ZEEL acquires ZEE UK Max in UK
As per ZEEL, it has incorporated ZUML in the UK with an initial share capital of 25,000 pounds divided into 25,000 ordinary shares of one pound each
Zee Entertainment Enterprise Ltd (ZEEL) has incorporated ZEE UK Max Ltd (ZUML), a wholly-owned step-down subsidiary company for the purposes of media and entertainment.
ZEEL announced the same to the Bombay Stock Exchange (BSE) that it has incorporated ZUML in the UK on September 28 with an initial share capital of 25,000 pounds divided into 25,000 ordinary shares of one pound each fully paid-up.
“ZUML is a wholly owned step-down subsidiary company of the Company and therefore it is a related party of the Company. This transaction does not fall within related party transactions. The promoter/ promoter group/ group companies do not have any interest in this transaction,” ZEEL said in its disclosure letter to BSE.
ZUML is yet to commence its business operations and it has been incorporated with the objective of media and entertainment business to evaluate rationalization and restructuring, ZEEL said.
There is no information on whether there is any link of this incorporation with the ZEE-Sony merger.
