Shareholders to receive 1 DMCL share for 4 ZMCL equity shares

BENGALURU: Zee Media Corporation Limited (ZMCL) has informed the bourses that Friday, 6 October 2017 would be the record date for the purpose of determining its shareholders who would be entitled to issuance of equity shares by Diligent Media Corporation Limited (DMCL) in the ratio of 1 (one) equity share of Re. 1 each of DMCL for every 4 (four) equity shares of Re. 1 each of ZMCL held as on the record date.

Earlier, the Mumbai bench of the National Company Law Tribunal vide an order passed on 8 June 2017, had approved the scheme of arrangement and amalgamation among ZMCL, DMCL, Mediavest India Private Limited (Mediavest), Pri-Media Services Private Limited (Pri-Media) and Maurya TV Private Limited (Maurya) and their respective shareholders and creditors.

The scheme inter alia provides for demerger of print media undertaking of ZMCL vesting with DMCL with effect from appointed date of 1 April 2017.

The company says that the communication was being issued for the general guidance of the shareholders of ZMCL, who have been issued Equity Shares by DMCL, for computing the proportionate of cost of acquisition of ZMCL shares to be split between ZMCL and DMCL as per the provisions of the Income Tax Act, 1961.

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