1. Scheme of Arrangement
The Hon''''ble High Court of Bombay has, on21st November, 2015, approved the Composite Scheme of Amalgamation and Arrangement between Maiboli Broadcasting Private Limited (MBPL'''') and Sri Adhikari Brothers Assets Holding Private Limited (''''SAB Assets'''') and Sri Adhikari Brothers Television Network Limited (''''SABTNL'''') and TV Vision Limited (''''TVL'''' or ''''the Company'''') and HHP Broadcasting Services Private Limited (''''HHP'''') and MPCR Broadcasting Service Private Limited (''''MPCR'''') and UBJ Broadcasting Private Limited (''''UBJ'''') and SAB Events & Governance Now Media Limited (Formerly known as ''''Marvick Entertainment Private Limited'''') (''''SAB Events'''') and their respective shareholders (''''Composite Scheme'''') which became effective from 15th January, 2016 on filing of order with ROC. The salient features of the Scheme affecting the Company are as follows:
1 Demerger of Broadcasting business of SABTNL into the Company w.e.f. 15th January 2016;
2 Demerger of Broadcasting business of UBJ, HHP and MPCR into the company w.e.f. 15th January 2016; and Further ,pursuant to Scheme the existing share capital of the Company held by SABTNL has been cancelled and new equity shares of the Company was issued to the existing shareholders of the SABTNL as on record date 23rd March 2016 in the ratio of 1 share of TVL against 1 share of SABTNL
3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
Company has not received any confirmation from its vendors that whether they are covered under the Micro, Small and Medium Enterprises Development Act, 2006, hence the amounts unpaid at the yearend together with interest paid / payable under this Act cannot be identified.
4 Previous Year Figures
The previous year figures have been regrouped/reclassified wherever considered necessary to correspond with current year classification/disclosure. The previous year figures are not comparable since the performance of broadcasting business takeover from various companies were not included in the previous year figures.