Den Networks on Wednesday said it has decided not to proceed with the composite scheme of arrangement in which TV18 Broadcast, Hathway Cable & Datacom and Den Networks were to merge into Network18 Media & Investments.
“Considering that more than a year has passed from the time the board considered the scheme, the board of the company has decided not to proceed with the arrangement envisaged in the scheme,” Den Networks said in a regulatory filing.
Den Networks said the shareholders are aware that the scheme was filed with both BSE and National Stock Exchange of India Limited (NSE) for their no-objection letter.
The company said it had also disclosed in its quarterly financial results for the quarters ended June 30, 2020 and September 30, 2020, that the stock exchanges had returned the scheme stating that the company may apply to the stock exchanges once the scheme is in compliance with SEBI circulars/ SEBI Regulations.
“This pertained to the compliance by the company and Hathway Cable and Datacom Ltd of the minimum public shareholding requirement,” Den Networks said.
On February 17, 2020, Reliance Industries had announced consolidation of its all media and distribution businesses under one umbrella brand ‘Network18’.
Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks were to merge into Network18 Media & Investments.