MUMBAI: Hinduja Ventures Ltd's (HVL) the board of directors  has approved the amalgamation of Grant Investrade Ltd (GIL), a wholly owned subsidiary, into the company. 

The appointed date for the scheme of amalgamation is 1 October 2017.

The approval has been granted subject to the approval of the National Company Law Tribunal (NCLT) at Mumbai, the approval of the shareholders and other such approvals as may be required.

HVL has business interests in media, real estate and treasury while GIL is in the business of running channels on cable TV and treasury.

Earlier, GIL housed the headend in the sky (HITS) business of HVL. The HITS business has now been merged with the cable TV business under IndusInd Media and Communications Ltd (IMCL), which is also a subsidiary company.

HVL’s revenue from operations in financial year 2017 was Rs 201.7 crore while the paid-up capital is Rs 20.55 crore. GIL, whose paid-up capital is Rs 6.78 crore, had earned revenue of Rs 22.7 crore during the year.

Since the transaction falls within the related party transaction no shares will be issued to GIL.

Also Read:

HVL reports lower loss for fiscal '17, media & communications segment revenue up

HVL receives NCLT nod for GIL’s HITS to de-merge into Indusind Media