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General News DEN gets NCLT approval to merge 23 subsidiaries
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[Image: Den-TV-Plus-cover.jpg]MUMBAI: Multi-system operator (MSO) DEN Networks has got the National Company Law Tribunal’s (NCLT) approval to merge 23 subsidiaries into the parent company and demerge an entity with a wholly owned subsidiary Den Futuristic Cable Network.

As on 30 June, the MSO had 108 directly held subsidiaries and 29 indirectly held subsidiaries. There are three associate entities.

The DEN board had approved the merger of 23 subsidiaries into the company on 9 February 2016. Subsequently, on 5 September, the company had finalised the composite scheme of arrangement between direct/indirect subsidiaries of the company with another wholly owned subsidiary subject to requisite approvals.

The company is merging these subsidiaries into itself as it owns 100% stake in these subsidiaries. The former partners in these subsidiaries could not invest in digital infrastructure, resulting in their stakes getting diluted.

These partners now function more like distributors of the company, as a company source had earlier revealed to TelevisionPost.com.

“In continuation of an earlier intimation dated 9 February 2016 and 5 September 2016, wherein it was informed that the Board of Directors of DEN Networks Ltd has discussed and approved the merger of 23 subsidiaries and de-merger of one of the subsidiary with a wholly owned subsidiary company (DEN Futuristic Cable Network), we wish to inform you that National Company Law Tribunal has approved the said composite scheme of arrangement for the merger of 23 subsidiaries and de-merger of an entity with a wholly owned subsidiary,” DEN said in a statement to the stock exchanges.

Source:

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Airtel Digital HD Recorder / Kerala Vision Digital TV
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