NCLT Approves Demerger of Times Group’s Non-Publishing Business

The Mumbai bench of the National Company Law Tribunal has approved the demerger of the non-publishing business of Bennett, Coleman & Company Limited (Times Group) into its wholly owned subsidiary, Times Horizon Private Limited.

The non-publishing business includes the Times Group’s digital and internet ventures, entertainment activities, brand capital business, and other emerging segments that are separate from its core print and publishing operations.

The tribunal bench, comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, observed that the proposed scheme complies with the law and does not violate public policy.

Times Horizon was created specifically to house these non-publishing businesses and was already a fully owned subsidiary of Bennett, Coleman & Company before the demerger. The boards of both companies approved the scheme on September 22, 2025, with April 1, 2026 fixed as the appointed or effective date, whichever comes earlier.

The companies informed the tribunal that they had received written approvals from shareholders and creditors well beyond the required limits and requested a waiver of meetings. Accepting this, the tribunal had earlier dispensed with the meetings of equity shareholders and unsecured creditors.

Regulatory authorities, including the regional director, raised no objections and confirmed that the companies’ affairs were being conducted properly. After recording the necessary undertakings, the tribunal sanctioned the scheme.

As per the order, all assets, liabilities, and obligations related to the non-publishing business will be transferred to Times Horizon on a going-concern basis once all statutory compliances are completed. The companies stated that the move would improve focus, enhance management efficiency, optimise capital use, and unlock long-term value for stakeholders.