TV18-Network18 merger: Have shareholders’ approval, NCLT nod awaited: Network18
The company said it is in the process of obtaining requisite approvals for completion of the merger
Network18 Media & Investment Ltd on Tuesday said that it has got the shareholders’ approval on the merger of Network18, TV18 and e-Eighteen.com but it has yet to get the nod of National Company Law Tribunal (NCLT).
While releasing the first quarter earnings of the company, Network18 Chairman Adil Zainulbhai thanked the shareholders and said that the merger will create a media powerhouse and build a long and lasting legacy.
“I would like to thank the shareholders of TV18, e-Eighteen.com, and Network18 for wholeheartedly approving the merger. Their faith inspires us to do even better as we continue in our journey of creating a media powerhouse. We truly believe that this merger will be a stepping-stone for us to build a long and lasting legacy,” he said.
Network18 had informed BSE on July 5 that Adil shall cease to be an Independent Director of the company upon completion of his second term on July 6, 2024.
The company said that in the meetings convened pursuant to the order of National Company Law Tribunal, the shareholders and unsecured creditors of Network18 Media & Investments Ltd., TV18 Broadcast Ltd. and e-Eighteen.com Ltd., approved the Scheme of Arrangement for amalgamation of these companies.
The Company is in the process of obtaining other requisite approvals for completion of the merger, it said.
On Viacom18 and Star India Pvt Ltd merger, the company said it has obtained the approvals of their respective creditors in the meetings held on 12th June as per the directions of the NCLT for the proposed transaction between the two companies.
“The companies are in the process of obtaining other requisite approvals for completion of the transaction,” it said.
Network18 Media and Investments Pvt Ltd, includes TV18 Broadcast Ltd, Viacom 18 Media Pvt Ltd, Network18 Media Trust, Moneycontrol Dot Com India Ltd, AETN18 Media Private Limited, Colosceum Media Pvt Ltd, Digital18 Media Ltd, e-Eighteen.com Ltd, Greycells18 Media Ltd, IndiaCast Media Distribution Pvt Ltd, IndiaCast UK Ltd, IndiaCast US Ltd, lnfomedia Press Ltd, Medials Distribution Services Ltd, Roptonal Ltd, Viacom 18 Media (UK) Ltd, Viacom 18 US Inc. and Web18 Digital Services Ltd.
