Zee Group’s direct-to-home (DTH) service arm Dish TV has got clearance from the Competition Commission of India (CCI) for its proposed merger with Videocon Group’s DTH arm Videocon d2h.
“The CCI has intimated the company that it in its meeting held on May 4, 2017, considered the proposed combination and has accorded its approval to the said combination,” the company said in a statement.
It has already received approval from the Securities and Exchange Board of India (Sebi), the National Stock Exchange (NSE) and the BSE for the merger.
Dish TV, as per directions of the National Company Law Tribunal (NCLT), has convened shareholders’ meeting on May 12 to secure their approval, it added.
It has an active subscriber base of 15.5 million while that of Videocon d2h stands at around 12.2 million. The DTH industry as a whole has around 62 million active subscribers.
The merged entity will be renamed as Dish TV Videocon Ltd.
In November, the boards of Dish TV and Videocon d2h had approved the scheme of amalgamation in consideration for new stock issuance by Dish TV to the shareholders of Videocon d2h.
Source: Economic Times