NCLT approves Star India-Viacom18 merger scheme
The Mumbai bench of the NCLT has noted that the scheme appears 'fair and reasonable' with no violations of any provisions of law or public policy
After securing the green light from the Competition Commission India (CCI), the merger scheme between Walt Disney’s Star India and Reliance Industries Limited’s Viacom18 been has reportedly sanctioned by the Mumbai bench of National Company Law Tribunal (NCLT).
The bench reportedly noted in a 22-page order on Friday that both parties have fulfilled all the requisite statuatory compliances and that the scheme appears to be fair and reasonable. They added that it does not violate any provisions of the law and is not contrary to public policy. No petitions have been filed or objections raised against the merger scheme.
On Wednesday, the CCI approved the proposed merger with a caveat: the companies must comply with certain voluntary modifications to address potential competition concerns. While the exact details of these modifications remain undisclosed, it is likely that the CCI has sought to ensure a level playing field in the Indian media market.
