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Zee Telefilms plans to merge four local arms

26-September-2002
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Zee Telefilms plans to merge four local arms

Zee Telefilms has decided to merge Kaveri Entertainment, Programme Asia Trading Company, EL Zee Television and Dakshin Media with itself. This is part of a restructuring aimed at pruning the number of subsidiaries.

Zee Telefilms has decided to merge its wholly owned Indian subsidiaries — Kaveri Entertainment, Programme Asia Trading Company, EL Zee Television and Dakshin Media — with itself.

The company has convened an extra-ordinary general meeting on October 25 to seek approval for the amalgamation. This merger is as part of a restructuring aimed at pruning the number of subsidiaries.

According to sources the objective of the exercise is to simplify the company’s complex structure and eliminate the “inefficiencies” that had crept into the structure owing to changes in the regulatory and tax framework.

Of the four subsidiaries to be merged, Programme Asia Trading Company, EL Zee Television and Dakshin Media had collectively reported losses of Rs 4.42 crore on a gross income of Rs 14 crore during 2000-01.

The company’s decision to simplify its structure has been necessitated due to its inorganic and organic growth over the past few months. ETC Networks and Padmalaya Telefilms were acquired by Zee over the past few months.

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