Digital satellite service provider Direct-to-home (DTH) operators Dish TV and Videocon D2h have been motivated a step closer (rpt) closer towards their amalgamation as they acknowledged the obligatory nod from NCLT.
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the "scheme of arrangement amongst Videocon D2h Limited and Dish TV India Ltd and their respective shareholders and creditors," Dish TV India said in a statement.
The scheduled date for the scheme is October 1, 2017. Previously, on May 10, the Zee group firm had issued a statement saying that it obtained support from the fair trade regulator, the Competition Commission of India (CCI), for the proposed merger.
It has by now got a support from other regulatory bodies as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) for the merger.
Dish TV however has a lively subscriber base of 15.5 million, while that of Videocon d2h stands at around 12.2 million.
The merged body would encompass a subscriber base of over 27.2 million, making the chief DTH service provider in the industry.
Today, the DTH industry has approximately 62 million vigorous subscribers. However, the all new merged unit will be renamed as Dish TV Videocon Ltd.