Tuesday, October 30, 2001
New Delhi
City-based communications software company Hughes Software
Systems (HSS) is unlikely to see any change in its management
in India.
The company also said it did have to make a minimum public
offer in India after its parent company announced that it
would merge with media major EchoStar Communications.
In a notice to the Bombay Stock Exchange, Hughes Software
said it was unlikely that a minimum public offer to its shareholders
would be made. "Since there is no agreement or intention
to acquire Indian shares of Hughes Software Systems (by EchoStar)
and since the amalgamation is not an indirect acquisition
of Hughes and there is no change in control or agreement to
change control, no minimum public offer is likely to be made,"
Hughes informed the BSE.
HSS, however, said it would convene an extraordinary general
meeting for the approval of a possible change in control pursuant
to the merger within 25 days.
General Motors (GM), which owns majority stake in the $7.8-billion
Hughes Electronics, today said that it has agreed to sell
its satellite television unit Hughes Electronics for $25.8
billion in cash and stock to EchoStar, a day after Rupert
Murdoch's News Corp walked away with its rival offer.
It is also not clear, whether there will be any downsizing
of Hughes operations in India as a result of the merger. When
contacted by Business Standard, HSS spokesperson refused to
comment on the issue.
"Hughes had requested our board of directors to approve
a circular resolution for convening an extraordinary general
meeting in respect of a possible change resulting out of the
merger," the statement said.
Last updated : February 2, 2004
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