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| Exchange Received Time 04/08/2017 18:11:17 Exchange Disseminated Time 04/08/2017 18:11:20 Time Taken 00:00:03 | | Composite scheme of arrangement comprised of(i)merger of Crystal Sound & Music Pvt Ltd & Spectrum Broadcast Holdings Pvt Ltd with Jagran Prakashan Ltd&(ii)demerger of activities & operations of radio business undertaking of Shri Puran Multimedia Ltd(SPML)to Music Broadcast Ltd(Scheme)was approved by Ld. Single Judge of Hon'ble Allahabad High Court by order dtd Sept 22,2016(HC Order).M/s Phonographic Performance Ltd having disputed claim on SPML of Rs 4.29 Crs plus interest thereon has challenged HC Order before Ld Division Bench of Hon'ble Allahabad High Court & Hon'ble Division Bench of Allahabad High Court has passed interim order staying operation of HC Order till nextdate of hearing(i.e)Aug 21,2017(New Order).Pls note that prior to passing of this New Order,Scheme was already made effective & implemented in terms of HC Order.Company is legally advised that no effect can be given to said interim order.Accordingly,company is challenging New Order before Hon'ble Supreme Court of India |
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