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HMVL to discuss funding worth Rs 250 crore, acquiring trademarks worth Rs 62 crore, appointment of Directors

HMVL to discuss funding worth Rs 250 crore, acquiring trademarks worth Rs 62 crore, appointment of Directors

Author | Abid Hasan | Tuesday, Aug 04,2015 8:43 AM

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HMVL to discuss funding worth Rs 250 crore, acquiring trademarks worth Rs 62 crore, appointment of Directors

Hindustan Media Ventures Limited (HMVL) has informed BSE that the Annual General Meeting (AGM) of the Company will be held on August 28, 2015. The group is going to take some important decisions in the upcoming general meeting.

Some of the key decisions are raising Rs 250 crore with stakeholders’ nod and to appoint a director in place of Shobhana Bhartia and Benoy Roychowdhury.

In a filing to BSE, HMVL said, Board of Directors of the company, to offer or invite subscriptions to secured/unsecured redeemable non convertible debentures bonds, in one or more series/tranches during a period of one year from the date of passing of this special resolution, on private placement basis, aggregating up to Rs 250 crores within the overall borrowing limits of the company approved by the members from time to time, from such persons and on such terms and conditions, as the board may, from time to time determine and consider proper and most beneficial to the company including, without limitation, as to when the said debentures/bonds are to be issued, the consideration for the issue, mode of payment, coupon rate redemption period, utilization of the issue proceeds and all matters connected therewith or incidental thereto.

In the upcoming meeting HMVL will discuss about new appointments. They also informed BSE about the replacement of Shobhana Bhartia and Benoy Roychowdhury. They said, “To appoint a director in place of Shobhana Bhartia, who retires from office by rotation, and being eligible, offers herself for re-appointment. The second item said, “To appoint a director in place of Benoy Roychowdhury, who retires from office by rotation, and being eligible, offers himself for re-appointment.”

In the upcoming meeting on August 28, HMVL is also planning to acquire certain Hindi publication trademarks from the holding company HT Media. The company said, “To enter into a contract with HT Media, holding company, to acquire the trademarks Hindustan, Hindustan.in, Nandan, Kadambini, Hum Tum, and certain others Hindi publication related trademarks, including the trademarks mentioned in the accompanying statement u/s 102 of the companies act, 2013 to this item, from HTML for a fair market value price of Rs 62 Crores exclusive of applicable taxes, with effect from such date and such other terms and condition as may be mutually agreed upon between the board and HTML.” HMVL said in the BSE filing.

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