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.
The company said it will intimate the stock exchanges once the record date is fixed for the purpose of determining the eligibility of non-promoter shareholders to receive bonus NCRPS.
MBL is a subsidiary company of Jagran Prakashan, which holds 74.05% stake in the company.
As per the scheme of the arrangement, filed via law firm Hemant Sethi & Co, the face value of NCRPS will be ₹10 each issued at a premium of ₹90 per NCRPS to be redeemed on the expiry of 36 months at a premium of ₹20 each.
