The Mumbai bench of the National Company Law Tribunal (NCLT) has given final approval for the merger of TV18 Broadcast and e-Eighteen.com (E18) with Network18 Media and Investments, a company promoted by Reliance Industries (RIL).
This development comes ahead of the merger of RIL’s and Walt Disney’s Indian media businesses, which will form the country’s largest media and entertainment company.
The merger recently received approvals from the Competition Commission of India (CCI) and the National Company Law Tribunal (NCLT).
Also read: CCI Approves $8.5 Billion Merger Of Reliance & Disney Media Assets.
As per media reports, E18 and TV18 will be dissolved without the need for winding up, following the final approval of their merger with Network18 by the Ministry of Information and Broadcasting (MIB).
In its September 5 order, the NCLT instructed the companies to submit copies of the order and the scheme to the Registrar of Companies within 30 days, and to the Superintendent of Stamps for stamp duty adjudication within 60 days.
It also directed other regulatory bodies to take action in accordance with the certified copies of the order and scheme.
TV18, a publicly listed company, holds a 13.54% stake in Viacom18, which is in the midst of merging with Disney’s Star India. E18, an unlisted subsidiary of Network18, owns the news portal Moneycontrol. The merged entity will encompass TV18’s portfolio of 20 news channels across 16 languages, in addition to Network18’s digital assets.
