NCLT lists Star-Viacom18 merger final hearing on August 1

New Delhi: The National Company Law Tribunal (NCLT) has scheduled the final hearing on the merger of Reliance Industries-owned Viacom18 and Walt Disney-owned Star India for August 1, 2024.

The merger scheme was first admitted by the tribunal on May 7, 2024. 

The division bench, consisting of Justice Anu Jagmohan Singh (technical) and Justice Kishore Vemulapalli (judicial), in an order sheet sanctioned on July 11, 2024, asked for a notice to be served to the central/state government along with tax authorities and regulatory bodies, including the Competition Commission of India (CCI) and the Ministry of Information and Broadcasting (MIB).

It was also stated that if the authorities do not reply within 30 days of receiving the notice, it will be presumed that they do not object to the scheme.

Once approved by the NCLT, the merger will require CCI clearance. Currently, the antitrust body (CCI) has posed close to 100 extensive queries to Reliance Industries and Walt Disney regarding their $8.5 billion merger of Indian media assets. 

A deal was inked between Viacom18, Reliance Industries, and Disney to set up a joint venture (JV), combining the businesses of Viacom18 and Star India Private Limited.

The joint venture deal will be valued at $8.5 billion post-money. After the merger's enforcement, RIL would control the joint venture, holding a 16.34% stake, while Viacom18 and Disney would own 46.82% and 36.84%, respectively.