Sun TV to merge Gemini TV and Udaya TV

Sun TV Ltd has announced that the Board of Directors of the Company at its meeting held on November 27, 2006 has considered the proposal and approved in principle the Amalgamation of Gemini TV Pvt Ltd and transfer and vesting of all the undertakings / divisions except FM Radio division of Udaya TV Pvt Ltd with the Company. The Board of Directors of Gemini TV Pvt Ltd and Udaya TV Pvt Ltd have also given their in principle consent to the proposed amalgamation and arrangement and intimated the same to the company. The Board of Directors have appointed M/s Enam Financial Consultants Pvt Ltd and M/s DSP Merrill Lynch Ltd as advisors and authorized the management of the Company to carry out the necessary formalities including the appointment of independent Chartered Accountant as valuer and other intermediaries.

Further the Company has informed that, the next meeting of the Board of Directors of the Company will consider and approve the above scheme of arrangement including valuation report.

Source : Equity Bulls

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