Shareholders to meet on 15 Oct for Hathway demerger approval

MUMBAI: The court has convened meeting of Hathway Cable and Datacom Ltd equity shareholders and Hathway Broadband Private Limited and their respective shareholders and creditors on 15 October, 2016, in Mumbai.

The meeting is for the purpose of considering and, if thought fit, approving with or without modification(s), the demerger of the broadband business of Hathway Cable and its transfer to Hathway Broadband, Ajay Singh, head, legal, company secretary and chief compliance officer, at Hathway Cable, stated in a communiqué to the BSE and the NSE.

The court appointed Jagdiskumar G. Pillai, Hathway Cable managing director and CEO, to be the chairman of the said meeting. The voting period begins on 11 0ctober, 2016 , at 10.00 am and ends on Friday, 14 0ctober, 2016, at 5.00 pm. Himanshu S. Kamdar, practicing company secretary, has been appointed as the scrutinizer. The results shall be declared on 17 0ctober, 2016.

The proposed demerger of the ISP Business (defined below) from Hathway Cable to Hathway Broadband may happen upon payment of Rs. 98.05 crore by the latter to the former. The plan is to demerge the ISP Business from Hathway Cable and transfer it to vest in Hathway Broadband.

Hathway Cable is a multi-system operator (MSO) engaged in the business of distribution of television channels. Hathway Broadband is a private limited company incorporated under the Companies Act, and a wholly owned subsidiary of Hathway Cable.