NDTV shareholders approve sale of its auto e-commerce unit

Team Udayavani, Sep 25, 2017, 10:13 AM IST

New Delhi: Media house NDTV on Sunday said its shareholders have approved sale of its automobile e- commerce firm Fifth Gear Ventures Limited to Autobyte Private Limited.

The company had sought approval for “subscription of equity shares by Autobyte Private Limited in Fifth Gear Ventures Limited resulting in change of control of Fifth Gear Ventures Limited from New Delhi Television Limited and NDTV Convergence Limited to Autobyte Private Limited,” NDTV said in a filing to the BSE.

The same has been approved by over 99 per cent of shareholders, the filing said. The Fifth Gear Ventures Limited owned and operated automobile e-commerce portal carandbike.com. In June, the shareholders of the company approved sale its Indian wear e-commerce firm NDTV Ethnic Retail Limited to Nameh Hotels & Resorts Pvt Ltd.