Subhash Ghai's Mukta Arts to transfer cinema business to new arm

NEW DELHI: Subhash Ghai's production house Mukta Arts plans to transfer its entire business of cinema division to its wholly-owned subsidiary Mukta A2 Cinemas.

The company will hold a board meeting on September 29 to consider and get approval for slump sale through a business transfer agreement, Mukta Arts informed BSE.

"A meeting of the Board of Directors of the company will be held on September 29, 2016 to consider and approve the transfer of entire business of cinema division as a going concern to its newly formed wholly owned subsidiary Mukta A2 Cinemas Ltd," it said.

Mukta Arts, which also which operates a theater chain under the brand Mukta A2 Cinemas, has recently forayed into the Middle East region by opening a multiplex in Bahrain.

Mukta A2 Cinemas has 41 screens in India.

Shares of Mukta Arts today settled at Rs 85.15, down 2.01 per cent from previous close.