Times Group gets NCLT nod to move non-publishing portfolio into Times Horizon

Mumbai: The National Company Law Tribunal in Mumbai has approved Bennett, Coleman and Company’s plan to hive off its non-publishing businesses into a separate entity, Times Horizon.

The move will split the Times Group’s core publishing operations from its wider portfolio of new-age and allied ventures.

A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar sanctioned the composite scheme of arrangement under Sections 230 to 232 of the Companies Act, 2013.

Under the scheme, BCCL’s non-publishing undertaking will be transferred to Times Horizon on a going-concern basis.

Times Horizon is a wholly owned subsidiary set up specifically for the demerger. The tribunal also cleared the cancellation of Times Horizon’s existing share capital so that, after the demerger takes effect, its shareholding mirrors that of BCCL.

BCCL told the tribunal that the group operates through two distinct segments: its publishing business, and a non-publishing cluster referred to in filings as the EIBME Business.

The non-publishing side spans television broadcasting, digital products and internet platforms, radio, music and films, out-of-home advertising, classifieds, education and edtech, fintech, sports, gaming, brand-capital initiatives, events and conferences, magazines, and investments.

The boards of BCCL and Times Horizon had approved the scheme on September 22, 2025. The appointed date has been set as April 1, 2026, or the effective date of the scheme, whichever is earlier.

The tribunal waived the need for shareholder and creditor meetings after recording that all equity shareholders of both companies and more than 90% of BCCL’s unsecured creditors had already given their consent.

NCLT has directed the companies to serve notices to statutory authorities, including the Regional Director, Registrar of Companies, Income Tax and GST departments, the Competition Commission of India, and the Ministry of Information and Broadcasting.

It has also asked for detailed disclosures on guarantees, contingent liabilities, pending insolvency proceedings, material litigation and letters of credit, along with an affidavit of service within ten working days.

The Times Group said the restructuring is aimed at giving each segment a sharper management focus and a capital structure suited to its needs, as the non-publishing portfolio continues to grow alongside the traditional newspaper business.