Zee's demerger approved by Bombay High Court

Mumbai, Nov 17 (UNI) Zee Telefilms today announced approval of its demerger scheme by Bombay High Court, stating that this paves the way for setting the record date towards December-end.

Demerger of the company's cable and distribution and news and regional broadcasting businesses into Wire&Wireless India Ltd (WWIL) and Zee News Ltd (ZNL) respectively was approved by its board a few months ago.

The shareholders of Zee as on the record date shall be allotted shares in WWIL &Zee, the company said in a statement today, adding the respective companies would then be applying for listing of such shares to the BSE, NSE&CSE, in compliance with SEBI guidelines.

Zee expects this process to be completed by February 2007, the statement said.

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