According to recent news reports, the National Company Law Tribunal (NCLT) has approved the merger of Network18 Media and Investment with TV18 and E18.
This decision comes in anticipation of the upcoming merger between Reliance Industries’ Viacom18 and Walt Disney’s Star India. Expected to form the largest media and entertainment company in the country, the merger has recently received approvals from the Competition Commission of India (CCI) and the NCLT.
According to reports, discussions regarding E18 and TV18 will take place once the merger receives approval from the Ministry of Information and Broadcasting (MIB).
In an order issued on September 5, the NCLT has reportedly granted the companies 30 days to submit copies of the order and the scheme to the Registrar of Companies, and 60 days to the Superintendent of Stamps for the adjudication of any applicable stamp duty.
News reports indicate that the tribunal has directed other regulatory bodies to act in accordance with the instructions regarding certified copies of the order and scheme.
Furthermore, Network18 informed the Bombay Stock Exchange that it has obtained approval from the Ministry of Corporate Affairs to postpone its Annual General Meeting by three months.
The government statement read, “The Company has closed its accounting year on 31-03-2024 and the Annual general meeting of the company is due to be held on 30-09-2024 as per requirements of section 96 of the Companies Act, 2013.
The Company has made an application vide SRN F97923916 on 30-08-2024 requesting for an extension of time for the purpose of holding AGM on the following grounds.
As per grounds stated in application ORDER Under the power vested in the undersigned by virtue of section 96(1) read with second proviso attached thereto extension of 03 months 0 days is hereby granted. However, the company is hereby advised to be careful in future in compliance of the provision of the Companies Act 2013.”
