NEW DELHI: Direct-to-home (DTH) operators Dish TV and Videocon D2h have moved a step closure towards their merger as they received the mandatory nod from NCLT.
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the "scheme of arrangement amongst Videocon D2h Limited and Dish TV India Ltd and their respective shareholders and creditors," Dish TV India said in a statement.
The appointment date for the scheme is October 1, 2017.
Earlier, on May 10, the Zee group firm had said that it got approval from the fair trade regulator, the Competition Commission of India (CCI), for the proposed merger.
It has already received approval from other regulatory bodies as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) for the merger.
Dish TV has an active subscriber base of 15.5 million, while that of Videocon d2h stands at around 12.2 million.
The merged entity would have a subscriber base of over 27.2 million, creating the largest DTH service provider in the industry.
The DTH industry has around 62 million active subscribers.
The merged entity will be renamed as Dish TV Videocon Ltd.