NCLT adjourns Disney-RIL merger hearing for Aug 12
The National Company Law Tribunal (NCLT) has adjourned its decision on the Disney-Reliance Industries (RIL) merger, following the hearing held on August 1. The tribunal will now resume on August 12 to further deliberate on whether to sanction the proposed merger scheme. Meanwhile, media reports say Viacom18 and Walt Disney's Star India are trying to materialise the merger by October.
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Earlier as reported by exchange4media, in an order sheet of the July 11 hearing, the division bench of technical member Anu Jagmohan Singh and judicial member Kishore Vemulapalli asked both sides to issue fresh notice of the final hearing to state and central governments, tax authorities and the Competition Commission of India (CCI) and the Ministry of Information and Broadcasting.
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The CCI is also expected to issue its order in October, the reports said. NCLT also reportedly instructed the parties for the merger to ensure that the notices contain a statement that says if they do not respond in 30 days, it will be presumed that the authorities have no objections to the scheme.