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Hathway shareholders to meet on broadband demerger approval
MUMBAI: Hathway Cable & Datacom’s demerger of its broadband business is entering the final lap. The court has convened a meeting of the shareholders and creditors in relation to the scheme of arrangement between Hathway Cable & Datacom and Hathway Broadband.
The shareholders and creditors of the two companies are meeting on 15 October in Mumbai to consider and, if thought fit, approve, with or without modification(s), the proposed demerger of the broadband business of Hathway Cable and its transfer to Hathway Broadband.
The Bombay High Court has appointed Hathway Cable & Datacom MD and CEO Jagdish Kumar Pillai to chair the meeting.
Voting will continue from 11 October 10 am until 14 October 5 pm. The results will be declared on 17 October.
The scheme provides for the demerger of the ISP business from Hathway Cable to Hathway Broadband and the consequent payment of Rs 98.05 crore (Rs 980.5 million) by the latter to the former. The consideration amount has been arrived at on the basis of the valuation report issued by JB Shah & Co. dated 5 November 2015.