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Zee’s Dish TV to go ahead with Videocon D2H merger

Bindu D Menon Mumbai | Updated on February 07, 2018

DishTV shares surged 4.2 per cent on hopes of merger with Videocon.   -  Reuters

Zee Group's DTH arm Dish TV said it intends to go ahead with its merger with rival Videocon D2H.

The merger had received a set back following bankruptcy proceedings against D2H's promoter group by banks.

Dish, however, said that it had made assessment regarding the possible impact of the merger.

“'Upon evaluation of the above circumstances by the Advisors to the Scheme, the company shall be taking necessary steps for completion of the scheme. In view of the above, we would like to inform you that the company now intends to take further steps for effecting the said merger,'' it said.

The company has appointed two directors to the board of Videocon D2H Ltd to aid the integration of the two businesses.

Earlier this year, Dish TV had said that it was evaluating the impact of insolvency proceedings against the Videocon Group companies.

The State Bank of India took Videocon to the National Company Law Tribunal (NCLT) for a loan default of ₹3,900 crore.

This was followed by a statement by Dish TV that it was relooking at the merger deal.

As a part of the amalgamation, Dish TV and Videcon D2h will file relevant documents with the Ministry of Corporate Affairs in the last week of February.

The Ministry had previously given a nod for the merger on December 15.

Published on February 07, 2018

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