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NCLT Mumbai approves merger of Reliance and Disney: Report
The judges stated in their ruling that the scheme seems fair and reasonable, complies with legal provisions, and aligns with public policy.
The National Company Law Tribunal (NCLT) has sanctioned the merger plan involving Viacom 18 Media, owned by Reliance Industries, which oversees the group's media and entertainment assets, with Star India. A two-member panel from the NCLT approved the comprehensive arrangement involving Viacom 18, Digital18, and Star India, a subsidiary of the global media powerhouse, The Walt Disney Company.
This announcement follows the Competition Commission of India's approval, just two days prior, of the merger between the media assets of Reliance Industries and The Walt Disney Company, which will establish the largest media empire in the country, valued at over Rs. 70,000 crore.
"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." said NCLT in its order.
The Reliance-Disney partnership will go head-to-head with Sony, Netflix, and Amazon, boasting 120 television channels and two streaming platforms.