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Network18 Group Restructuring Became Effective On June 10th 2011

The High Court of Delhi has approved the restructuring of Network18’s companies, the group has announced to the stock exchange. Subsequent to this approval, the Court Order has been filed with the Registrar of Companies, NCT of Delhi & Haryana on June 10, 2011, making it the ‘Effective Date’ for the Scheme of Arrangement. The Appointed Date under the Scheme is April 01, 2010. Network18 companies include, Television Eighteen India Ltd, Web18 Software Services Ltd, IBN18 Media & Software Ltd, iNews.com Ltd, Television Eighteen Commoditiescontrol.com Ltd, RVT Investments Pvt. Ltd, Network18 India Holdings Pvt. Ltd, Care Websites Pvt. Ltd, ibn18 Broadcast Ltd and Network 18 Media & Investments Ltd, and notably, does not include e-eighteen Ltd.

Effectively, following this change in structuring, the web and emerging businesses of Network18 will be moved from separate companies (Infomedia18, Web18) to Network18 Ltd. More details here. We’re not sure if this is have an impact on operations, though.

Notice on BSE (link)

Television Eighteen India Ltd has informed BSE that the Hon’ble High Court of Judicature at Delhi, vide order dated April 26, 2011 certified copy of which was received by the Company on June 10, 2011 has sanctioned the Scheme of Arrangement between Television Eighteen India Ltd, Web18 Software Services Ltd,
IBN18 Media & Software Ltd, iNews.com Ltd, Television Eighteen Commoditiescontrol.com Ltd, RVT Investments Pvt. Ltd, Network18 India Holdings Pvt. Ltd, Care Websites Pvt. Ltd, ibn18 Broadcast Ltd and Network 18 Media & Investments Ltd and their respective shareholders and creditors (‘Scheme’) pursuant to the provisions of section 391-394 of the Companies Act, 1956.

The said Court Order has been duly filed with the Registrar of Companies, NCT of Delhi & Haryana on June 10, 2011, making this date as the ‘Effective Date’ for the Scheme of Arrangement. The Appointed Date under the Scheme is April 01, 2010.

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