HVL receives NCLT nod for GIL’s HITS to de-merge into Indusind Media
BENGALURU: Hinduja Ventures Limited (HVL) has informed the stock exchanges that the National Company Law Tribunal (NCLT) has sanctioned the Scheme of Arrangement for the vesting of its subsidiary Grant Investrade Limited’s (GIL) Head-end-in-the-sky (HITS) business undertaking to its subsidiary company Indusind Media & Communications Limited. The company said that the arrangement is expected to strengthen HVL’s investment in the media business, which will in turn unlock the value of its shareholders.
HVL says that the certified copy of NCLT’s approval has been filed with the Registrar of Companies (RoC) Mumbai on 21 August 2017. Accordingly, pursuant to the aforesaid arrangement, the Headend-in-the- Sky (HITS) business undertaking of GIL vested in to IMCL with effect from 01 October 2016, being the appointed date.
GIL had received the HITS licence in March 2014. Last year in September, the Hinduja Group had received shareholders’ approval to restructure its media business, which includes cable TV business under IndusInd Media and headend-in-the-sky (HITS) under GIL.