ITV

Tag: Kaveri Entertainment LTD

  • Zee announces subsidiaries’ amalgamation at EGM

    Zee announces subsidiaries’ amalgamation at EGM

    MUMBAI:Zee Telefilms has officially amalgamated its four subsidiaries with the company.

    At a court convened general meeting on 25 October, the earlier decision to merge Programme Asia Trading Company Ltd, Kaveri Entertainment LTD, Dakshin Media LTD and El Zee Television LTD was given the final stamp of approval. Members also approved the proposed dividend at the rate of 55 per cent per equity share, appointment/reappointment of directors, reappointment of auditors and payment of remuneration to whole time directors.

    The amalgamation is expected to simplify the complex structure and eliminate inefficiencies due to changes in the regulatory and tax framework.

    Programme Asia Trading Company, El Zee television and Dakshin Media, had collectively reported losses to the tune of Rs 44.2 million on a gross income of RS 140 million during 2000-01. Kaveri Entertainment had ventured into Kannada television media during the same fiscal by acquiring the assets of Chennai based Asianet Media for RS 120.1 million.

    The board of directors is expected to meet tomorrow to take on record the financial results for the quarter and half year ended 30 September 2002.

  • Zee announces subsidiaries’ amalgamation at EGM

    Zee announces subsidiaries’ amalgamation at EGM

    MUMBAI: Zee Telefilms has officially amalgamated its four subsidiaries with the company.

    At a court convened general meeting on 25 October, the earlier decision to merge Programme Asia Trading Company Ltd, Kaveri Entertainment LTD, Dakshin Media LTD and El Zee Television LTD was given the final stamp of approval. Members also approved the proposed dividend at the rate of 55 per cent per equity share, appointment/reappointment of directors, reappointment of auditors and payment of remuneration to whole time directors.

    The amalgamation is expected to simplify the complex structure and eliminate inefficiencies due to changes in the regulatory and tax framework.

    Programme Asia Trading Company, El Zee television and Dakshin Media, had collectively reported losses to the tune of Rs 44.2 million on a gross income of RS 140 million during 2000-01. Kaveri Entertainment had ventured into Kannada television media during the same fiscal by acquiring the assets of Chennai based Asianet Media for RS 120.1 million.

    The board of directors is expected to meet tomorrow to take on record the financial results for the quarter and half year ended 30 September 2002.

     

  • 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