MUMBAI: Media firm HT Media, which operates radio and print business, has informed the BSE that it will transfer and vest the undertaking of its multi-media content management to HT Digital Streams Limited. The decision was taken due to ‘on-going concern’ on a slump exchange basis.

This decision was based on the recommendation of the audit committee to transfer multi-media content management to HT Digital Streams Limited, a wholly owned subsidiary of the company, which is a transferee company in this case.

HT Media informed the BSE that “the slump exchange has been arrived at based upon the valuation report obtained from M/s. S.R. Dinodia & Co. LLP, Chartered Accountants and as duly approved by the Audit Committee. A fairness opinion on the Scheme has been obtained from D&A Financial Services (P) Limited, SEBl registered Merchant Banker.”

The transfer is as per the provisions of Sections 391 to 394 of the Companies Act, 1956, as amended or re-substituted or re-enacted from time to time (Scheme). The aforesaid scheme is subject to various regulatory and other approvals and sanction by the Hon’ble High Court of Delhi and High Court of Judicature at Patna, respectively.