| MUMBAI:
The Information and Broadcasting ministry has cleared Adlabs Films' proposal to
transfer its radio business to Reliance Unicom Ltd.
The
company said in a filing to the BSE that the government has given its “no
objection vide its letter dated 29 May, 2009 to the transfer of operation of the
FM radio licence to Reliance Unicom Ltd” pursuant to the scheme of arrangement
for the demerger of radio business of Adlabs Films.” Earlier,
in its order dated 4 April, the Bombay High Court had approved the scheme of arrangement
between the companies. Last
year, the company had proposed the move to demerge its radio business from Adlabs
Films Ltd. The board had approved the scheme of demerger under which shareholders
of Reliance Unicom would be issued one share for each share held in Adlabs Films. The
demerger would be effective from 1 April 2008, the company said.
Also
Read: Adlabs
makes internal assessment on FM radio demerger proposal | 
