NCLT approves Network18’s merger with TV18 and E18: Report

Network18 Media and Investment’s merger with TV18 and E18 has been approved by the National Company Law Tribunal (NCLT), according to latest news reports.

The move comes ahead of the impending merger between Reliance Industries’ Viacom18 and Walt Disney’s Star India. The merger, touted to create the country’s largest media and entertainment company, recently got approvals from the Competition Commission of India (CCI) and NCLT.

As per reports, E18 and TV18 will be dissolved once the merger gets the green light from the Ministry of Information and Broadcasting (MIB).

In an order delivered on September 5, NCLT has reportedly given the companies 30 days to file copies of the order and the scheme with The Registrar of Companies and 60 days with the Superintendent of Stamps for adjudication of any payable stamp duty.

News reports also say that the tribunal has instructed other regulatory bodies on act on the instructions on certified copies of the order and scheme.

Additionally, Network18 notified the Bombay Stock Exchange that it has received permission from the Ministry of Corporate Affairs to extend its Annual General Meeting by three months.

“The Company has closed its accounting year on 31-03-2024 and the Annual general meeting of the company is due to be held on 30-09-2024 as per requirements of section 96 of the Companies Act, 2013.

“The company has made an application vide SRN F97923916 on 30-08-2024 requesting for an extension of time for the purpose of holding AGM on the following grounds.

“As per grounds stated in application ORDER Under the power vested in the undersigned by virtue of section 96(1) read with second proviso attached thereto extension of 03 months 0 days is hereby granted. However, the company is hereby advised to be careful in future in compliance of the provisions of the Companies Act, 2013,” read the government statement.