It may be recalled that in the last quarter, the Zee News Board had approved the de-merger of the regional general entertainment channels from ZNL into Zee Entertainment Enterprises Ltd (ZEEL). Now the High Court of Judicature of Bombay has also approved the de-merger of the channels from ZNL.
The channels to be separated include Zee Marathi, Zee Talkies, Zee Bangla, Zee Telugu, Zee Kannada and Zee Cinemalu. These channels will now merge with ZEEL. Channels such as Zee Tamil, Zee Punjabi, Zee News, Zee Business, Zee 24 Taas (Marathi), Zee 24 Gantalu and Zee News Uttar Pradesh will be retained in ZNL.
The shareholders of ZNL shall be allotted shares in ZEEL in the ratio of four equity shares of Re 1 each of ZEEL for 19 equity shares of Re 1 each held in ZNL. The appointed date of this scheme of arrangement is January 1, 2010.