Shemaroo Entertainment to set up US subsidiary

Shemaroo Entertainment today said it would form a US-based wholly owned subsidiary for its business expansion.

The board of the company, in its meeting held today, "inter-alia approved to invest in a company to be incorporated as a Wholly Owned Subsidiary at New Jersey, US in the name of Shemaroo Media & Entertainment Inc," Shemaroo informed the BSE.

The company would work in the media and entertainment industry.

It will have a paid up share capital of USD 50,000, it added.

"The initial subscription amount does not fall within related party transactions," the company said.