HT Digital, a digital holdings company owned by HT Media, has filed a petition in the Delhi High Court for reduction in its equity capital by Rs 159.4 crore. The petition is due for hearing on Feb 26th 2014, and once this is approved, the equity share capital of HT Digital will be reduced to Rs 17.24 crore, and HT Media will write off Rs 159.4 crore. However, the company says that this will have no impact on its consolidated financial results. In the last six quarters alone, HT Media has invested Rs 34.89 crore in HT Digital, according to notes to its filings. According to a note to HT Media's consolidated results for Q3-FY14: "During the quarter, consequent to the Scheme referred in footone to note 8 above, HT Digital has filed a petition with the Hon'ble High Court of Delhi w/s 100 to 105 of the Companies Act, 1956 for reduction in its equity capital by Rs. 15,940 Lacs. The Hon'ble High Court of Delhi has admitted the petition and is due for hearing on February 26, 2014. Once this petition is approved by the Hon'ble High Court, the equity share capital of HT Digital shall stand reduced from existing Rs 17,664 Lacs to Rs 1,724 Lacs and accordingly, the Parent Company (HT Media) will reduce its equity investment in HT Digital from Rs 17,664 Lacs to Rs 1,724 Lacs by writing off the investment by Rs 15,940 Lacs. However, this will have no impact on the consolidated financial results. " The…
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