Cable and broadband service provider DEN Networks’ subsidiary DEN Ambey Cable Network has got ministry of corporate affairs (MCA) approval for the merger of subsidiaries into the company. DEN Ambey is a wholly owned subsidiary of the company.
The MCA Regional Director, Northern Region has approved the Composite Scheme of Arrangement u/s 233 of the Companies Act, 2013 (Fast Track Merger) for the merger of eight subsidiaries into DEN Ambey.
The board of DEN had on 16 January had approved the merger of eight wholly owned subsidiary companies of DEN Ambey Cable Network with DEN Ambey.
“In continuation of earlier intimation dated 16th January, 2018, wherein, it was informed that the Board of Directors of DEN Networks have discussed and approved merger of eight indirect subsidiary companies (viz., merger of eight wholly owned subsidiary companies of DEN Ambey Cable Network Pvt Ltd with DEN Ambey) (DEN Ambey is a subsidiary company of DEN Networks), we wish to inform you that Honourable Regional Director, Northern Region has approved said Composite Scheme of Arrangement u/s 233 of the Companies Act, 2013 (i.e., Fast Track Merger) for merger of eight subsidiaries,” DEN said in a filing to the BSE.
The company said that the merger will improve operational efficiencies, integrate management functioning, streamline corporate structures and cash flows.
It also said that the movie will also result in the reduction of overheads, administrative, managerial and other expenditure, and bring about operational rationalisation, tax and organisational efficiency, and optimal utilisation of various resources.
DEN Ambey Cable Networks is a leading cable network and distribution company in Uttar Pradesh. It has rolled out its digital cable and broadband in the state.