The National Company Law Tribunal (NCLT) has given Network18 and its subsidiaries TV18 and E18 the go-ahead to proceed with their composite scheme of arrangement.
In its order dated June 5, the Mumbai bench of the NCLT directed the three applicant companies to seek approval from their equity shareholders and unsecured creditors, The Economic Times reported.
Network18 owns 51.17 percent of TV18 and 91.89 percent of E18. TV18 also owns a 13.54 percent stake in Viacom18, which is in the process of merging with Walt Disney’s Star India.
Once the scheme gets all the key approvals, TV18, which is currently a listed entity on both the BSE and the NSE, will be dissolved without winding up.
The meeting of unsecured creditors and the equity shareholders of the three companies to approve the scheme will be held on July 10. The three companies do not have any secured creditors.