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| Exchange Disseminated Time 27/10/2016 18:37:19 | Zee Media Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 27, 2016, inter alia, has approved a draft of the Scheme of Arrangement and Amalgamation between Zee Media Corporation Limited ("the Demerged Company" or "the Transferee Company 2"), Diligent Media Corporation Limited ("Resulting Company" or "Transferee Company 1"), Mediavest India Private Limited ("Transferor Company 1"), Pri-Media Services Private Limited ("Transferor Company 2"), Maury a TV Private Limited ("Transferor Company 3") and their respective shareholders and creditors under sections 391 to 394 read with Section 100 to 103 of the Companies Act, 1956 and Section 52 of the Companies Act, 2013, subject to requisite statutory and regulatory approvals. The Appointed for the Scheme of Arrangement and Amalgamation will be April 01, 2017.
To facilitate the Scheme, the Board has also approved the reorganization of the existing investments currently held in Transferor Company 1 and 2 into the investments in Resulting Company as Redeemable Preference Shares. |
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