Adlabs radio business demerger date preponed

New Delhi, Aug 2 (UNI) The Anil Dhirubhai Ambani Group (ADAG) controlled Adlabs Films today said the demerger of its radio business into Reliance Unicorn Ltd will be effective from March 1, 2006, instead of the earlier April 1, 2006.

The Board of Directors have approved an amendment to the appointed date for the demerger of the radio business, pursuant to the Composite Scheme of Amalgamation and Arrangement between the company and Entertainment One (India) Ltd and Reliance Unicorn Ltd and Mukta Adlabs Digital Exhibition Pvt Ltd and their respective shareholders and creditors.

The appointed date for the demerger has been changed from April 1, 2006, a company statement said.

The amendment is subject to the approval of the shareholders, creditors and the High Court of Judicature at Bombay.

ADAG owns an over 50 per cent stake in Adlabs Films, which plans to set up 125 more multiplexes across the country with an investment of Rs 250 crore by 2008.

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