IN RE Vs. NEXT RADIO LIMITED AND ORS

JUDGEMENT

(1.) Heard learned counsel for parties, none appears before this Tribunal to oppose the Scheme and nor any party has controverted any averments made in the Company Scheme Petitions.

(2.) The sanction of this Tribunal is sought under Sections 230 to 232 of the Companies Act, 2013 to a Scheme of Arrangement (Demerger) between Next Radio Limited (First Petitioner/Demerged Company) and Syngene Broadcast Ahmedabad Limited (Second Petitioner/Resulting Company) and their respective shareholders and creditors.

(3.) The learned Advocate for the Petitioner Companies states that the Demerged Company is engaged in the business of private PM radio broadcasting and has established 'Radio One' as it's FM Brand. The Demerged Company is having operations in 7 cities across India viz. (a) Mumbai, (b) Delhi, (c) Chennai, (d) Kolkata, (e) Bangalore, (f) Pune and (g) Ahmedabad. It broadcasts music using 94.3 MHz frequency in all the aforesaid cities except in Ahmedabad, where it is using 95 MHz frequency. The Resulting Company is incorporated in order to carry on the business in terms of its memorandum of association.