PVR shareholders and creditors will meet on October 11 to discuss the INOX merger


PVR shareholders and creditors will meet on October 11 to discuss the INOX merger

PVR shareholders and creditors meet on October 11 to consider a merger with INOX

New Delhi-

Operator Multiplex PVR called a meeting of its shareholders and creditors on October 11 to get their approval for a merger plan with rival Inox Leisure.

This comes after the National Corporations Law Court (NCLT) in Mumbai on August 22 directed PVR to call a meeting.

“We would like to inform you that in accordance with the order issued on August 22, 2022 and received on September 5, 2022, shareholder meetings by video conferencing or other audio-visual means will be held on Tuesday, October 11, 2022, at 11-30 am,” PVR informed the exchanges on Thursday. .

She added that the meeting of the secured creditors of the company will actually take place at the registered office of PVR in Mumbai on the same day at 3 pm.

In June of this year, PVR and Inox Leisure said they had received permission to merge from the NSE and BSE exchanges.

However, the nonprofit group CUTS last month filed a complaint against the proposed merger with the fair trade organization CCI, claiming that the deal would have anticompetitive effects on the film exhibition industry.

It has asked the Competition Commission of India to investigate the matter.

Read Also:   Bank loans rose 15.5% from a year ago in the two weeks to August 26

On March 27, PVR and Inox Leisure announced their merger to create the nation’s largest multiplex chain with a network of more than 1,500 screens to unlock opportunities in Tier 3, 4 and 5 cities, along with developed markets.

The merged entity PVR INOX Ltd will be rebranded to the existing monitors to continue as PVR and INOX.

The two companies said the new cinemas that opened after the merger would be called PVR INOX.