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Zee Entertainment Board approves merger of ETC Networks

24-December-2009
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Zee Entertainment Board approves merger of ETC Networks

The Board of Directors of Zee Entertainment Enterprises Ltd (ZEEL) in its meeting on December 23, 2009, granted an in-principle approval for merger of ETC Networks Ltd, a listed subsidiary of the company, with itself and upon such merger, demerge the education business from the company into a separate company.

The said merger/ demerger shall be under a Composite Scheme of Arrangement, under Section 391 to 394 of the Companies Act, 1956, subject to appropriate statutory and regulatory approvals and the demerged entity shall be listed at the stock exchanges where the company’s shares are listed.

The Board of Directors, at a meeting scheduled on December 29, 2009 shall inter alia consider the detailed composite Scheme of Arrangement.

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