HT Media board at its meeting held on November 16, 2009 has approved sale/transfer of the Hindi business undertaking including all assets, liabilities and employees to Hindustan Media Ventures, a subsidiary, with effect from December 1, 2009, on book value as on November 30, 2009 for Rs 149 crore including net working capital of Rs 24 crore.
HT Media's Hindi business undertaking comprises of Hindustan, a Hindi daily, Nandan & Kadambini, Hindi magazines and internet portals of respective publications.
However, the net working capital shall be adjusted and transferred as per actual books of accounts to be certified by the statutory auditors, as on November 30, 2009. The decision is in pursuance to the approval already accorded by the shareholders under Section 293(1)(a) of the Companies Act, 1956 by postal ballot process.
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