ITV

Tag: Postal ballot

  • Hathway receives shareholders nod for equity share split

    Hathway receives shareholders nod for equity share split

    BENGALURU:  Shareholders of Hathway Cable and Datacom Limited (Hathway) have voted in favour of a share split of the company’s equity shares of face value (FV) of Rs 10 each. The company had proposed splitting each equity share of FV of Rs 10 to 5 equity shares of face value of Rs 2 each. The board of directors of the company had passed the resolution at its meeting held on 13 November 2014.

     

    Rathi and Associates, the scrutinizer of the ballot, in its report said that 101 postal ballot forms representing 1,103,011 equity shares and 69 e-voting confirmations representing 99,908,194 equity shares were received. Of these, 11 postal ballot/e-voting confirmations representing 2474 equity shares were invalid. Of the 159 net valid postal ballot forms/e-voting confirmations representing 101,008681 equity shares, 157 postal ballots/e-voting confirmations assented to the split, with 2 representing 50 shares dissenting.

     

    Hathway has an authorised equity share capital of Rs 199.80 crore. The existing issued, subscribed, paid up share capital of the company is Rs 166,09,89,000 shares divided into 16,60,98,900 equity shares of FV of Rs 10 each.

     

    The stock closed at Rs 333.35 per equity share of FV of Rs 10 at close of trading today (22 December 2014) in the BSE, up 3 per cent (Rs 9.70) from the previous close of Rs 323.65. The stock’s 52 week high was Rs 385.60 and 52 week low was Rs 221 on the BSE.

     

    On the NSE, the stock closed at Rs 333.25, up 2.37 per cent as compared to the previous close of Rs 325.55 on 19 December. Its 52 week on the NSE was Rs 382 on 4 December 2014 and the 52 week low was Rs 220 on 14 April 2014.

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

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

    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.

  • Q2-2014: Forex gains boosts PAT to more than double for Prime Focus

    Q2-2014: Forex gains boosts PAT to more than double for Prime Focus

    BENGALURU: Indian visual effect and 3-D conversion player Prime Focus Limited (Prime Focus) reported consolidated PAT of Rs 21.34 crore for Q2-2014, more than double (2.24 times) the Rs 9.54 crore for Q2-2013 and 2.53 times the Rs 8.53 crore for Q1-2014.

     

    The company reported exchange gain at Rs 20.37 crore for Q2-2014 on a consolidated basis, 44.8 per cent more than the Rs 14.06 crore for Q1-2014 and hence contributed to a major extent to the PAT. Prime Focus had reported an exchange loss of Rs 6.91 crore for Q2-2013.

     

    Let us look at the other figures reported by Prime Focus for Q2-2014

     

    Prime Focus reported consolidated net sales from operations for Q2-2014 at Rs 196.06 crore, almost flat (about 0.17 per cent lower) than the Rs 196.39 crore for Q2-2013 and 4.2 per cent higher than the Rs 188.47 crore for Q1-2014. Besides foreign exchange gain/loss mentioned above, other income for Q2-2014 was Rs 4.06 crore as compared to the Rs 6.63 crore for Q2-2013 and the Rs 2.78 crore for Q1-2014.

     

    Total expenditure at Rs 179.42 crore for Q2-2014 was 0.8 per cent less than the Rs 180.81 crore for Q2-2013, and 16.3 per cent more than the Rs 154.21 crore for the immediate trailing quarter Q1-2014.

     

    Personnel cost for Q2-2014 at Rs 92.74 crore was 11.05 per cent lower than the Rs 104.26 crore for the corresponding quarter of last year (Q2-2013) and 1.5 per cent lower than the Rs 94.11 crore for Q1-2014. Of these figures for personnel cost, the company paid Rs 16.89 crore towards technician fee for Q2-2014, a fraction of a per cent lower than the Rs 17.12 crore for Q1-2014.

     

    Depreciation and amortisation cost for Q2-2014 at Rs 28.44 crore was 35.2 per cent higher than the Rs 21.03 crore y-o-y and 26.6 per cent more than the Rs 22.47 crore for Q1-2014.

     

    Other expenditure for Q2-2014 at Rs 55.24 crore was 13.6 per cent more than the Rs 48.61 crore y-o-y and 6.8 per cent more than the Rs 51.68 crore q-o-q.

     

    Prime Focus paid Rs 11.09 crore towards finance costs for Q2-2014, 2.7 per cent more than the Rs 10.8 crore for Q2-2013 but 15.1 per cent lower than the Rs 13.05 crore for the trailing quarter (Q1-2014).

     

    Notes: (1) All figures on a consolidated basis.

    (2) On September 17, 2013, the company received an approval from its shareholders though a postal ballot, for sale of its ‘Backend Business’ which includes (a) business of providing service of conversion of 2D audio visual/moving images to stereo 3D audio visual/moving images provided by the company to Prime Focus World N. V., a company incorporated and operating under the laws of Netherlands (‘PFW’) (“Conversion Business”) and (b) business of providing  the services of computer generated film visual effects by the  company to PFW (“VFX Business”), to Prime Focus World Creative Services Pvt. Ltd., a company incorporated in India and an indirectly controlled  subsidiary of the company on a going concern basis by a slump sale  for a total consideration of not less than the Rupees equivalent of USD 3.8 crore (38 million).