GECs
Zee announces subsidiaries’ amalgamation at EGM
MUMBAI: Zee Telefilms has officially amalgamated its four subsidiaries with the company.
At a court convened general meeting on 25 October, the earlier decision to merge Programme Asia Trading Company Ltd, Kaveri Entertainment LTD, Dakshin Media LTD and El Zee Television LTD was given the final stamp of approval. Members also approved the proposed dividend at the rate of 55 per cent per equity share, appointment/reappointment of directors, reappointment of auditors and payment of remuneration to whole time directors.
The amalgamation is expected to simplify the complex structure and eliminate inefficiencies due to changes in the regulatory and tax framework.
Programme Asia Trading Company, El Zee television and Dakshin Media, had collectively reported losses to the tune of Rs 44.2 million on a gross income of RS 140 million during 2000-01. Kaveri Entertainment had ventured into Kannada television media during the same fiscal by acquiring the assets of Chennai based Asianet Media for RS 120.1 million.
The board of directors is expected to meet tomorrow to take on record the financial results for the quarter and half year ended 30 September 2002.
