MUMBAI: The board of directors (BOD) of Network 18, at its annual general meeting (AGM) seeked shareholder approval for allowing borrowing power up to Rs 1800 crore. At the same time the BOD of TV18 also requested the same for Rs 1500 crore.

Both the resolutions were passed giving the BOD rights to borrow till the limit over and above the paid-up capital, free reserves and securities premium account.

Another special resolution was to get an approval to offer or invite to subscribe to non-convertible debentures on private placement basis for both the companies.

‘Private placement’ means any offer of securities or invitation to subscribe securities (equity or securities that convert to equity) to a select group of persons by a company, other than by way of public offer, through issue of a private placement offer letter.

Bothe the special resolutions were passed at the AGM with 100 per cent votes.

The ordinary resolution passed at the meeting included, re-appointment of Raghav Bahl as a director who retires by rotation, appointment of Rohit Bansal and Vinay Chhajlani as directors and appointment of Deepak Parekh and Adil  Zainulbhai  as independent directors.

Other resolutions include appointment of auditors and fixing their remuneration (ordinary resolution), approval of the remuneration of the cost auditor (ordinary resolution) and adoption of new articles of association of the company (special resolution).

It has been four months since the Bahl-founded company was taken over by petrochemical conglomerate Reliance Industries’ chairman Mukesh Ambani.