MUMBAI: Reliance Group’s Adlabs Films has made modifications in its scheme of amalgamation and arrangement of its entities.
The company sought the transfer of its radio business – BIG FM – into Reliance Unicom Ltd with effect from 31 March, 2006. Additionally, it is also looking at the amalgamation of Entertainment One (India) Ltd (EOIL) with the company.
Adlabs Films also sought the transfer and vesting of its digital cinema business – Mukta Adlabs Digital Exhibition Pvt Ltd (MADEL) into the company with effect from 1 April, 2005.
While no further approval by any authority is required for the amalgamation of EOIL with the company and demerger of digital cinema business; the approval from the information and broadcasting ministry for the transfer of the radio business venture into Reliance Unicom Ltd could not be obtained. The company had made an application for transfer of the said licenses to the ministry, however it has not yet received the said approval.
The approval of the I&B ministry is necessary only in order to give effect to the demerger of Radio Business into RUL.
The company’s board of directors have already approved the proposal amended vide the board resolution on 13 February, 2008.