The tribunal approved the scheme of merger in a verbal order.
Multiplex operators PVR and INOX got approval from the Bombay Bench of the National Company Law Tribunal (NCLT), according to the sources.
With this approval, the merged entity, to be known as PVR-INOX, will become the largest film exhibition company in India, operating 1,546 screens across 341 properties in 109 cities, according to the merger announcement made earlier.
Last year on March 27, PVR and INOX Leisure announced a merger deal to create the largest multiplex chain in the country. During it, they mentioned that branding of the existing screens would continue as INOX and PVR, respectively. Only new theatres opened post the merger will be branded as PVR-INOX.
They confirmed that the merger company will add 200 to 250 screens every year and in the next five years maybe they are looking to create 3,000 to 4,000 screens.
The tribunal approved the scheme of merger in a verbal order and a written order is expected over the next 15-20 days.