ITV

Tag: subsidiaries

  • Intelsat shareholders approve proposed acquisition by Zeus

    Intelsat shareholders approve proposed acquisition by Zeus

    MUMBAI: Intelsat announced that at an annual general meeting held in Paris today, its shareholders approved the proposed acquisition of the company by Zeus Holdings Limited.

    Over 99 per cent of the votes cast on the matter, representing nearly 85 percent of Intelsat’s total issued and outstanding ordinary shares, voted in favor of the transaction, informed an official release.

    The approval of shareholders representing not less than 60 per cent of the voting power of Intelsat’s total issued and outstanding ordinary shares was required in order to approve the transaction.

    On 16 August, Intelsat and its subsidiary entered into a transaction agreement with Zeus Holdings Limited and two of its subsidiaries pursuant to which Zeus Holdings will acquire 100 per cent of Intelsat for total cash consideration of approximately $3 billion, or $18.75 per ordinary share, plus the assumption of nearly $2 billion in existing debt, added the release.

    Zeus Holdings is a Bermuda company formed by investors advised by Apax Partners Worldwide, LLP and Apax Partners, Inc., Apollo Management V, L.P., MDP Global Investors Limited and Permira Advisers LLC.

    Intelsat CEO Conny Kullman said, “The transaction with Zeus represents a strong proposition and attractive valuation for our shareholders who, upon closing, will receive cash in exchange for their shares. This is a major milestone and we are pleased with our progress on the transaction to date. We look forward to obtaining the required regulatory approvals and meeting the other conditions to closing in an expeditious manner.”

  • NDS files countersuit against DirecTV, subsidiaries

    NDS files countersuit against DirecTV, subsidiaries

    LOS ANGELES (California): NDS has countersued DirecTV Enterprises and two of its subsidiaries, along with a chip manufacturer and its North American sales affiliate.

    The countersuit alleges that DirecTV and the chip manufacturer misappropriated NDS’ trade secrets and proprietary information, conspired to infringe NDS’ patents, colluded to create unfair competition and breached agreements and licenses restricting the use of NDS’ intellectual property.

    NDS claims that DirecTV has been secretly working with the chip manufacturer to develop a knock-off of NDS’ latest generation smart card for DirecTV that infringes NDS’ patents and misappropriates its technology for the last two years.

    DirecTV, the biggest satellite television firm in the US had initiated legal action against NDS, the Middlesex supplier of smart cards that prevent pirating, in September. The lawsuit comes six months after Canal Plus Technologies (CPT) of France began a $3 billion legal action against NDS alleging it helped fund hackers who published secrets on the Internet about its pay-TV technology, say reports. The DirecTV suit, filed under seal in a US district court in Los Angeles, made a series of allegations against NDS including breach of contract, fraud, breach of warranty and misappropriation of trade secrets.

    DirecTV on its part sought damages, the delivery of software which it claims is required by contract and an injunction to prevent any further breaches.

    NDS, meanwhile, in its countersuit filed yesterday, has claimed that DirecTV induced the chip manufacturer to breach its agreements with NDS and that DirecTV has been leaking confidential information related to NDS’ smart card to pirate websites to give DirecTV an excuse to break its agreements and unveil its competing knockoff smart card. NDS has also sued DirecTV for negligence and breach of contract, claiming that DirecTV’s faulty distribution policies and gross mismanagement of satellite television piracy jeopardize NDS’ technology and resulted in widespread piracy of DirecTV’s service.

    NDS has sought compensatory and punitive damages and an injunction prohibiting DirecTV and the chip manufacturer from producing the new smart card, infringing NDS’ patents and misappropriating its technology. It has also sought an injunction against DirecTV preventing it from soliciting NDS’ employees and from assuming control of its conditional access technology.

  • Hinduja TMT FY-01 net Rs 464 million

    Hinduja TMT FY-01 net Rs 464 million

    Hinduja TMT Ltd today announced a net profit of Rs 464.02 million for the year ended 31 March, 2002 as compared to Rs 420.66 million for the corresponding period last fiscal. Fourth quarter net profit stood at Rs 160.14 million as compared to Rs 39.99 million in the corresponding period last fiscal, an over four-fold jump.

    The company posted total income of Rs 729.68 million for the year, up from Rs 617.25 million in FY-01.

    Barring unforeseen circumstances, HTMT expects its IT revenues to increase 100-110% and the net profit therefrom to increase by about 70 per cent in FY 2002-03 on the basis of contracts on hand. The bulk of the contribution would come from the IT enabled business, a company release states.

    HTMT’s employees in its IT division was 953 as on 31st March 2002 as compared to 358 in the previous year due to the ramp up in the company’s IT enabled business. The total number of employees in HTMT’s IT enabled business increased from 111 as on 31 March 2001 to 773 as on 31 March, 2002 (Call center business – 472 and claims processing business was 301). HTMT’s workforce is likely to grow beyond 1500 at the end of the current fiscal, the release states.

    According to HTMT vice-chairman Solomon Raj: “Going by the current trend and available opportunities, we are likely to emerge as a leading IT enabled services Company with a brand for quality and customer care. As the company implemented its call center business during the 3rd quarter of the last financial year, the real impact of ramp up in our IT-enabled orders would be reflected in the current year.”

    Barring unforeseen circumstances, HTMT expects its IT revenues to increase 100 – 110 per cent and the net profit there from to increase by about 70 per cent in FY 2002-03 on the basis of contracts on hand. The bulk of the contribution would come from the IT-enabled business.

    HTMT’s book value as on 31 March 2002 was Rs 110 per share and the basic and diluted earning per share stands at Rs 13.04. The company continues to remain debt free with cash on hand for the year ended 31 March 2002 amounting to Rs 417.5 million.

    HTMT, besides positioning itself as an operating IT company, through its subsidiaries is expanding operations in the areas of cable television, broadband Internet, local television programming, movie channel and movie based programming. Fascel, HTMT’s joint venture with Hutchison Max, continues to be the largest single circle (excluding metros) cellular operator in the country, the release states.