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Den receives Law Tribunal nod for restructuring

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BENGALURU: Indian multi system operator (MSO) Den Network Limited (Den) and wired broadband internet services provider has informed the bourses today (Friday) that the National Company Law Tribunal has approved a composite a composite scheme of arrangement for merger of 23 subsidiaries and demerger of one subsidiary.

On 16 February 2017, the board of directors of Den had informed the stock exchanges that its board had mooted merger of 23 of its subsidiaries in the cable business into one wholly owned subsidiary. The merger would lead to the strengthening of the single brand leading to a stronger market presence, providing customers with a seamless on-board experience and remove any other brand perceptions/distinctions in the consumers? minds. The merger would also result in economics of scale and reduce administrative and regulatory compliances; would help in more focused operational efforts, realizing synergies in terms of compliance, governance, administrative and cost synergies explained the company.

Den said that the broadband demerger would enable a focused attention on the ISP business and achieve structural and operational efficiency, enhanced competitiveness and greater accountability besides accelerating value creation for shareholders. The company felt that the separation would allow the company to aggressively focus on significant growth potential for high speed data and related services in India; and that Den intended in taking the lead in driving wireline broadband penetration in India.

This was followed up with further details about the merger / demerger that were submitted to the stock exchanges on 5 September 2016.

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