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| Exchange Disseminated Time 06/11/2015 20:34:21 | Hathway Cable & Datacom Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 06, 2015, inter alia, have considered the following;
1. A scheme of arrangement between Hathway Cable & Datacom Limited (the Company), Hathway Broadband Private Limited (HBPL) and their respective shareholders (Scheme) to demerge, transfer and vest the ISP business of the Company into HBPL with effect from the appointed date i.e. April 01, 2015 for cash consideration (Demerger). The consideration amount has been approved on the basis of the valuation report of an independent valuer. HBPL is a wholly owned subsidiary of the Company. The Demerger will enable a focused attention on the ISP Business and achieve structural and operational efficiency, enhanced competitiveness, and greater accountability. The Demerger will be subject to receipt of 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.
2. Re-appointment of Mr. Jagdishkumar G. Pillai as Managing Director & CEO for a period of 2 years with effect from December 21, 2015 and remuneration payable to him subject to the approval of the Shareholders through postal ballot and Central Government, if any. |
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