MUMBAI: ADAG's Adlabs Films will hold an extraordinary general meeting (EGM) on 22 January 2009 to consider the scheme of arrangement envisaging the demerger of its radio business into Reliance Unicom.

The company runs Big FM, which currently runs a network of 44 FM stations in the country. A meeting of the equity shareholders of Adlabs Films will be held on January 22, 2009, for the purpose of considering and approving the arrangement embodied in the scheme of arrangement between Adlabs Films, the demerged company and Reliance Unicom, the resulting company and their respective shareholders and creditors,... the ADA Group firm has said in a filing to the Bombay Stock Exchange on Friday.

The demerger would be effective from 1 April 2008, the filing added. Earlier in October, the board had approved the scheme of demerger under which shareholders of Reliance Unicom would be issued one share for every share held in Adlabs Films.