The fair trade regulator Competition Commission Of India (CCI) has finally approved the proposed merger of Zee Group's direct direct-to-home (DTH)service arm Dish TV with Videocon Group's DTH arm Videocon d2h.
"DishTV India Limited is pleased to announce receipt of approval of the CCI for the proposed Scheme of Arrangement for amalgamation of Videocon D2h into DishTV
inconsideration for new stock issuance by DishTV to the shareholders of Videocon D2h," DishTV said statement.
The company said the company has already received approval from the Securities and Exchange Board of India(SEBI), National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) for the proposed Scheme of Arrangement.
Dish TV, as per directions of the National Company Law Tribunal (NCLT), has convened shareholders' meeting on May 12 to secure their approval, it added.
It has an active subscriber base of 15.5 million while that of Videocon d2h stands at around 12.2 million. The DTH industry as a whole has around 62 million active subscribers.
The merged entity will be renamed as Dish TV Videocon Ltd.
In November, the boards of Dish TV and Videocon d2h had approved the scheme of amalgamation in consideration for new stock issuance by Dish TV to the shareholders of Videocon d2h.