Zee group's Direct to Home (DTH) arm DishTV India Ltd. on Wednesday nominated two directors on the board of its rival Videocon D2H Ltd., for a seamless merger.
The Essel group company announced the appointment of Amitabh Kumar and Raj Kumar Gupta on the board of Videocon D2H.
""Further, for the purpose of seamless integration of the businesses of Videocon D2H Ltd into and with Dish TV India Limited and for synchronizing the operations of two companies to derive the benefits and objectives of the scheme, the Company is nominating two directors namely Amitabh Kumar and Raj Kumar Gupta on the Board of Videocon D2H Limited," DishTV said in a statement.
DishTV also said that the firm will make further filings with the Registrar of Companies on the merger.
"Upon evaluation of the above circumstances by the advisors to the scheme, the company shall be taking necessary steps for completion of the scheme. In view of the above, we would like to inform you that the company now intends to take further steps for effecting the said merger," the statement noted.
Earlier in January, DishTV had said that it was evaluating the impact of reported insolvency proceedings, which had been initiated against certain entities of the Videocon group.
Further, in November 2016, the boards of DishTV and Videocon d2h had approved a scheme of arrangement for their amalgamation.
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