New Delhi, Jan 11 () Dish TV at this time mentioned it’s evaluating the impression of reported insolvency proceedings initiated towards sure entities of the Videocon group on its proposed merger with Videocon d2h.
The proposed merger has already obtained regulatory approvals from the Ministry of Info and Broadcasting, NCLT and from the Competitors Fee of India.
“It has come to our information that sure entities belonging to the Videocon group, together with the promoters of Videocon d2h ltd, have develop into topic to insolvency and /or enforcement proceedings by lenders,” Essel group agency Dish TV mentioned in a BSE submitting.
It additional added, “Within the mild of the foregoing, the corporate is evaluating as as to if there’s any impression of the identical on its proper and obligations underneath the definitive settlement and consequential results on the transactions contemplated thereunder.”
In keeping with the reviews, a number of lenders of the debt ridden Videocon group, which have curiosity in client electronics and residential equipment and crude oil and pure fuel in addition to others, are gearing as much as strategy chapter courts to recuperate their cash.
On November 11, 2016, the board of Dish TV and Videocon d2h had authorised scheme of association for the amalgamation of Videocon d2h into Dish TV.
If Dish TV and Videocon d2h are merged, then the merged entity would have a subscriber base of over 27 million, creating the biggest DTH service supplier within the business.
Dish TV has an energetic subscriber base of 15.5 million, whereas that of Videocon d2h stands at round 12.2 million. KRH SBT