NCLT Approves Demerger Of Times Group's Non-Publishing Business Into Times Horizon

The National Company Law Tribunal (NCLT) at Mumbai has recently approved the demerger of the non-publishing business undertaking of Bennett, Coleman & Company Ltd (Times Group) into its wholly owned subsidiary, Times Horizon Pvt Ltd.

The non-publishing business comprises Bennett Coleman's digital and internet ventures, entertainment and brand capital businesses, and other emerging operations distinct from its core publishing activities.

A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that, on a review of the material on record, the scheme complied with law and was not contrary to public policy.

Bennett, Coleman & Company, the flagship entity of the Times Group, is engaged in a wide range of businesses, including print and digital publishing, television broadcasting, radio, and digital products and services.

Times Horizon was set up to house the non-publishing business and was a wholly owned subsidiary of the demerged company before the scheme.

The boards of both companies cleared the scheme at meetings held on September 22, 2025, and fixed April 1, 2026 as the appointed date, or the effective date, whichever is earlier.

The companies told the tribunal that they had secured written consent from shareholders and creditors beyond the required thresholds and sought waiver of meetings. In its order dated November 19, 2025, the tribunal dispensed with the meetings of equity shareholders and unsecured creditors.

They said the demerger would bring sharper business focus, improve managerial efficiency, optimise capital deployment, and help unlock value for stakeholders.

Statutory authorities, including the regional director, raised no objections and reported that the affairs of the companies had been conducted properly. After recording the undertakings given by the companies, the tribunal sanctioned the scheme.

The tribunal directed that all assets, liabilities, and obligations forming part of the non-publishing business will transfer to Times Horizon on a going-concern basis once all stautory compliances are met with.