ITV

Tag: shareholders

  • TV Today Network receives shareholders nod for 20 per cent dividend for FY-2014

    TV Today Network receives shareholders nod for 20 per cent dividend for FY-2014

    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.

     

    Click here to read details of the outcome of the AGM

  • Dish TV seeks shareholder nod to borrow up to Rs 3000 crore

    Dish TV seeks shareholder nod to borrow up to Rs 3000 crore

    MUMBAI: Dish TV India has 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 ballot that will take place between 8 August and 6 September firstly seeks permission from its shareholders to authorise 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.

     

    Secondly, it seeks to authorise the BOD to create a charge/mortgage on its assets that will aid the borrowings. However, it says it will take care to keep the loan amounts well within the maximum borrowing limits, including all taxes. In an earlier meeting, the BOD had approved of the plan and it is now seeking Dish TV shareholders’ nod for the same.

     

    Additionally, it has sought their go-ahead to allow it to invite companies and individuals to subscribe to its non-convertible debentures (NCDs) through the private placement route. If the resolution is passed – which is quite likely –  it will allow Dish TV India  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. These can be either Indian or foreign and the condition is that no single tranche will be more than Rs 500 crore and will be well within the boundary of the borrowing limit.

     

    Dish TV has informed shareholders that the BOD could take recourse to various instruments such as equity, project loans, corporate loans, bank and financial institutional loans or debentures to raise funds going forward. A right mix of all of these would help it get funding at an optimum cost.  Subject to member approval, the board says it is evaluating  the process of raising money through non convertible debentures on private placement basis.

     

    The last resolution – if pased – will authorise the BOD to make investments/give any loan or guarantee /provide security to any of Dish TV India’s subsidiary/associate companies to the tune of Rs 500 crore. This could be done from time to time and in tranches.  The investments, guarantees and securities are aimed to bring about optimum utilisation of the company’s  funds and achieve long term strategic and business objectives, the Dish TV postal ballot notice to the Bombay stock exchange says. 

     

    The aggregate of the investments that it will make along with the securities that it may provide to a loan taken by a subsidiary/associate company, guarantees and the proposed investments can be more than 60 per cent of the paid up share capital and free reserves and securities premium account or 100 per cent of its free reserves and securities premium account, whichever may be higher.

     

    “Your company has embarked upon a growth path and is constantly reviewing opportunities for expansion of its business operations,” says a note to Dish TV shareholders.

  • Shareholders okay Hathway to up borrowings to Rs 1600 crore

    Shareholders okay Hathway to up borrowings to Rs 1600 crore

    BENGALURU: Indian multi system operator (MSO) Hathway Cable and Datacom has informed the bourses that it has received shareholder approval and passed special resolutions as under:

     

    (1) Special Resolution under Section 180(l)(c) of the Companies Act, 2013 for authorising the Board of Directors of the Company to borrow loans in excess of Paid up Capital and Free reserves of the Company subject to maximum of Rs 1600 crore.

     

    (2) Special Resolution under Section 180(l)(a) of the Companies Act, 2013 for authorising the Board of Directors for creation of Charge / Hypothecation / Mortgage on the movable / immovable properties of the Company for securing the borrowings of the Company subject to maximum limit of Rs 1600 crore.

     

    (3) Special Resolution under Section 186 of the Companies Act, 2013 for authorising the Board of Directors to invest or to provide loans and advances or give guarantees/ securities up to 100 per cent of free reserves and securities premium account or Rs 1,000 crore whichever is higher.

     

    Last June, the company had obtained shareholder approval for borrowing from time to time, as it may think fit, any sum or sums of money not exceeding Rs 1400 crore in aggregate or equivalent thereto in any foreign currency to meet fund requirements for effective implementation of Digital Addressable System (DAS) and broadband capital expenditure.

     

    The shareholders of the company in August 2013, had also given a nod to permitting the company to issue preferential equity shares aggregating Rs 109.9 crore for 38.7 lakh fully paid up equity shares to Asia Holding Investments IV (Mauritius) Limited and 14.05 lakh fully paid up equity shares aggregating at about Rs 39 crore to Hathway Investments Private Limited (which is a promoter group company) of face value of Rs 10 each at a premium of Rs 274 per share.

     

    Hathway’s consolidated EBIDTA for FY-2014 was Rs 311.19 core and Rs 274.1 crore in FY-2013. During FY-2014, Hathway reported a standalone loss of Rs 125.25 crore and a consolidated loss of Rs.111.111 crore as compared to a standalone profit of Rs 3.2 crore and a consolidated profit of Rs 15.7 crore in FY-2013.

     

    The company has paid Rs 92.52 crore towards finance cost in FY-2014 as compared to the Rs 46.14 crore in FY-2013.

  • Shareholders approve Zeel’s acquisition of DMCL’s media business undertaking

    Shareholders approve Zeel’s acquisition of DMCL’s media business undertaking

    MUMBAI: Another level gets cleared for Zee Entertainment’s (Zeel) proposed acquisition of Diligent Media Corporation’s (DMCL) media business undertaking. The court convened meeting on 4 June, saw majority of both equity and preference shareholders give their nod to the scheme of arrangement.

     

    Now, the approval needs to go through the Bombay High Court and other regulatory authorities such as the central government.

     

    Out of the 745419538 equity shares that were polled, 99.082 per cent were in favour of the decision while 99.437 per cent of the 13195108470 of the preference shares that were polled were in favour. In all, 97365 equity shareholders and 91076 preference shareholders voted in the meeting.

     

    With both giving majority approval, Zeel will look forward for the legal and regulatory approvals to also sail through, thus allowing it to completely own the media business undertaking of DMCL that involves events as well as a non-News channel licence and certain registered intellectual properties for TV formats of gaming-based shows.

     

    DMCL was formed in 2005 with a 50:50 JV between Essel Group and Dainik Bhaskar Corp (DB). In 2012, Essel Group bought out DB’s 50 per cent stake.

  • ENIL announces Q2-2014 middling results as compared to Q1-2014

    ENIL announces Q2-2014 middling results as compared to Q1-2014

    BENGALURU: The Bennett, Coleman & Co. Limited promoted Indian private FM player Entertainment Network (India) Limited (ENIL) which operates FM radio broadcasting stations through the brand Radio Mirchi in 32 Indian cities announced PAT of Rs 16.41 crore for Q2-2014, 17.6 per cent lower than the Rs 19.91 crore for Q1-2014, but a steep 59.3 per cent higher than the Rs 10.30 crore for the corresponding quarter of last year (Q2-2013).

     

    Standalone total revenue for ENIL for Q2-2014 was Rs 86.55 crore, about 1.5 per cent higher than the Rs 85.24 crore for Q1-2014 and 12.3 per cent higher than the Rs 77.09 crore y-o-y (Q2-2013).

     

    Last quarter (Q1-2014), ENIL announced that its shareholders had approved a dividend of 10 per cent for FY-2013.