Dish TV said its merger with Videocon d2h is on track and it has appointed two directors on the board of the Videocon group firm for the seamless integration of the businesses.
The Essel group company, in a regulatory filing, said that "it now intends to take further steps for effecting the said merger".
Earlier, on January 11, Dish TV had said that it was evaluating the impact of reported insolvency proceedings initiated against certain entities of the Videocon group.
"Upon evaluation of the above circumstances by the Advisors to the Scheme, the Company shall be taking necessary steps for completion of the scheme," Dish TV said.
It announced appointing Amitabh Kumar and Raj Kumar Gupta on the board of Videocon D2H.
"Further, for the purpose of seamless integration of the businesses of Videocon D2H Ltd into and with Dish TV India Limited and for synchronizing the operations of two companies to derive the benefits and objectives of the Scheme, the Company is nominating two directors namely Amitabh Kumar and Raj Kumar Gupta on the Board of Videocon D2H Limited," it said.
Kumar has an experience of over 30 years in the media and telecom field, while Gupta has an experience of over 35 years in finance and accounting field.
On November 11, 2016, the boards of Dish TV and Videocon d2h had approved scheme of arrangement for the amalgamation.
If Dish TV and Videocon d2h are merged, then the merged entity would have a subscriber base of over 27 million, creating the largest DTH service provider in the industry.
Dish TV has an active subscriber base of 15.5 million, while that of Videocon d2h stands at around 12.2 million.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
