Diligent Media Corporation Ltd

Summary

Diligent Media Corporation Ltd was incorporated in the State of Maharashtra on 17th February 2005, as a Joint Venture between Essel Group and Bhaskar Group, Indias leading media giants and began its journey with launch of Mumbai edition of Daily News Analysis (DNA), an English daily broadsheet, in July 2005. Bhaskar group exited the JV in 2012, after which the Company was consolidated under Zee Media Corporation Limited, an Essel Group Company, as a step-down subsidiary. With the changes in regulatory landscape and considering the scale achieved, the Print media business was demerged and consolidated independently under the Company as a part of strategic move. The company is presently involved in printing, publication and distribution of newspapers and printing of books and other periodicals businesses.The restructuring was affected through a Scheme of Arrangement and Amalgamation that was approved by the Mumbai Bench of Honble National Company Law Tribunal (NCLT) by its order dated 8th June 2017. Under the scheme, the Print Media Undertaking of Zee Media Corporation Limited along with its equity investment in 2 print media subsidiaries viz. Mediavest India Pvt Ltd and Pri-Media Services Pvt Ltd,was demerged and vested with the Company and upon such vesting, the said print Media subsidiaries viz. Mediavest India Private Limited and Pri-Media Services Private Limited got amalgamated with the Company with effect from Appointed Date of April 1, 2017. Accordingly, the entire... Read More