NCLT approves proposal for acquisition of Television Home Shopping Network: Report
The tribunal has reportedly given its nod to a joint proposal by luggage manufacturer Goblin India and financial services firm Khandwala Finstock to acquire the bankrupt network
The National Company Law Tribunal (NCLT) has reportedly given its nod to a joint proposal put forth by luggage manufacturer Goblin India and financial services firm Khandwala Finstock to acquire the bankrupt Television Home Shopping Network.
Formerly known as Tv18 Home Shopping Network Limited, the network was incorporated in India in June 2006.
The news report says that the proposal includes a merger or reverse merger of Khandwala Finstock with the company that operates TV home shopping channels. It also said that the plan was approved by the members of the company's committee of creditors at a meeting on August 6.
The joint resolution plan includes upfront payments of Rs 19.65 lakh and Rs 35.34 lakh to secure financial and operational creditors respectively within 25 days of the approval, said the report citing counsel Nausher Kohli, who represented the successful bidders.
NCLT also noted that the approval of the resolution can't be mistaken for the waiver of any statutory obligations of Television Home Shopping Network. There had reportedly been total claims of Rs 397 crore against the company.
