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| Exchange Disseminated Time 11/09/2015 18:10:23 | TV Today Network Ltd has informed BSE that the Committee of Senior Officials at a meeting held on September 11, 2015 and the Board through Resolution by Circulation noted that pursuant to receipt of an approval from the Ministry of Information and Broadcasting (MIB), Government of India in the month of July 2015; the receipt of which (MIB Approval) has already been intimated to the stock exchange, the Company has now entered into a binding business transfer agreement with Entertainment Network (India) Limited on September 11, 2015 for sale of its four radio stations in Jodhpur, Amritsar, Patiala and Shimla for a purchase consideration of INR Four Crore, subject to closing net working capital adjustments. Further, Entertainment Network (India) Limited shall also pay migration fees to the Ministry of Information & Broadcasting for migration of the aforesaid four stations from Phase II to Phase III.
Since, the Company's core area of business is television news broadcasting; the Company is undertaking the sale of aforesaid four radio stations on slump sale basis. During the financial year 2014-15, the total turnover of the above referred four radio stations was INR 3.96 Crore, equivalent to 0.80% of the total turnover of the Company. The said sale shall be subject to fulfillment of conditions specified by the Ministry of Information and Broadcasting, execution of relevant documents with Entertainment Network (India) Limited and completion of all other relevant formalities. Entertainment Network (India) Limited is a leading company in the field of operating radio stations. Since Entertainment Network (India) Limited is a part of the Times of India group and accordingly the transaction does not fall within the ambit of a related party transaction. |
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