Zee Entertainment Updates on scheme of arrangement

Zee Entertainment Enterprises Ltd has announced that the Board of Directors of the Company vide its resolution dated March 29, 2007, has approved an extension of time - by a period of two months i.e. upto May 31, 2007 for implementation of the Scheme of Arrangement inter alia for Demerger of Direct Consumer Services Business Undertaking of the Company in favor of Dish TV India Ltd (formerly ASC Enterprises Ltd) pursuant to clause 19 of the said Scheme of Arrangement.

This has been done in view of the delay in the process of allotment and listing of shares of Dish TV India Ltd (formerly ASC Enterprises Ltd)due to non-receipt of certain regulatory approvals. The process is expected to be completed by Mid April, 2007.

Source : Equity Bulls

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