Zee Group’s DTH arm Dish TV stated it intends to go forward with its merger with rival Videocon D2H.
The merger had acquired a set again following chapter proceedings in opposition to D2H’s promoter group by banks.
Dish, nonetheless, stated that it had made evaluation concerning the attainable influence of the merger.
“’Upon analysis of the above circumstances by the Advisors to the Scheme, the corporate shall be taking obligatory steps for completion of the scheme. In view of the above, we wish to inform you that the corporate now intends to take additional steps for effecting the stated merger,” it stated.
The corporate has appointed two administrators to the board of Videocon D2H Ltd to help the combination of the 2 companies.
Earlier this 12 months, Dish TV had stated that it was evaluating the influence of insolvency proceedings in opposition to the Videocon Group corporations.
The State Financial institution of India took Videocon to the Nationwide Firm Legislation Tribunal (NCLT) for a mortgage default of ₹3,900 crore.
This was adopted by an announcement by Dish TV that it was relooking on the merger deal.
As part of the amalgamation, Dish TV and Videcon D2h will file related paperwork with the Ministry of Company Affairs within the final week of February.
The Ministry had beforehand given a nod for the merger on December 15.