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| Exchange Disseminated Time | Next Mediaworks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 18, 2015, has taken the following decisions:
1. Taking on record the approval accorded by the Board of Directors of the subsidiary Company viz. M/s. Next Radio Limited ("NRL") to the proposal for raising of funds by NRL to the extent of about Rs. 115 Crores for the purpose of migration of NRL's existing radio licenses from Phase II to Phase III plus participation in the auctions for new licenses. This is proposed to be done through a combination of debt of about Rs. 80 Crores and issue of Equity / Convertible Preference Shares of NRL to Mr. Rakesh Jhunjhunwala and / or his associates for Rs. 25 Crores ("Investor"), subject to satisfactory documentation and satisfaction of all necessary conditions and other corporate compliances.
2. Taking on record the approval accorded by the Board of Directors of NRL to the proposal for reduction of capital of NRL by cancelling approx. 68 shares out of every 100 shares held as on date against the accumulated losses, subject to the approval of the Hon'ble High Court.
3. Approval by the Board of Directors of the Company for (i) giving Corporate Guarantee; (ii) pledging part of the shareholding of the Company in NRL and (iii) creation of charge on the Company's property, to secure the raising of funds by NRL.
4. Conducting of Postal Ballot for obtaining approval of the shareholders of the Company in terms of the provisions of Section 180 (1)(a) and 186 of the Companies Act, 2013.
5. Appointment of Mr. Mandar Godbole as the Company Secretary and Compliance Officer of the Company.
6. Re-appointment of Mr. Tarique Ansari as the Managing Director of the Company for a further period of three (3) years, subject to the approval of the shareholders. |
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