Mumbai, Jun 2: Adlabs Films on Tuesday, Jun 2 said that the government has approved the transfer of its radio business to Reliance Unicom.
In its filing to the Bombay Stock Exchange (BSE) the company revealed that the Ministry of Information and Broadcasting had given its no-objection to transfer the operation of the FM radio licence to Reliance Unicom. This was pursuant to the scheme of arrangement for the demerger of radio business of Adlabs Films.
In 2008, the the board had approved the scheme of demerger under which shareholders of Reliance Unicom would be issued one share for each share held in Anil Ambani-promoted Adlabs Films.
In Apr 2009, the Bombay High Court had approved the scheme of arrangement between the companies.