Hon'ble High Court - Bombay approves Scheme of Arrangement of Zee Telefilms

Zee Telefilms Ltd has announced that the Hon'ble High Court of Bombay on January 12, 2007 has approved the Scheme of Arrangement between the Company, Siti Cable Network Ltd, New Era Entertainment Network Ltd, ASC Enterprises Ltd and their respective shareholders, for the De-merger of Direct Consumer Services Business Undertaking of the Company in favor of ASC Enterprises Ltd and merger of Siti Cable Network Ltd and New Era Entertainment Network Ltd, wholly owned subsidiaries of the Company, with ASC Enterprises Ltd.

The said Scheme of Arrangement was earlier approved by the Hon'ble High Court of Delhi on December 18, 2006. The Scheme will become effective upon filing of certified copies of order of Hon'ble High Courts with respective Registrar of Companies.

Source : Equity Bulls

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