Lagatar24 Desk
New Delhi, Oct 12: Multiplex operator PVR announced on Wednesday that its shareholders had approved the plan to merge with rival Inox Leisure.
On Tuesday, the largest movie theatre chain called a shareholder meeting in accordance with the directives of the Mumbai bench of the National Company Law Tribunal (NCLT) According to the scrutinizer’s meeting report, the motion was approved with more than 98% of the legitimate votes cast.
PVR and Inox Leisure both claimed in June of this year that the bourses NSE and BSE had approved their merger. The merger of PVR and Inox Leisure, which would result in the nation’s largest multiplex chain with a network of more than 1,500 screens, was announced on March 27. This move will open up chances in tier III, IV, and V cities in addition to the developed markets.
The newly formed company will be known as PVR INOX Ltd, and the existing screens will retain their PVR and INOX branding.
According to the firms, PVR INOX will be the name of any new theatres that are opened after the merger.
Before the fair trade regulator CCI, the non-profit organisation CUTS had warned that the proposed merger deal would have anti-competitive repercussions on the film exhibition business and had asked for a thorough investigation of the two parties.
On September 13, the Competition Commission of India (CCI) rejected the complaint, stating that suspicion of anti-competitive behaviour by an organisation could not be the focus of an investigation.
