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13 Oct 2017
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BIG BREAKING NEWS:-The proposed merger between Videocon d2h Ltd and Dish TV India Ltd maybe in danger of being called off, following the decision by a section of lenders to initiate insolvency proceedings against debt-laden Videocon Group.
Dish TV, in its latest filing, told the stock exchanges that certain entities belonging to the Videocon Group, including the promoters of Videocon d2h Ltd, may have become subject to insolvency and enforcement proceeding by its lenders.
The company is currently evaluating the impact of the insolvency proceedings on the merger agreements. It has also sought a report from transaction advisors on the various aspects of a merger based on the current scenario.
As a result, Dish TV has delayed the filing of relevant papers required for closing the deal with the Registrar of Companies in Mumbai.
In November 2016, Videocon d2h had agreed to merge with market leader Dish TV. Last month, the Ministry of Information and Broadcasting had given its approval for the merger of the
two companies.
The scheme of arrangement had already received approvals from the stock exchanges and the Competition Commission of India, according to Dish TV’s annual report.
According to stock exchange filings by Videocon, the 3.19% stake pledged by the promoters had been invoked by the creditors last month.
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