Entertainment Network (India) to purchase ABSL’s IPR Business

Entertainment Network (India) has received an approval for the purchase of Alternate Brand Solutions (India)’s (ABSL) Intellectual Property Rights Events Business (IPR Business) as a going concern. The slump sale of the IPR Business by ABSL to the company is being affected through a business transfer agreement (BTA). ABSL is a wholly owned subsidiary of Entertainment Network (India). The board at its meeting held on August 13, 2012 has approved for the same.

Besides, the value of the IPR Business and its assets amounted to Rs 836.02 lakh. The valuation has been determined by an independent firm of Chartered Accountants. Since the company is taking over all the liabilities of ABSL, the net consideration payable to ABSL will be Rs 100.

Pursuant to the BTA, the transfer will be effective from July 01, 2012. The net worth of ABSL, after giving effect to this transaction, is Rs 673.66 lakh.

Entertainment Network (India) is one of the leading entertainment & media company and is engaged in radio broadcasting under the brand name ‘Radio Mirchi’.