| | OCTOBER 20238Novi Digital Entertainment, the owner of the Disney+ Hotstar streaming platform, has begun talks with its parent company, Walt Disney Company-owned Star India. Both companies have filed a merger scheme with the National Company Law Tribunal (NCLT) Mumbai bench. The case is being heard by a division bench consisting of judicial member Reeta Kohli and technical member Madhu Sinha. The corporations want to restructure their streaming, broadcasting, and distribution operations.In their application, Star and Novi stated that the move would help them achieve economies of scale, enable synergies, increase operational efficiencies, emphasize growth, make the best use of resources, and lower costs. In meetings held on February 8, 2023, the Star and Novi Digital boards accepted the merger plan with April 1, 2022, as the effective date."Because Novi Digital and Star India are unlisted entities, they will face relatively less compliance than transactions involving listed companies," said Faiza Dhanani, partner at legal firm Cue Legal. "Apart from shareholders' approval, the companies will have to seek approval from tax authorities, lenders, and sector regulators while adjudicating authority is still hearing the case."The news comes as Walt Disney hunts for strategic buyers for Star India. According to ET, Walt Disney has approached RIL and Blackstone about a partial to complete sale of Star India, which has a substantial footprint in the linear TV and streaming markets. According to two banking sources and two people familiar with the development, grounded Indian airline Go First has received an expression of interest (EoI) from Jindal Power An expression of interest is the first step in the bidding process and may or may not result in a financial bid."Jindal Power was the sole successful applicant whose expression of interest was accepted by banks," said a banker with a state-run bank with Go First exposure.The power generation company "will be conducting proper due diligence and post which it could submit a formal bid", said the banker, who did not wish to be named as he was not authorized to speak to the media. Go First's resolution professional, who conducts the insolvency process, and Jindal Power did not immediately respond to Reuters requests for comment.The deadline for submitting EoIs was September 28, according to the banker, and after that, a committee of lenders met to evaluate the applications. Two other foreign entities had also submitted expressions of interest to bid for Go First, but their applications were rejected because they did not meet the criteria set by lenders, according to another banker.The Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank are among the creditors listed in the Go First bankruptcy filing, to whom the carrier owes a total of 65.21 billion rupees ($784.60 million). Go First's aircraft lessors are embroiled in a legal battle with the company after being barred from repossessing planes due to a moratorium imposed by Indian courts. DISNEY+ HOTSTAR AND STAR INDIA TO MERGE FOR RESTRUCTURINGJINDAL POWER EXTENDS EOI TO GO FIRST AIRLINESIN FOCUSIN FOCUS
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