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| Exchange Disseminated Time 15/10/2015 13:07:04 | Hathway Cable & Datacom Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 15, 2015 has approved the following:
1) given its in-principle approval to demerge, transfer and vest the Company's entire broadband business into its wholly owned subsidiary, Hathway Broadband Private Limited (Demerger).
The Demerger will be subject to requisite approvals from the shareholders, creditors, High Court(s), Department of Telecommunications, stock exchanges, Securities and Exchange Board of India and other applicable regulatory/ governmental authorities.
The definitive terms and conditions of the proposed Demerger are being evaluated. The draft scheme of Demerger shall be placed before the Board for approval.
2) given its approval for increasing the limit from Rs. 1,600 Crores to Rs. 1,800 Crores, for borrowing loans in excess of paid up capital and free reserves pursuant to section 180(1)(c) of the Companies Act, 2013, subject to the approval of the shareholders through postal ballot.
3) given its approval for increasing the limit from Rs. 1,600 Crores to Rs. 1,800 Crores, for creating charge over the assets of the Company for loans borrowed by the Company pursuant to section 180(1)(a) of the Companies Act, 2013, subject to the approval of the shareholders through postal ballot. |
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