Zee Telefilms announces approval of its demerger scheme

Zee Telefilms Ltd on November 17, 2006 announced the approval of its demerger scheme by the Hon'able High Court of Judicature of Bombay. This approval paves the way for setting the Record Data for the demerger of the cable and distribution and news and regional broadcasting businesses of Zee into Wire & Wireless India Ltd (WWIL) and Zee News Ltd (ZNL) respectively. The Record Date is likely to fall in the latter half of December.

The shareholders of the Company as on the Record Date shall be allotted shares in WWIL & Zee News Ltd (ZNL). The Company expects this process to be completed by February 2007.

Source : Equity Bulls

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