MUMBAI: ATN International Ltd is seeking its shareholders' nod to invest Rs 150 million in the equity of a newly incorporated wholly owned subsidiary called Ahimsaa Global Media Ltd. ATN will be transferring its television channel Ahimsaa to this new subsidiary.
 

According to a company statement to The Stock Exchange, Mumbai (BSE), the aggregate of the investments made so far, securities provided, loans/guarantees so far given by the company along with the proposed investments, exceed the limit laid down by section 372 of The Companies Act, 1956, which is 60 per cent of the paid up capital and free reserves or 100 per cent of its free reserves, whichever is more.

The company is seeking its members' approval for the investment in the group company by a postal ballot, says the statement. The deadline for receiving completed postal ballot forms has been fixed for 11 March 2004.