Mukesh Ambani gets thumbs up for massive Rs 703520000000 business, NCLT approves plan to…

Mukesh Ambani’s Viacom18 recently signed a massive deal with Disney India to create a Rs 70000 crore behemoth. Months after reaching the deal, National Company Law Tribunal (NCLT) has reportedly given thumbs for the merger plan involving Viacom18 and Walt Disney's Star India. According to a report by the Economic Times, a division bench on May 7, comprising judicial member Kishore Vemulapalli and technical member Anu Jagmohan Singh asked Viacom18 and Star India to arrange a meeting with their secured and unsecured creditors to obtain approval for the merger.

The report also revealed that previously both the companies were asked to service notices and merger plan copies to various government bodies and regulatory authorities. If the bodies and authorities fail to respond within 30 days, it is construed as no objection to the proposed scheme by the authorities.

While announcing the deal, Mukesh Ambani’s Reliance revealed that it would invest Rs 11500 crore in the mega media entity. After the completion, the combined Star-Viacom18 entity will own more than 100 TV channels and two streaming platforms—Disney+ Hotstar and JioCinema. The new entity will be spearheaded by Mukesh Ambani’s wife Nita Ambani as the chairperson. Media veteran Uday Shankar will be backing her in the role of vice-chairperson.