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| Exchange Disseminated Time 27/05/2016 07:53:21 | Hathway Cable & Datacom Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 26, 2016 , the Board of Directors has :
1. given its in-principle approval to merge and amalgamate 3 (three) operational wholly owned subsidiary companies of the Company with the Company ( Merger).
The Merger will be subject to requisite approvals from the shareholders, creditors, High Court(s), stock exchange, Securities and Exchange Board of India and other applicable regulatory/ governmental authorities.
The definitive terms and conditions of the proposed Merger are being evaluated. The draft scheme of Merger shall be placed before the Board for approval.
2. Considered and approved the authority to borrow an amount in excess of paid up capital and free reserves of the Company up to the maximum limit of Rs.2000 Crores, pursuant to section 180(1) (c) of the Companies Act, 2013, subject to the approval of the shareholders through postal ballot.
3. Considered and approved the authority to create mortgage/charge/hypothecation over the assets of the Company not exceed Rs.2000 Crores, 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.
4. Considered and approved the Postal Ballot Notice for seeking approval of members under Section 180(1) (a) and 180(1) (c) of the Companies Act, 2013. |
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