Multi System Operator (MSO) Hathway Cable and Datacom Limited yesterday in a regulatory filing notified the disinvestment of its entire equity stake of 51 percent i.e 15,300 equity stakes of Hathway Palampur Cable Network for a consideration of Rs 8,10,900. Pursuant to the same, the company has now ceased to be a subsidiary of the company.
Hathway Palampur was a non-operating company with nil contribution to the consolidated turnover of the company as well to its net worth for FY 19 – 20. Hathway has sold its entire shareholding of 51 percent to Preetika Kakkar, one of the existing shareholder of Hathway Palampur.
“Ms. Preetika Kakkar does not belong to Promoter/ Promoter Group/ Promoter Companies. This sale does not fall within Related Party Transaction. Further, the transaction is in the nature of sale of entire (51%) stake in a subsidiary and hence it is not a slump sale,” added Hathway in its regulatory filing.
