Radio City’s scheme for NCRPS gets NCLT approval

The National Company Law Tribunal (NCLT) has approved Radio City parent Music Broadcast Ltd’s (MBL) scheme of arrangement for the issuance of non-convertible non-cumulative redeemable preference shares (NCRPS) on a preferential basis by way of bonus to its non-promoter shareholders.

In an order dated December 23, the NCLT accepted the clarifications and undertakings given by Music Broadcast, which runs 39 FM radio stations. “From the material on record, the scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy,” it added.