News Broadcasting
HTMT declares 50% dividend; stock exchange all clear appears difficult
The Board of Directors of Hinduja TMT Limited (HTMT), in its meeting held today, decided to declare an interim dividend of 50 per cent on its equity shares for the year 2001-02 subject to the stock exchanges accepting the record date of 26 March, 2002 as intimated to them.
However, that seems to be the problem. Getting stock exchange clearance that is. Especially considering the tough line that GN Bajpai, chairman of market regulator Securities and Exchange Board of India (Sebi) has taken on the issue.
No escaping the tax dragnet for companies this time round, Bajpai has stated while insisting the stock exchanges will ensure compliance. Bajpai, has been quoted as saying the stock exchanges have been instructed to disallow shorter notice period (than the current 30 to 42 day period) for interim dividend payouts, even though there had been instances of concessions allowed to companies in the past.
Dividends paid out after March 31, will be taxed at the receivers’ end at rates applicable to them individually against a flat 10 per cent dividend distribution tax paid by companies.
Meanwhile, the HTMT board also approved two other proposals:-
To close the equity trading activity of the company with effect from 1 April, 2002 with a view to realising the ultimate objective of concentrating on its core business of information technology.
To merge Sarthak Mercantile Private Limited (SMPL), a special purpose vehicle of the Hinduja Group, holding equity stake in some of the HTMT’s existing subsidiaries with HTMT from 1 April, 2002, subject to necessary approvals.
While the shareholding of HTMT in Aasia Industrial Technologies Limited, which controls the media subsidiaries of the Group, will go up from 51 per cent to 100 per cent, its stake in the Internet company In2Cable (India) will increase from 90 per cent to 100 per cent on account of the merger.
It may be observed from the Annual Report 2000-01 of HTMT that the Company had decided to defer the merger of SMPL, which would have increased the paid-up capital of HTMT to Rs 457.2 million from the present level of Rs. 355.8 million due to uncertain market conditions. However, SMPL shareholders have agreed to accept the revised swap ratio of the shares of HTMT and SMPL at 1:4 as against the earlier proposal of 10:21 in the interest of non-promoter shareholders of HTMT, who will stand to gain significantly because the promoter shareholding will now go up only by about Rs 50 million instead of Rs 100 Million as a result of the merger.
As regards closure of the equity trading activity, it is the logical culmination of the steps taken to phase out the company’s finance activities, a release says.
News Broadcasting
Rising Bharat Summit 2026 spotlights India’s global ascent
PM Modi keynotes two-day event with ministers, diplomats and icons in New Delhi.
MUMBAI: India didn’t just host a summit, it threw a coming-out party for a nation ready to own the global stage. The News18 Rising Bharat Summit 2026, held on 27–28 February in New Delhi, emerged as a high-octane platform for ideas, vision and strategic dialogue, uniting national leadership, global policymakers, industry titans, defence strategists and cultural icons under the theme “Strength Within”.
Prime minister Narendra Modi set the tone with a keynote that framed India’s resurgence as a reclaiming of lost potential built over generations. “In previous industrial revolutions, India and the Global South were merely followers,” he said. “But in the era of Artificial Intelligence, India is a partner in decisions and shaping them.” He highlighted the country’s thriving AI startup ecosystem and the recent AI Impact Summit attended by over 100 nations.
Union minister Piyush Goyal (Commerce & Industry) stressed India’s readiness to scale exports and deepen manufacturing, while Ashwini Vaishnaw (Railways, I&B, Electronics & IT) positioned technology and infrastructure as twin engines of growth, especially in AI and digital trust. Jyotiraditya Scindia (Communications & North East Development) revealed India’s ambition to lead in 6G through the Bharat 6G Alliance and partnerships with over 30 countries.
Global voices added depth: former Singapore Foreign Minister George Yeo called India’s development “self-sustaining” and strategically vital; ex-UK Chief of Defence Staff General Sir Nick Carter asserted India deserves a seat at the great powers’ table; and former US Commerce Secretary Carlos M. Gutierrez joined ambassadors from Norway, Germany and Sweden in discussions on geopolitical realignment, sustainability and defence preparedness.
Other speakers included veteran investor Ramesh Damani, World Gold Council CEO David Tait, Vianai Systems founder Dr Vishal Sikka, DeepTech Bharat Foundation co-founder Shashi Shekhar Vempati, defence experts Rajesh Kumar Singh, Sunil Ambekar, Patrick McGee, Tom Cooper and Adrian Fontanellaz, plus cultural and sporting icons Kangana Ranaut, Saina Nehwal, PR Sreejesh, Mohammed Shami, Yuzvendra Chahal, Mithali Raj, Anil Kapoor and Yami Gautam.
The summit was supported by Jio Financial Services (Presenting Partner), Phonepe and DS Group (Co-Presenting Partners), Pernod Ricard India and Kia Seltos (Powered By & Driven By), state governments of Uttar Pradesh, Chhattisgarh and Uttarakhand (State Partners), and associate partners including NSE, M3M Foundation and Reliance Industries.
Broadcast live across News18 Network, CNBC-TV18 and CNBC Awaaz, the event reinforced India’s image as a confident democracy and emerging global power proving that when strength comes from within, the world can’t help but watch.
