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Murdoch eyes 20 per cent of Hughes Software Systems
MUMBAI: Rupert Murdoch is snapping at Indian shores again.
Murdoch’s News Corp has announced that it would make an open offer to acquire 20 per cent shares of the Gurgaon based telecom software developer, Hughes Software Systems. The proposal comes just three months after News Corp’s successful bid for a 34 per cent stake in Hughes Electronics Corporation for about $6.6 billion in cash and stock.
Hughes Electronics is the US based parent of Hughes Network Systems, which in turn owns 55.4 per cent stake in HSS. The News Corp offer, which will be made at Rs 232 per share, is for 67,34,265 HSS equity shares, and is being made along with Hughes Network Systems India Ltd, HNS Mauritius Holdings and Hughes Electronics Corporation, the company said in a statement to the Bombay Stock Exchange on Monday.
The HSS open offer, which was made a day before the company’s board was due to meet to consider the first quarter results for the period ended 30 June, is at an 8.11 per cent discount of the company’s Friday closing of Rs 252.50 on the BSE. The offer, which opens on 20 August and closes on 18 September, is not conditional on any level of acceptance by the shareholders.
Analysts have been reported as saying that the open offer is likely to evoke a lukewarm reaction since the current price of HSS stock is higher than the open offer price, and are skeptical about the offer as News Corp did not appear to have any interest in technology solutions providers like HSS elsewhere, raising questions about the kind of fit that the firm would have within the News Corp matrix.
The deal to acquire Hughes Electronics, however, gives News Corp access to DirecTV’s more than 11 million subscribers and concludes Murdoch’s three-year effort to gain a US outlet for his global satellite television network. A senior HSS official has been quoted as saying, “The News Corp offer has been made as per the Securities and Exchange Board of India (SEBI) regulations which stipulates that an open offer has to be made for an Indian listed company if its multinational parent undergoes any change in management.”
HSS reported a net profit of Rs 379 million in the year ended 31 March, 2003 – a decline of about 27 per cent from the previous financial year. Net sales at Rs 2204 million for 2002-03 were also lower than Rs 2349 million in 2001-02.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
