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Zee Tele to seek nod to use share premium account

04-March-2004
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Zee Tele to seek nod to use share premium account

Zee Telefilms Ltd (ZTL) is seeking shareholders' approval to use up to Rs 1,920.7 crore from its securities premium account to set off permanent diminution in the value of earlier made investments.

The company has convened an extraordinary meeting of its shareholders on March 25, to gain approval for this proposal.

ZTL is dipping into its share premium account to set off permanent diminution in the value of investments at the following wholly-owned subsidiaries — Rs 1,771.6 crore in the equity share capital of Winterheath Company Ltd and Zee Multimedia Worldwide Ltd; Rs 149.1 crore in the equity share capital of Siticable Networks Ltd.

ZTL has restructured investments in overseas subsidiaries standing in the books of Zee following the shifting of majority of television channels to India. The value of the company's overseas investments into this business is now shifted to the country. The company has also restructured investments in Siticable. The company had indicated earlier that past business losses at Siticable totalling Rs 149.1 crore would be written off by way of reduction in share capital of Siticable.

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