ETC

Etc Networks Limited has informed the Exchange that the Board of Directors of the Company at its meeting held today i.e. on December 23, 2009, has granted its in-principle approval for (i) amalgamation of the Company with its holding company, Zee Entertainment Enterprises Limited (ZEEL); and (ii) upon such merger, demerger of the Education Business from ZEEL into a separate Company, under a Composite Scheme of Arrangement, under Section 391 to 394 of the Companies Act, 1956, subject to appropriate statutory and regulatory approvals. Further the Board of Directors, at a meeting scheduled on De

Etc Networks Limited has informed the Exchange that: "The Board of Directors of the Company, at its meeting held on December 26, 2008, has: (a) accepted and taken on record resignation of Mr. V. V. Ranganathan as a Non-Executive Independent Director of the Company with effect from December 25, 2008; and b) accepted availing of the financing facility from AXIS Bank aggregating to Rs. 50 Crores by issuance of 500 Secured Non-Convertible Debentures of Rs. 10,00,000 (Rupees Ten Lacs only) each to Axis Bank Limited. Aforeaid Debentures shall be listed on the Debt Segments of the Stock Exchange(s)."