VEPL is a wholly-owned subsidiary of the company, and had acquired a 49% equity stake in SGDSPL on 29th May 2019. After such acquisition, SGDSPL becomes a wholly-owned subsidiary of the company. Prior to the acquisition, Siti already held a 51% equity stake in SGDSPL.
It also acquired further 4.75% equity stake in VSSPL on 21st July 2019. Accordingly, the equity stake of VEPL in VSSPL has increased to 40% and the same continues to be an associate company of Siti.
Siti Bhatia Network Entertainment Private Limited (SBNEPL) ceased to be subsidiary, as the company had sold 10409 equity shares constituting 51% of SBNEPL on 14th June 2018. With SBNEPL ceasing to be a subsidiary company, Siti Chhattisgarh Multimedia Private Limited, wherein SBNEPL was holding 41% equity shares, also ceased to be an associate company of Siti.
Also, Axom Communications & Cable Private Limited (ACCPL), which was a subsidiary company of Indian Cable Net Company Limited (ICNCL), ceased to be a subsidiary company of ICNCL as it ceased to effectively control the composition of the Board of Directors of Axom.
As of now, Siti had 23 subsidiary companies as compared to 25 in FY18. Siti had incorporated a wholly-owned Limited Liability Partnership namely Siti Networks India LLP on 7th May 2018.
The company said: “Apart from the above, there was no change in the number of Subsidiary/Associate/Joint Venture of the Company either by way of acquisition or divestment or otherwise during the year under review.”