NCLT approves merger of Viacom 18, Star India
The Hindu
NCLT approves merger of Viacom 18 Media with Star India creating India's largest media empire worth ₹70,000 crore.
The NCLT on Friday (August 30, 2024) approved the scheme of merger of Reliance Industries-owned Viacom 18 Media — the holding company of the group's media and entertainment assets — with Star India.
A two-member bench of the National Company Law Tribunal (NCLT) approved the composite Scheme of Arrangement among Viacom 18, Digital18 and Star India, a unit of global media giant The Walt-Disney.
The development comes two days after the Competition Commission of India approved the merger of media assets of Reliance Industries and The Walt Disney Co to create the country's largest media empire worth over ₹70,000 crore.
Approving it, the NCLT observed: "From the material on record, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy".
The NCLT in its 22-page-long order also observed that the scheme "will be made effective, in terms of the Scheme, only upon the receipt of the approval of the Competition Commission of India".
The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital 18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India".
"Since all the requisite statutory compliances have been fulfilled, the said Company Scheme Petition is made absolute in terms of the prayer...," the NCLT order said.
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