Den Networks gets nod to demerge its broadband arm Skynet

NEW DELHI: Cable TV services provider Den Networks today said it has received shareholders' nod to demerge its broadband/internet service provider arm Skynet Cable Network.

The company had convened a meeting of its shareholders on March 11 folllowing the orders of the National Company Law Tribunal for this purpose.

"The scheme of arrangement has been approved by members of the company," said Den Network in a regulatory filing.

On September last year Den Networks' board had approved to demerge Skynet Cable Network.

This was done to "achieve structural and operational efficiency", "enhance competitiveness and greater accountability and to have "a focused attention in the ISP business," it had said.

Its ISP arm had a turnover of Rs 40.63 crore in FY 2015-16 and contributed 3.53 per cent shares in its total revenue.