The Board of Directors of Next Mediaworks Limited ('the Company') in its meeting held on 18th July, 2018 have considered and accorded 'in principle' approval to consolidate the radio businesses of Next Radio Limited ('NRL') (except for the radio station located at Ahmedabad), a subsidiary of the Company, HT Media Limited ('HTML') (except for radio stations at Hyderabad and Uttar Pradesh) and HT Music & Entertainment Company Limited, a wholly-owned subsidiary of HTML ('HTMEL') in the Company to be implemented by way of a composite scheme of arrangement and amalgamation pursuant to Sections 230-232 and other applicable provisions of the Companies Act 2013. Approval of a proposal to consolidate the radio businesses (except the radio stations in Hyderabad and Uttar Pradesh) of HT Media Limited ('Company'), and HT Music & Entertainment Company Limited, a wholly-owned subsidiary of the Company ('HTM'), in Next Mediaworks Limited ('NMW'), a company listed on BSE Limited and The National Stock Exchange of India Limited along with the radio businesses of Next Radio Limited ('NRL') to be implemented by way of a composite scheme of arrangement and amalgamation. In continuation to our letter dated 18 July 2018 to the stock exchanges informing that the Board of Directors of the Company in its meeting held on 18th July, 2018 had accorded their ''in -principle'' approval to the draft term sheet and the transactions contemplated therein including the broad contours of the proposed composite scheme of arrangement and amalgamation, please note that the Board of Directors of the Company in its meeting held on 8 August 2018 have considered and approved the draft of the composite scheme of arrangement and amalgamation amongst HT Media Limited, Next Radio Limited , Next Mediaworks Limited and HT Music & Entertainment Company Limited and their respective shareholders. (As Per BSE Announcement Dated on 09.08.2018) We would like to state that the Company had filed the scheme of Arrangement and Amalgamation amongst the HT Media Limited and Next Radio Limited and HT Music and Entertainment Company Limited and Next Mediaworks Limited and their respective shareholders and creditors with the National Stock Exchange of India Ltd and BSE Limited on 20th August, 2018 for 'in-principle' approval under Regulation 37 of SEBI (LODR) Regulations, 2015. The Board of Directors of the Company at their meeting held today i.e. 20th December, 2018, inter alia, reviewed the developments/progress made in the aforesaid scheme. The Board took note of the response received by the Company from stock exchanges in relation to the aforesaid scheme. Keeping in view the interest of all stakeholders, the Board, after due deliberations, decided to withdraw the Scheme with immediate effect. Kindly take the above on record and acknowledge the receipt of the same. (As Per BSE Announcement Dated on 20.12.2018)