SAB TV to hive broadcasting division into new company

MUMBAI: Sri Adhikari Brothers Television Network Ltd (SABTNL) has informed the Bombay Stock Exchange that its board of directors, which met on 28 May, has decided to transfer the broadcasting division of the company to a subsidiary company.

In a notice put up on the BSE website today, SABTNL said it would be seeking members’ approval through postal ballot for the hive-off “pursuant to Section 293 (1) (a) of the Companies Act 1956.”