBC to manage the proposed issue, a source close to the company says. “We are close to finalising on whether it would be an equity or a convertible bond instrument. We have mandated HSBC and plan to raise Rs 1 billion,” he adds.

    When contacted, TV18 CEO Haresh Chawla declined to comment on the issue.

    TV18 had earlier, in its Extra Ordinary General Meeting (EGM), cleared a proposal to enable the board to issue up to an aggregate amount of Rs 3 billion through a “qualified institutional placement to qualified institutional buyers.” This was “just an enabling clause so that the board would not have to seek regulatory clearance again,” the source adds. By making qualified institutional placements, companies are able to raise money in India from FIIs.

    TV18 may use part of the amount to fund acquisitions and upgradation of studio infrastructure. Bahl has aggressive expansion plans, both in the TV and the internet space.

    Web 18, TV18’s internet arm, will have a chief executive officer to head the operations, the source says. Recently, TV18 Group announced the acquisition of three internet companies — Cricketnext.com, Compareindia.com and Urban Eye, a web design and technology firm. The internet businesses are being consolidated under Web 18.

    TV18 is also setting up a Media Venture Capital Trust (MVCT) through which it plans to invest Rs 500 million in the convergence space, identifying small-sized ventures to whom it would provide funding support at the early stage.

  • Television Eighteen to split stock

    Television Eighteen to split stock

    MUMBAI: Television Eighteen India Ltd is splitting equity shares of Rs 10 each into two equity shares of Rs 5 each. “The board will increase and sub-divide the share capital of the company from Rs 250 million divided into 25 million equity shares of Rs 10 each, to Rs 500 million divided into 1 million equity shares of Rs 5 each ranking pari passu with the existing shares of the company and consequential amendments of the memorandum of association and articles of association of the company,” TV18 informed the BSE.

    The company also plans to raise Rs 3 billion through equity or equity-linked issue in the domestic or overseas market. The company will be holding an EGM on 19 May for this purpose.

    TV18 is also undertaking a restructuring of equity capital. The company will issue 14 equity shares of Rs 5 each for every 10 equity shares of Rs 10 each held. Also, Rs 1.4 billion from the securities premium account of the company will be utilised to write off the differential arising on account of the restructuring. This will be on the basis of the scheme of arrangement agreed between the company, Network 18 Fincap Pvt Ltd and SGA News Ltd.