(15 January 2007 7:30 pm)

MUMBAI: Subhash Chandra is all set to list the direct-to-home (DTH) business of Zee Group after having got the demerger scheme approval from the court. Already listed are the other entities - Zee Entertainment Enterprises Ltd (ZEEL), Wire & Wireless India Ltd (WWIL) and Zee News Ltd (ZNL).

Zee Entertainment Enterprises Limited today announced the approval of its demerger scheme by the Hon'ble High Court of Judicature of Bombay. "This approval paves the way for setting the record date for the demerger of the direct consumer business undertaking of Zee into ASC Enterprises Limited (ASCEL), which is soon to be renamed to Dish TV India Limited," the company said in a release. Dish has 1.6 million DTH subscribers.

Says Zee Chairman Chandra, “This is the last phase of our current restructuring process – WWIL and ZNL are already independent companies listed on the stock exchanges in India. Dish TV would also get listed very soon and we are confident that all four companies will deliver long-term shareholder value.”

The record date is likely to fall in the latter half of February. The shareholders of ZEEL as on the record date shall be allotted 57.50 shares in ASCEL for every 100 shares held.

"Dish TV would then apply for listing of such shares to the BSE, NSE and CSE, in compliance with SEBI guidelines. ZEEL expects the listing process to be completed by February," the release said.