IN RE Vs. BALJI TELEFILMS LIMITED AND ORS

JUDGEMENT

(1.) Heard the learned counsel for the Petitioner Companies. No objector has come before the Tribunal to oppose the Petitions and nor any party has controverted any averments made in the Petitions.

(2.) The sanction of the Tribunal is sought under Sections 230 to 232 of the Companies Act, 2013, to the Scheme of Arrangement and Amalgamation between Balaji Motion Pictures Limited ("Demerged Company") and Bolt Media Limited ("Transferor Company"), and Balaji Telefilms Limited ("Transferee Company") and their respective Shareholders.

(3.) The Counsel for the Petitioner Companies submit that the Transferee Company is engaged in the business of production of non-fiction, fiction, reality, factual television shows, event management, branded entertainment, digital content, consultancy and creative services related to it and also in the production and distribution of motion pictures; the Demerged Company is engaged in the business of production and distribution of motion pictures and films; and the Transferor Company is engaged in the business of production of non-fiction, fiction, reality, factual television shows, event management, branded entertainment, digital content, consultancy and creative services related to it. The Transferor Company and the Demerged Company are wholly-owned subsidiaries of the Transferee Company. Presently 100% of the shares of the Transferor Company and the Demerged Company are held by the Transferee Company.