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Corporate News
27-Apr-16
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Entertainment Network (India) provides update on scheme of amalgamation & arrangement
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Bennett, Coleman & Company to be sole promoter shareholder of Entertainment Network (India)
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Entertainment Network (India) announced that Times Infotainment Media ['TIML'], the holding company of Entertainment Network (India) ['ENIL' / 'the Company'] and Bennett, Coleman & Company ('BCCL'), the holding Company of TIML, had filed a Scheme of Amalgamation and Arrangement ('Scheme') under the Companies Act, 1956. The Scheme was approved by the Hon'ble Bombay High Court vide Order dated 03 July 2015 ('Order'). The Hon'ble Bombay High Court's approval was however subject to the approval of the Ministry of Information & Broadcasting, Government of India ('MIB').
The MIB has now vide its letter dated 25 April 2016 (received by the Company on 26 April 2016), accorded its approval to the change in ownership pattern of the Company under the Scheme. Consequently, TIML's entire shareholding in ENIL shall stand transferred to BCCL, and BCCL shall be the sole promoter shareholder of ENIL.
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