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BSE, NSE approves Balaji Telefilms merger scheme; NCLT approval awaits
Balaji Telefilms will approach the National Company Law Tribunal to approve its Scheme of Arrangement between Alt Digital Media Entertainment, Marinating Films, and Balaji Telefilms.
Firefly’s contribution to Airtel’s turnover and net worth in fiscal 2024 stood at 0.0065% and 0.0007%, respectively. Firefly contributed Rs 5.5 crore to Vodafone's losses in FY24 but had no contribution to its net worth.
Balaji Telefilms Limited will be moving to the National Company Law Tribunal for approval of its Scheme of Arrangement between Alt Digital Media Entertainment, Marinating Films, and Balaji Telefilms.
The company received an Observation Letter from National Stocks Exchange of India Limited (NSE) on January 3, 2025.
According to its exchange filings, Balaji Telefilms received an Observation Letter of SEBI from BSE, on January 2.
BSE, in its letter, found no adverse observation indicating that the scheme can be submitted to the NCLT for further approval.
"The company shall ensure that the observations of SEBI/Stock Exchanges shall be incorporated in the petition to be filed before NCLT and the Company is obliged to bring the observations to the notice of NCLT," it was said.
The validity of the NSE 'Observation Letter' shall be six months from January 03, 2025, within which the merger scheme shall be submitted to NCLT
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