Videocon D2H completes its merger with Dish TV India

Dish TV India Limited has announced the completion of the merger of Videocon D2h Limited into and with Dish TV India Limited.

Taking further steps for effecting the Scheme of Arrangement for Amalgamation of Videocon D2h Limited into and with Dish TV India Limited, the companies (Videocon D2h Limited and Dish TV India Limited), earlier during the day, filed the Copy of the order dated July 27, 2017 passed by the Hon’ble National Company Law Tribunal (NCLT) along with the Approved Scheme in Form INC-28 with the Registrar of Companies, Mumbai, Maharashtra.

Accordingly, post completing all the steps pursuant to the aforementioned Scheme read with the NCLT Order, Videocon D2h Limited has merged into and with Dish TV India Limited on March 22, 2018, which is the effective date of the Scheme.

Jawahar Goel, CMD, Dish TV India Limited, said, “We are extremely pleased to announce that the D-Day is finally here. Today, Videocon D2h Limited and Dish TV India Limited have become one entity. This amalgamation positions the new entity for exceptional future growth and profitability and puts on us the responsibility to lead the DTH industry in India to the next level.”

A meeting of the Board of Directors of the company is scheduled to be held on March 26, 2018, to, inter alia, consider and initiate necessary incidental actions in relation to the Scheme of Arrangement for Amalgamation of Videocon D2h Limited into and with Dish TV India Limited.

The merger paves the way for the creation of the largest listed media company in India, taking into consideration the last reported full-year revenue and EBITDA numbers of the two DTH players on a pro-forma basis. Dish TV and Videocon D2h reported separate revenue and EBITDA numbers which at a pro-forma level added up to Rs.60,862 million and Rs.19,,909 million for FY17.

The two companies had entered into definitive agreements in November 2016 for amalgamation of Videocon D2h into and with Dish TV through a Scheme of Arrangement amongst Dish TV, Videocon D2h and their respective shareholders and creditors.

The proposed transaction had been notified to the Competition Commission of India (CCI) for its approval and CCI had given its approval for the proposed transaction vide its letter dated May 4, 2017.