MUMBAI: Television Eighteen India Ltd (TV18), India's premier business news broadcaster and a leading media content provider, informed Bombay Stock Exchange (BSE) that the Delhi High Court has vide its order dated 23 March, 2004 and accorded sanction to the restructuring of the company's share premium account and investments in and loans to its overseas subsidiary, Television Eighteen Mauritius Ltd.

According to TV18, the aforesaid restructuring was necessitated on account of a change in business model and shifting of value of the company's overseas investment into its own business, due to change in government guidelines for uplinking of foreign news channels from India.

Last year, the board of directors of TV18 had approved alteration of the company's bylaws to enhance its authorised capital and provide flexibility for capital restructuring, the sale of business news undertaking and investment to its subsidiaries. It was than placed before Delhi High Court in accordance with due procedure required under law.