MUMBAI: After a few hiccups, the merger deal between direct-to-home (DTH) operators Dish TV and Videocon d2h is on course again.
As part of the amalgamation scheme, Dish TV and Videocon d2h will file the relevant intimations/e-forms with the registrar of companies (ROC) and the Ministry of Corporate Affairs (MCA) in the last week of February 2018.
In a filing to the BSE, Dish TV has said that it “intends to take further steps for effecting the said merger.”
The filing date shall be the effective date for the scheme.
On 11 January, Dish TV had said that it is evaluating whether insolvency proceedings against the promoters of the Videocon Group will have an impact on its rights and obligations under its agreement with Videocon d2h.
Dish TV had asked its advisors to the transaction to evaluate the position and advise the company with its findings within a period of 60 days.
Before this sudden development took place, the two DTH companies were expected to file the relevant intimation/E-Forms with the RoC, MCA, Maharashtra, Mumbai, by 27 December 2017. However, the filing got delayed after Dish TV got to know about the insolvency proceedings against Videocon d2h promoters.
Dish TV also said that the merger deal is being taken forward after receiving a go-ahead from the advisors. “Upon evaluation of the above circumstances by the Advisors to the Scheme, the Company shall be taking necessary steps for completion of the Scheme,” it added.
For the purpose of seamless integration of the businesses of Videocon d2h into Dish TV India and for synchronising the operations of two companies to derive the benefits and objectives of the scheme, Dish TV has nominated two Directors namely Amitabh Kumar and Raj Kumar Gupta on the board of Videocon d2h.
On 15 December, the Ministry of Information and Broadcasting (MIB) had approved the merger between the two companies.
Commenting on the merger deal, Dish TV India CMD Jawahar Goel said, “We acknowledge our shareholders’ growing impatience with respect to the merger. We would like to assure them that work around the completion of the deal is going ahead at full steam now and should be completed soon.”
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