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| Exchange Disseminated Time 29/04/2016 17:05:41 | Zee Media Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 29, 2016, has transacted the following:
1. Approved nomination of Mr. R K Arora, Chief Executive Officer, as Key Managerial Personnel of the Company with effect from April 29, 2016.
2. Approved Business Plan for launch of a English Channel WION (World-Is-One-News) by the Company in August 2016;
3. Terminated existing arrangement with Taj Television (India) Pvt Ltd, for distribution of television channels of the Company. The said arrangement being material related party transaction, for a period of 3 years valid till March 31, 2017, was approved by unrelated shareholders of the Company vide resolution passed on November 3, 2015;
4. Accorded in-principle approval for entering into a material related party transaction with Zee Entertainment Enterprises Limited (ZEEL), a related party, for distribution of television channels of the Company at 7% revenue sharing on the subscription revenues of the television channels of the Company; and
5. Authorised the Company Secretary to initiate actions required to seek approval of unrelated shareholders, as per Regulation 23 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, for the proposed material related party transaction as mentioned in (4) above between the Company and ZEEL for distribution of television channels of the Company. |
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