BENGALURU: Hindustan Ventures Ltd (HVL) has informed the bourses that it has received sanction from the National Company Law Tribunal (NCLT) for the scheme of amalgamation between its fully owned subsidiary and transferor company Grant Investrade Ltd (GIL) and itself (transferee company) w. e. f. 31 October 2017. HVL has said that on receipt of the certified copy of the order, it will proceed to file the necessary papers with the Registrar of Companies (RoC) to render the scheme effective. HVL further said that since GIL was its wholly owned subsidiary, no consideration would be paid, neither would any shares be issued.

As reported by Indiantelevision.com earlier, the board of directors of HVL had approved the amalgamation scheme subject to approval from the National Company Law Tribunal. HVL has business interests in media, real estate and treasury while GIL is in the business of running channels on cable TV and treasury. Earlier, GIL housed the headend in the sky (HITS) business of HVL which has now been merged with the cable TV business under Indusind Media and Communications Limited (IMCL), which is also a subsidiary of the company.