20th-Jan-2012 14:06Source: BSE

HT Media - Demerger of 'Job Portal Undertaking of FEVL'

HT Media Ltd (HTML) has informed BSE that the Board of Directors of the Company and its subsidiary viz. Firefly e-ventures Ltd (FEVI), have also accorded in-principle approval to the demerger of 'Job Portal Undertaking of FEVL' and transfer and vesting thereof into HTML, in terms of a Scheme of Arrangement and Restructuring to be approved by the Hon'ble Delhi High Court. In the past, a similar scheme was approved by the requisite majority of shareholders and creditors of both the companies, which was withdrawn later owing to business considerations, with the leave of Hon'ble Delhi High Court .