Mumbai: The National Company Law Tribunal (NCLT), Mumbai, has cleared Bennett, Coleman and Company Ltd. (BCCL)’s proposal to carve out its non-publishing operations into a new entity, Times Horizon, marking a major restructuring move within the Times Group.
The approval from a bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar enables the implementation of a composite scheme of arrangement under Sections 230–232 of the Companies Act, 2013.
What the restructuring involves
The demerger will separate the media conglomerate’s core publishing business from its broader portfolio of emerging and allied ventures. As part of the plan:
- BCCL’s non-publishing undertaking — categorised in its filings as the EIBME Business — will be transferred to Times Horizon on a going-concern basis.
- Times Horizon, created as a wholly owned subsidiary for this purpose, will have its existing share capital cancelled so that its post-demerger shareholding mirrors that of BCCL.
Scope of the non-publishing portfolio
The restructured unit houses a wide array of businesses, including television broadcasting, digital and internet platforms, radio, music and films, out-of-home media, classifieds, education and edtech, fintech, sports, gaming, brand capital initiatives, events and conferences, magazines and various investments.
Regulatory process and conditions
The boards of BCCL and Times Horizon had given their nod to the scheme on September 22, 2025. The appointed date for the restructuring is April 1, 2026, or the scheme’s effective date, whichever comes first.
The tribunal dispensed with the requirement to call shareholder and creditor meetings after noting that all equity shareholders of both entities and more than 90% of BCCL’s unsecured creditors had already consented.
NCLT has instructed both companies to notify statutory authorities — including the Regional Director, Registrar of Companies, Income Tax and GST departments, the Competition Commission of India, and the Ministry of Information and Broadcasting. The companies must also submit comprehensive disclosures on guarantees, contingent liabilities, pending insolvency matters, material litigation and letters of credit, along with an affidavit of service within ten working days.
Strategic rationale
The Times Group said the restructuring is designed to allow sharper management focus for each vertical and create an appropriate capital structure for the fast-expanding non-publishing businesses, while maintaining stability in its flagship newspaper operations.
