Siti-owned VEPL buys 49% in Siti Godaari, increases stake in Voice Snap
MUMBAI: Multi system operator (MSO) Siti Networks-owned Variety Entertainment Pvt Ltd (VEPL) has acquired 49% stake in Siti Godaari Digital Services Private Limited (SGDSPL) and increased its stake in Voice Snap Services Private Limited (VSSPL).
As per the information in Siti Networks’ annual report for FY19, VEPL, which is a wholly-owned subsidiary of the company, had acquired a 49% equity stake in SGDSPL on 29th May 2019. After such acquisition, SGDSPL becomes a wholly-owned subsidiary of the company. Prior to the acquisition, Siti already held a 51% equity stake in SGDSPL.
VEPL had acquired further 4.75% equity stake in VSSPL on 21st July 2019. Accordingly, the equity stake of VEPL in VSSPL has increased to 40% and the same continues to be an associate company of Siti.
During the financial year under review, Siti Bhatia Network Entertainment Private Limited (SBNEPL) ceased to be subsidiary, as the company had sold 10409 equity shares constituting 51% of SBNEPL on 14th June 2018.
With SBNEPL ceasing to be a subsidiary company, Siti Chhattisgarh Multimedia Private Limited, wherein SBNEPL was holding 41% equity shares, also ceased to be an associate company of Siti.
Axom Communications & Cable Private Limited (ACCPL), which was a subsidiary company of Indian Cable Net Company Limited (ICNCL), ceased to be a subsidiary company of ICNCL as it ceased to effectively control the composition of the Board of Directors of Axom.
Accordingly, as on 31st March 2019, Siti had 23 subsidiary companies as compared to 25 in FY18. Siti had incorporated a wholly-owned Limited Liability Partnership namely Siti Networks India LLP on 7th May 2018.
“Apart from the above, there was no change in the number of Subsidiary/Associate/Joint Venture of the Company either by way of acquisition or divestment or otherwise during the year under review,” the company noted.
In line with amendments of the threshold for determining Material Subsidiary as stated in Regulation 16(1)(c) of SEBI Listing Regulations, effective April 1, 2019, ICNCL, one of the subsidiaries of the company, continues to be Material Subsidiary of your Company.