ITV

Tag: e-Connect India

  • 11 subsidiaries to go as Zee board clears restructuring plan

    11 subsidiaries to go as Zee board clears restructuring plan

    In the end it went through 21 days later than initially announced but the pieces appear to be falling in place for a strategic investor to come on board. Subhash Chandra’s Zee Telefilms Ltd (ZTL), at its board meeting today, cleared a corporate restructuring proposal whereby 11 of its subsidiaries would either be merged with ZTL or wound up.

    After this exercise is completed (expected to take six to eight months) there will remain only 12 companies under the ZTL umbrella. An official statement says the revised corporate structure will result in better utilisation of resources besides being simple and efficient from the point of view of compliance of tax laws, accounting and legal compliances.

    The move by Zee Telefilms to further rationalise its large number of subsidiaries follows divestment of its stake last year in three subsidiaries  Buddha Films LTD, Zee Sports LTD and Zee Publishing Ltd.

    ZTL currently has eight wholly-owned subsidiaries in India including Patco, EL-Zee Television LTD, Siti cable, ZIML, e-Connect India, ZILS besides two regional channel companies in Dakshin Media LTD (Tamil) and Kaveri Entertainment LTD (Kannada).

    Its overseas subsidiaries include Zee Multimedia Worldwide LTD British Virgin Islands (ZMWLBVI) which is the holding company of ZMWL Mauritius and others. ZTL holds 50 per cent stake each in Winterhealth Company LTD which is the holding company for Asia Today Ltd.

    Other ZTL subsidiaries functioning abroad include Expand Fast Holding BVI (which is the broadcasting company for Zee Music, Alpha and English channels) and Zee Multimedia Worldwide, Mauritius.

    Companies proposed to be wound up: 
    1. E-Connect India Ltd 
    2. Programme Asia Trading Company Ltd 
    3. Elzee Television Ltd 
    4. Kaveri Entertainment Ltd 
    5. Dakshin Media Ltd 
    6. Winterhealth Company Ltd, Mauritius 
    7. Hokushan Trading Ltd, Hong Kong 
    8. Expand Fast Holdings Ltd, BVI 
    9. Zee Multimedia Worldwide Ltd, BVI 
    10. Asia TV, USA 
    11. Zee TV SA (Proprietary) Ltd South Africa 

  • Zee issues notice to BSE on board meet

    Zee issues notice to BSE on board meet

    Zee Telefilms Ltd today issued a notice to the Bombay Stock Exchange that it has scheduled a meeting of its board of directors for 1 February, 2002, to consider and review the corporate structure of the company.

    It was in September that Zee Telefilms president (corporate finance and strategy) Rajesh Jain had said the company would be reducing the number of its subsidiaries from 22 to between 10 and 12 in line with its overall corporate restructuring plans.

    “Over a period of time, we will rationalise the number of our subsidiary companies for maximising synergies,” Jain had said then.

    The move will align the businesses of the media conglomerate under three broad heads: Content, access and education � as proposed by management consultants AT Kearney.

    Taking up the example of Zees access business, Jain said this business comprises Siti cable which is a wholly-owned subsidiary of ZTL. Siti cable, in turn, has a wholly-owned subsidiary called Zee Interactive Multimedia Ltd. Zee plans to merge these two companies to bring the access function under one umbrella.

    While the education business is conducted via a single company called Zee Interactive Learning Systems (ZILS) all the remaining subsidiaries perform the crucial content business, both in India and overseas, he said.

    The move by Zee Telefilms to further rationalise its large number of subsidiaries follows divestment of its stake last year in three subsidiaries  Buddha Films LTD, Zee Sports LTD and Zee Publishing Ltd.

    In line with this restructuring exercise, e-Connect India LTD, which is at present a wholly-owned subsidiary of ZTL, may be merged with ZILS, for distribution functions, the holding company Patco may be merged with the direct-to-home marketing company EL-Zee.

    ZTL has eight wholly-owned subsidiaries in India including Patco, EL-Zee Television LTD, Siti cable, ZIML, e-Connect India, ZILS besides two regional channel companies in Dakshin Media LTD (Tamil) and Kaveri Entertainment LTD (Kannada).

    Its overseas subsidiaries include Zee Multimedia Worldwide LTD British Virgin Islands (ZMWLBVI) which is the holding company of ZMWL Mauritius and others. ZTL holds 50 per cent stake each in Winterhealth Company LTD which is the holding company for Asia Today Ltd.

    Other ZTL subsidiaries functioning abroad include Expand Fast Holding BVI (which is the broadcasting company for Zee Music, Alpha and English channels) and Zee Multimedia Worldwide, Mauritius.

    Zee Telefilms had last year appointed Kearney which suggested many changes in the then organisational structure including downsizing the media giants manpower, realigning businesses under the three distinct business heads with their respective CEOs and sprucing up programming on the flagship channel Zee TV.