Held on 18 July 2018
The Board of New Delhi Television at its meeting held on 18 July 2018 has transacted the following --In keeping with the Company's commitment to focus entirely on its core business of production and broadcasting premium content, the Board of Directors approved the transfer of marketing and sales team from the Company to NDTV Networks (NNL), a subsidiary of the Company, effective 01 August 2018.
For the purpose of securing the repayment of the credit facilities of Rs. 29 crore availed by NNL from lnduslnd Bank ("IBL"), the Board of Directors approved, inter-aha, the Company providing a Corporate Guarantee in favour of IBL, and pledging up to 29% of its shareholding in Red Pixels Ventures (RPVL), a subsidiary oft he Company, to IBL.
The Company and NDTV Convergence (Convergence"), a subsidiary of the Company, will be selling off their entire stake in Special Occasions (SOL), another subsidiary of the Company. The Company and Convergence own and hold, collectively 95% of the total, issued, subscribed and paid-up equity share capital of SOL, which will be sold to Wedding Junction, for Rs 100 per equity share. Pursuant to the completion of the aforementioned sale of stake by the Company and Convergence, SOL will cease to be a subsidiary of the Company. This is also in keeping with the Company's stated position of concentrating only on its core business and moving out of the ancillary businesses. The Board of Directors approved the sale of the entire stake of the Company in SOL.
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