MUMBAI: Adlabs Films Ltd informed the Bombay Stock Exchange on Tuesday that the Ministry of Information and Broadcasting has given no objection certificate on May 29, to transfer operation of the FM radio licence to Reliance Unicom Ltd.

This scheme of arrangement for the demerger of radio business of Adlabs Films Ltd and its transfer and vesting into Reliance Unicom Ltd was sanctioned by the Bombay High Court by its order dated April 04, 2009.

"The Ministry of Information and Broadcasting has given its no-objection" to the transfer of operation of the FM radio licence to Reliance Unicom pursuant to the scheme of arrangement for the demerger of radio business of Adlabs Films, the company said in a filing to the Bombay Stock Exchange.

Last year, the board had approved the scheme of demerger under which shareholders of Reliance Unicom would be issued one share for each share held in Adlabs Films.

The demerger would be effective from April 1, 2008, the company had said.