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MUMBAI:Zee Telefilms Ltd has informed the Bombay Stock Exchange
(BSE) that the members at the two Court Convened General Meeting
Meetings & one Extra Ordinary General Meeting of the Company
held today, have approved the demerger proposals of the company.
These include:
1. Scheme of arrangement between Zee Teleflims Ltd, Zee News
Ltd, Siti Cable Network Ltd, Wire and Wireless (India) Ltd
and their respective shareholders made under the provisions
of Sections 391 to 394 read with sections 78, 100 to 103 and
other applicable provisions of the Companies Act, 1956 for
the proposed de-merger of news business undertaking of the
company in favor of Zee News Ltd and cable business undertakings
of the company and Siti Cable Network Ltd, the wholly owned
subsidiary of the company, in favor of Wire and Wireless (India)
Ltd;
2. Scheme of arrangement between Zee Telefilms Ltd, Siti Cable
Network Ltd, New Era Entertainment Network Ltd, ASC Enterprises
Ltd and their respective shareholders made under the provisions
of Sections 391 to 394 read with Sections 78, 100 to 103 and
other applicable provisions of the Companies Act, 1956, for
the proposed de-merger of direct consumer services business
undertaking of the company in favor of ASC Enterprises Ltd and
Merger of Siti Cable Network Ltd and New Entertainment Network
Ltd, wholly owned subsidiaries of the company, with ASC Enterprises
Ltd; subject to necessary approvals of Hon’ble High Court
of Judicature at Bombay and / or Delhi and such other authority
as may be required.
3. Utilization of balance in securities premium account of the
company as on appointed date(s), pursuant to provisions of sections
78, 100 to 103 of the Companies Act, 1956, to the extent required,
to adjust deficit arising out of transfer of net assets, cancellation
of investment / loans / advances / Inter Corporate Deposit and
appreciation or diminution in value of assets, fixed or current
and investments of the company, if any. |
