At meeting held on 14 January 2017
The Board of Directors of TV18 Broadcast at its meeting held on 14 January 2017, on the recommendation of the Audit Committee, approved the Scheme of Amalgamation of the following direct or indirect wholly owned subsidiaries of the Company, namely: (1) Equator Trading Enterprises, (2) Panorama Television, (3) RVT Media and (4) ibn18 (Mauritius), into TV18 Broadcast with appointed date as 01 April 2016, under the applicable provisions of the Companies Act, 2013.The said Scheme of Amalgamation is subject to receipt of further approvals of the Central Government and / or National Company Law Tribunal and / or Stock Exchanges and/or Securities and Exchange Board of India and/or Shareholders and/or Lenders and/or Creditors and/or such other competent authority(ies), as may be required under the extant applicable provisions of the law.
The amalgamation of Transferor Companies with Transferee Company would, inter alia, have the following benefits:
- Rationalizing the group structure to ensure optimized legal entity structure more aligned with the business by reducing the number of legal entities and reorganizing the legal entities in the group structure so as to obtain significant cost savings and / or simplification benefits;
- Integrating news channels, i.e. Business news channels, English news channels, Hindi news channels and regional news channels, in the amalgamated entity which would result in maximizing overall shareholder value and bring synergies in operations.
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