#e4mExclusive:  Times Group reorganises businesses, moves BCCL employees to Times Horizon from Sept 1

Employees currently employed under Bennett, Coleman & Co. Ltd. (BCCL), the flagship company of the Times Group, will be transferred to Times Horizon Private Limited (THPL) with effect from September 1, 2026, as part of the group’s ongoing business restructuring and demerger.

The development was communicated to employees through an internal email, which described the move as a “transfer of employment and not a separation from service”, seeking to reassure employees that their employment continuity would not be affected by the change in legal employing entity.

The email said employees’ continuity of service would be maintained and their original dates of joining would continue to be recognised. It also stated that their existing employment terms and compensation would continue, subject to any changes communicated separately.

e4m did not receive responses to queries sent to Vineet Jain, Managing Director of Times Group, at the time of publishing. 

The move comes as the Times Group implements a broader restructuring of its businesses through a demerger involving BCCL and THPL.

The National Company Law Tribunal (NCLT), Mumbai Bench-I, had sanctioned the scheme of arrangement between BCCL and THPL in February 2026. The order approved the demerger and transfer of the EIBME Business Undertaking from BCCL to THPL on a going-concern basis.

Employee transfer follows demerger process

The internal communication makes clear that the September 1 transfer is being undertaken as part of the restructuring rather than as a consequence of employee exits or a reduction in workforce.

“We would like to reassure you that this is a transfer of employment and not a separation from service,” the company said in the communication to employees.

The email further listed continuity of service and recognition of employees’ original joining dates among the key implications of the move. It also said existing employment terms and compensation would continue, providing employees with clarity that the change in employing entity would not, in itself, constitute a termination or fresh appointment.

The communication did not specify the number of employees who will move from BCCL to THPL or identify the individual business units or functions covered by the transfer.

The transfer is significant because BCCL has historically served as the Times Group’s flagship operating and holding company, with interests spanning a wide range of media and non-media businesses.

According to the NCLT order, BCCL is directly or indirectly engaged in businesses including print and digital news publishing, television broadcasting, digital products and services, magazines, internet businesses, radio, entertainment, music, movies, out-of-home advertising, real estate classifieds, education and edtech, fintech, sports, gaming and investments across various asset classes. THPL, meanwhile, was incorporated with the objective of carrying out the EIBME Business and is a wholly owned subsidiary of BCCL.

Restructuring designed to create focused business verticals

The demerger is aimed at reorganising the diversified businesses of the Times Group into more focused segments.

The scheme broadly classifies the group’s businesses into two segments — the Publishing Business and the EIBME Business. The NCLT order records the rationale given by the companies that the two segments have different capital requirements, operating models, risks, competitive advantages, strategies and compliance requirements.

According to the group, the businesses would benefit from focused management and dedicated leadership, while also allowing different businesses to pursue their respective growth and investment strategies.

The restructuring is also intended to enable the businesses to access capital and attract business-specific partners and investors, according to the scheme rationale recorded by the tribunal.

The order said the diversified businesses required different capabilities, investment approaches and operational strategies. The reorganisation was therefore designed to provide greater focus to individual businesses while allowing shareholders to better manage their exposure to the risks and opportunities associated with different business verticals.

The scheme envisages the EIBME Business being transferred from BCCL to THPL on a going-concern basis. The NCLT subsequently sanctioned the scheme and made it binding on the companies and their respective stakeholders.

THPL to assume assets and liabilities of transferred business

Under the tribunal-approved arrangement, all assets and liabilities, including taxes and charges, forming part of the EIBME Business Undertaking of BCCL are to be transferred to and become the assets and liabilities of THPL.

The NCLT order also provides for THPL to issue additional shares to Sanmati Properties Limited, an identified shareholder from among the specified shareholders, on a preferential basis in accordance with the Companies Act.

The scheme’s consideration provides for one fully paid-up equity share of Rs 10 each of the resulting company for every one fully paid-up equity share of Rs 10 each of the demerged company.

The tribunal had earlier noted that the boards of BCCL and THPL approved the scheme at meetings held on September 22, 2025. The appointed date under the scheme was fixed as April 1, 2026, or the date on which the scheme becomes effective, whichever is earlier.

Employee continuity becomes key focus

For employees, the September 1 communication places emphasis on continuity rather than a change in employment status.

The distinction is important in a corporate demerger, where employees may move from one legal entity to another even though their day-to-day employment, tenure and compensation arrangements continue.

The email specifically assures employees that their original joining dates will remain recognised. This means the restructuring is not being presented as a break in service followed by fresh employment with THPL.

The communication also indicates that existing employment terms and compensation will continue, although the visible portion of the email does not set out whether there will be any administrative changes to payroll, benefits, reporting structures or other employment processes.

The NCLT order separately records that the interests of creditors and employees have been protected under the scheme.

The employee communication therefore represents an operational step in implementing the wider corporate restructuring already approved by the tribunal.

Wider Times Group restructuring

The restructuring reflects the broader evolution of the Times Group, which has built businesses across publishing, broadcasting, digital media, entertainment, advertising, radio, internet, education, gaming, sports and other sectors.

The NCLT order notes that Times Internet Limited and Entertainment Network (India) Limited are among the major subsidiaries of BCCL.

The group’s stated rationale is that separating businesses with distinct operating characteristics can provide greater managerial focus, improve synergies within individual verticals and provide greater flexibility in capital allocation and partnerships.

For employees moving to THPL, the immediate impact communicated by the company is primarily a change in the legal employer from BCCL to THPL from September 1, 2026.

The email does not indicate any separation of employment, change in tenure or immediate change in compensation. Instead, it explicitly frames the exercise as a transfer of employment linked to the ongoing restructuring and demerger.

The NCLT had concluded that the scheme appeared fair and reasonable, was not in violation of law or contrary to public policy, and that the requisite statutory compliances had been fulfilled before sanctioning the arrangement.

The September 1 employee transfer consequently marks another operational milestone in the Times Group’s effort to reorganise its diversified businesses into more focused corporate structures.