Zee Telefilms’ demerger scheme approved

Mumbai, November 17, 2006: Zee Telefilms Ltd. Zee today announced the approval of its demerger scheme by the Hon’ able High Court of Judicature of Bombay. This approval paves the way for setting the Record Date for the demerger of the cable and distribution and news and regional broadcasting businesses of Zee into Wire & Wireless India Ltd. (WWIL) and Zee News Ltd. (ZNL) respectively. The Record Date is likely to fall in the latter half of December.

The shareholders of Zee as on the Record Date shall be allotted shares in WWIL & Zee. The respective companies would then be applying for listing of such shares to the BSE, NSE & CSE, in compliance with SEBI guidelines. Zee expects this process to be completed by February 2007.