HT Media Ltd shareholders will meet on January 28 to take forward the demerger of its radio business, under the Fever FM brand, from its subsidiary HT Music and Entertainment (HTME).
The company said that the proposal was to write off part of the share capital of the demerged (HTME) company, which had been eroded due to accumulated losses and utilisation of securities premium of resulting company (HTML) for the said purpose and also to the demerger of the radio business of HTME and transfer vesting thereof into the resulting company.
HT Media Ltd has informed the Bombay Stock Exchange that pursuant to an order made on December 19, 2008, the Delhi High Court had directed that separate meeting of the equity shareholders, secured & unsecured creditors of the company would be held on January 28, 2009, for the purpose of considering, and, if thought fit, approving with or without modification, a scheme of arrangement and restructuring between HT Media Ltd and HT Music and Entertainment Company Ltd.
HT Media Ltd had informed BSE that the Board of Directors of the company at its meeting held on November 28, 2008, inter alia, had approved a proposal for the demerger of the radio business of HT Music and Entertainment Company Ltd, a subsidiary company of HT Media.
HT Media okays demerger of radio business of HT Music & Entertainment Co