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
BBC to cut up to 2,000 jobs in biggest overhaul in 15 years
Cost pressures and leadership change drive major workforce reduction plan
LONDON: BBC has unveiled plans to cut up to 2,000 jobs, roughly 10 per cent of its global workforce, in what marks its biggest downsizing in 15 years.
The announcement was made during an all-staff meeting led by interim director-general Rhodri Talfan Davies, as the broadcaster moves to tackle mounting financial pressures and reshape its operations.
Between 1,800 and 2,000 roles are expected to be eliminated from a workforce of around 21,500. The cuts form part of a broader plan to save £500 million over the next two years, aimed at offsetting rising costs, stagnating licence fee income and weaker commercial revenues.
In a communication to staff, BBC interim director-general Rhodri Talfan Davies said, “I know this creates real uncertainty, but we wanted to be open about the challenge,” acknowledging the impact the move would have across the organisation.
The restructuring comes at a time of leadership transition. Former director-general Tim Davie stepped down earlier this month, with Matt Brittin, a former Google executive, set to take over the role on May 18, 2026.
While some cost-cutting measures are being implemented immediately, the majority of the structural changes are expected to roll out over the next few years, with full savings targeted by the 2027–2028 financial year.
The broadcaster had earlier signalled its intent to reduce its cost base by around 10 per cent over a three-year period, warning of “difficult choices” as it adapts to shifting economic realities and audience expectations.
With operating costs hovering around £6 billion annually, the BBC’s latest move underscores the scale of the financial challenge it faces, as it balances public service commitments with the need for long-term sustainability in an increasingly competitive media landscape.
