At meeting held on 19 November 2015
H T Media announced that the Board of Directors of the Company at its meeting held on 19 November 2015, have accepted the recommendations of the Audit Committee for transfer and vesting of its multi-media content management undertaking (MMC Undertaking) to and in HT Digital Streams (Transferee Company), a wholly owned subsidiary of the Company, as a 'going concern' on a slump exchange basis with issue of fully paid up equity shares of the Transferee Company to the Company, by way of and in accordance with a scheme of arrangement as per the provisions of Sections 391 to 394 of the Companies Act, 1956, as amended or re-substituted or re-enacted from time to time (Scheme).The slump exchange has been arrived at based upon the valuation report obtained from M/s. S.R. Dinodia & Co. LLP, Chartered Accountants and as duly approved by the Audit Committee. A fairness opinion on the Scheme has been obtained from D&A Financial Services, SEBl registered Merchant Banker.
The aforesaid Scheme is subject to various regulatory and other approvals and sanction by the Hon'ble High Court of Delhi and High Court of Judicature at Patna, respectively.
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