HT Media Ltd on March 26 said that it had received Delhi High Court’s approval for demerger of its radio business, known for its FM channel Fever 104, from its subsidiary HT Music and Entertainment Company and merge it with itself.
As per the order passed on March 19, the Delhi High Court had sanctioned the scheme of arrangement and restructuring between HT Media Ltd and HT Music and Entertainment Company Ltd, which entailed the demerger of its radio business, HT Media said in a filing to the Bombay Stock Exchange.
The company further said that the scheme would be effective after necessary approvals had been secured.
HT Media Ltd shareholders had met on January 28, 2009, to take forward the demerger of the radio business, under the Fever FM brand, from its subsidiary HT Music and Entertainment.
The company said that the proposal was to write off part of the share capital of the demerged company (HT Music and Entertainment Company Ltd), which had been eroded due to accumulated losses and utilisation of securities premium of resulting company (HT Media Ltd) for the said purpose and also to the demerger of the radio business of HT Music and Entertainment Company Ltd and transfer vesting thereof into the resulting company.
HT Media shareholders to meet on January 28 on demerger of radio biz