CCI approves merger of UTV Software with Walt Disney

Subsequent to the buy-out of public shareholding by Walt Disney Company, UTV Software Communications will be delisted from both the Bombay Stock Exchange and National Stock Exchange

New Delhi: The Competition Commission of India (CCI) on Thursday cleared the proposed merger of media and entertainment firm UTV Software Communications with Walt Disney (South East Asia) at about Rs2,000 crore, reports PTI.

The CCI approved the proposed combination as "it is not likely to have any appreciable adverse effect on competition", said an order.

UTV Software had last month announced that Walt Disney would buy the stake of promoter as well as public in the software company.

As the proposal needed the nod of the CCI, UTV Software had approached the Commission on 1st August.

"Based on the facts on record and the notice of the proposed combination filed by the acquirer (Walt Disney) under sub-section (2) of section 6 of the Competition Act, and the examination of the businesses involved .... the Commission, hereby, approves the proposed combination," the CCI order said.

The CCI further observed that while the Disney Group is in the business of character merchandising and publishing through Disney India, the UTV Group is engaged in broadcasting.

Subsequent to the buy-out of public shareholding by Walt Disney Company, UTV Software Communications will be delisted from both the Bombay Stock Exchange and National Stock Exchange.

Currently, Walt Disney is the majority shareholder in UTV Software Communications with 20,497,994 equity shares, accounting for a 50.44% stake.

The board of directors of UTV Software has approved the delisting proposal and the acquisition of shares from the public at a price not exceeding Rs1,000 per equity share.

Post-delisting, Walt Disney would also acquire 80,53,480 equity shares representing 19.82% of the current paid-up equity share capital of UTV Software Communications from the other promoters of the company at the same price as discovered pursuant to the delisting offer.

At Rs1,000 per share, the deal could be valued at around Rs2,000 crore. The company's other promoters include Rohinton Screwvala, Unilazer Exports and Management Consultants, Unilazer (Hong Kong) and Zarina Mehta.

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Court allows Subramanian Swamy to conduct own case in 2G scam

Mr Swamy, during the last hearing, had complained before the court that the charge-sheets field by the CBI did not cover the role of the Mr Chidambaram, who "jointly took important decisions" on allocation of radio waves

New Delhi: Janata Party chief Subramanian Swamy was today allowed by a Delhi court to conduct his private complaint in the second generation (2G) scam, reports PTI.

The court also gave him time for filing an application which seeks to make then finance minister P Chidambaram an accused in the case as the matter is pending in the Supreme Court.

"Since my application seeking a Central Bureau of Investigation (CBI) inquiry into the role of Mr Chidambaram in 2G scam is pending before the Supreme Court, it would be in the interest of justice to wait for the apex court's order and then come here (to this court) with the plea to make him (Mr Chidambaram) an accused in the case," Mr Swamy told Special CBI judge OP Saini.

The Janata Party chief informed the judge that the apex court order on his petition is likely to be delivered on 1st September and than then he would file by 15th September 15 the application seeking to make Mr Chidambaram an accused in the case.

The court fixed the matter for further hearing on 15th September.

Mr Swamy, during the last hearing, had complained before the court that the charge-sheets field by the CBI did not cover the role of the Mr Chidambaram, who "jointly took important decisions" on allocation of radio waves.

He had also urged the court that he be appointed special public prosecutor to conduct his case himself.

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Jan Lokpal Bill discussion unlikely today: Govt

"I am not saying that there will be no discussion but it looks less likely today because of other businesses, including private members' bill," parliamentary affairs minister PK Bansal. "There are rules and procedures to be followed and some member has to give notice for discussion. It can be given from our side, by a Congress member," he added

New Delhi: The government today said a discussion on Jan Lokpal Bill as demanded by social activist Anna Hazare may not be possible in Lok Sabha during the day but added nothing can be ruled out, reports PTI.

"I am afraid as of now there does not seem to be any likelihood of it (Jan Lokpal Bill) being taken up today because no notice has been given by any member nor does the revised list of business carries the item for discussion," parliamentary affairs minister PK Bansal told reporters here.

"I am not saying that there will be no discussion but it looks less likely today because of other businesses, including private members' bill," he said.

There are rules and procedures to be followed and some member has to give notice for discussion. It can be given from our side, by a Congress member, he said.

Asked whether this meant that there will be no discussion, he said, "No, I am not saying that. There will be a discussion but it has to be decided when and how to do it."

On prime minister Manmohan Singh's assurances yesterday on a discussion in the House and the situation in view of the deteriorating health of Mr Hazare, he said, he would also like the Gandhian to call off his fast.

Asked whether he rules out the possibility of the discussion today, Mr Bansal said he was not ruling out such a possibility because it can be worked out and if a decision is taken, media will get to know.

"I hope Anna's health does not deteriorate further and he breaks his fast. The prime minister appealed emotionally to him yesterday that the nation is with you. What more can Parliament do?" he said as the Gandhian's fast for a strong Lokpal entered the 11th day.

Law minister Salman Khurshid met finance minister Pranab Mukherjee to discuss a way out to end the deadlock.

"We want a collaborative, cooperative resolution in the House. The whole House must be party to it," he said.

Government sources last night said that a motion will be brought to facilitate a combined discussion on the Lokpal Bill, the Jan Lokpal Bill brought out by Mr Hazare as also the drafts prepared by activist Aruna Roy and Jai Prakash Narain.

Consultations were under way the exact wording of the motion, they said.

Team Anna had last night reached out to BJP which said a solution to the impasse could be found in consonance with the Constitution if the government has a 'constructive' attitude.

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