Zee Media Corporation today said the NCLT has approved the demerger of its print media business into Diligent Media Corp Ltd (DMCL).
In October last year, the company had announced the demerger and also approved the proposal to independently list its print media business on the stock exchanges.
The company had also announced the consolidation of its print media entities Pri-Media Services Pvt Ltd and Mediavest India Pvt Ltd with DMCL. Both the entities are in the newspaper printing business.
The Mumbai bench of National Company Law Tribunal (NCLT) has approved the scheme of arrangement and amalgamation between Zee Media Corporation, Diligent Media Corporation, Mediavest India Pvt Ltd and Pri-Media Services, the company said in a filing to BSE today.
Zee Media Corporation operates Zee News and Zee Business channels.
The proposed merger will enable more focused management and a greater visibility on the performance of individual business, the company had said.
The company had last year also proposed a merger of Maurya TV Pvt Ltd, which operates regional news channel Zee Purvaiya, with Zee Media.
Merger of Maurya TV Pvt Ltd would accomplish reduction in administrative costs and achieving better operational and management efficiency, it had said.
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