Madhuveer Com 18 Network Ltd. Acquires Media and Entertainment Business from Subsidiary
Madhuveer Com 18 Network Limited, now known as JOJO Limited, announced the acquisition of the Media and Entertainment Production Business (Business Vertical-1, including the JOJO digital platform) from its wholly-owned subsidiary, Navkar Events Private Limited, on April 1, 2026. The acquisition will be executed on a going concern basis via a slump sale under Section 50B of the Income-tax Act, 1961, and is subject to shareholder approval and other applicable approvals.The consideration for the acquisition is a lump sum of ₹1,00,000, with a significant portion offset by the adjustment of an outstanding loan extended by the Company to Navkar Events Private Limited. This adjustment, based on a valuation report dated March 31, 2026, by Nitin Pahilwani, an IBBI Registered Valuer, means no material cash outflow is anticipated.
Key Details of the Transaction:
| Particulars | Details |
|---|---|
| Mode | Slump sale on a going concern basis under Section 50B of the Income-tax Act, 1961. |
| Consideration | Lump sum consideration of ₹1,00,000, adjusted against outstanding loan. |
| Nature | Material transaction exceeding 10% of the consolidated turnover. |
| Related Party Status | Yes, due to a common promoter and director, Mr. Dhruvin Shah, and because Navkar Events Private Limited is a wholly-owned subsidiary. |
The acquisition is intended to enhance operational efficiencies, strengthen content production, intellectual property portfolio, and distribution capabilities. The Company noted that the transaction is a strategic internal restructuring to align ownership, control, and economic benefits.
Navkar Events Private Limited, engaged in media, entertainment production, and event management, reported a turnover of ₹2.59 crores for the financial year 2024-25.
Shareholders' approval, including consideration as a Related Party Transaction, will be sought. The acquisition is expected to be completed by June 30, 2026.
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