Confidential submission dated December 31, 2014 by emerging growth company pursuant to Section 6(E) of the Securities Act of 1933
  
As filed with the Securities and Exchange Commission on [  ], 2015

Registration No. 333-      

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

Form F-4
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

 

Videocon d2h Limited

(Exact name of registrant as specified in its charter)

 

Republic of India		4841		Not applicable
(State or other jurisdiction of incorporation or organization)		(Primary Standard Industrial Classification Code Number)		(I.R.S. Employer Identification Number)

1^st Floor, Techweb Centre
New Link Road
Oshiwara Jogeshwari (West)
Mumbai 400 102 Maharashtra, India
(+91 22) 4255 5000

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

 

Law Debenture Corporate Services Inc.
400 Madison Avenue, 4^th Floor
New York, NY 10017
Tel: (212) 750-6474
Fax: (212) 750-1361

 

With copies to:

Saurabh Pradipkumar Dhoot Executive Director 1st Floor, Techweb Centre New Link Road Oshiwara Jogeshwari (West) Mumbai 400 102 Maharashtra, India (+91 22) 4255 5000		James A. Graf Chief Financial Officer Silver Eagle Acquisition Corp. 1450 2nd Street, Suite 247 Santa Monica, CA 90401 Tel: (310) 209-7280		Ashok K. Lalwani, Esq. Thomas J. Rice, Esq. Baker & McKenzie. Wong & Leow 8 Marina Boulevard #05-01 Marina Bay Financial Centre Tower 1 Singapore 018981 Tel: (+65) 6338 1888 Fax: (+65) 6337 5100		Joel L. Rubinstein, Esq. Jonathan P. Rochwarger, Esq. Elliott M. Smith, Esq. McDermott Will & Emery LLP 340 Madison Avenue New York, NY 10173-1922 Tel: (212) 547-5400 Fax: (212) 547-5444

 

Approximate date of commencement of proposed sale of the securities to the public: As soon as practicable after the effective date of this registration statement and on completion of the business combination described in the enclosed proxy statement/prospectus.

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) o

Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) o

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities to be Registered(1)

Amount to be Registered(2)

Proposed Maximum Offering Price per Share

Proposed Maximum Aggregate Offering Price(3)

Amount of Registration Fee(4)

Equity shares, face value Rs.10 per share

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

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The information in this proxy statement/prospectus is not complete and may be changed. The registrant may not issue these securities until the registration statement filed with the Securities and Exchange Commission is effective. The proxy statement/prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

PRELIMINARY, SUBJECT TO COMPLETION, DATED [  ], 2015

SILVER EAGLE ACQUISITION CORP.
1450 2^nd Street, Suite 247
Santa Monica, California 90401

Dear Silver Eagle Acquisition Corp. Stockholders and Public Warrantholders:

You are cordially invited to attend the special meeting of stockholders and/or the special meeting of public warrantholders of Silver Eagle Acquisition Corp., or Silver Eagle, on [           ], 2015, at [    ] [a.m.][p.m.], Eastern time, and [  ] [a.m.][p.m.], Eastern time, respectively, at the offices of McDermott Will & Emery LLP, 340 Madison Avenue, New York, New York.

At the special meeting of stockholders, Silver Eagle’s stockholders will be asked to consider and vote upon a proposal, which is referred to herein as the “Business Combination Proposal,” to approve a contribution agreement (the “Contribution Agreement”), dated December 31, 2014, by and among Videocon d2h Limited, or Videocon d2h, and Silver Eagle. Videocon d2h is the fastest growing direct-to-home service provider in India. If the Contribution Agreement is approved and Silver Eagle consummates the transactions contemplated thereby, which we refer to collectively as the “Transaction,” Silver Eagle will contribute the funds held in the trust account that holds the proceeds of its initial public offering, less certain transaction expenses, amounts used to pay Silver Eagle stockholders who properly exercise their redemption rights in connection with the vote to approve the Business Combination Proposal, payments to warrantholders (if the Warrant Amendment Proposal described below is approved) and reserves for liquidation and dissolution expenses (the “Contribution Amount”), in exchange for equity shares of Videocon d2h. We estimate that the equity shares issued by Videocon d2h in exchange for the Contribution Amount will constitute between 33.50% and 38.55% of the issued share capital of Videocon d2h, depending on the number of shares redeemed by Silver Eagle’s public stockholders. The current shareholders of Videocon d2h will be entitled to be issued additional equity shares of Videocon d2h following the closing representing 3.88% of the post-closing issued share capital of Videocon d2h subject to the achievement of certain ADS price targets for a specified period following the closing. See “Summary — Videocon d2h Equity Shares and ADSs to be Issued in the Transaction” and “Unaudited Pro Forma Condensed Financial Information” for further information. The Videocon d2h equity shares will be represented by Videocon d2h American Depositary Shares, or ADSs, with each ADS representing [  ] Videocon d2h equity shares. The contribution by Silver Eagle of the Contribution Amount to Videocon d2h in exchange for Videocon d2h’s equity shares is referred to herein as the “Contribution.” As soon as reasonably practicable after the closing of the Transaction, Silver Eagle’s stockholders will receive Videocon d2h ADSs in proportion to their stockholdings in Silver Eagle and Silver Eagle will dissolve and liquidate. A copy of the Contribution Agreement is attached to the accompanying proxy statement/prospectus as Annex A.

Silver Eagle stockholders will also be asked to consider and vote upon a proposal to approve a plan of dissolution, which provides for the liquidation and dissolution of Silver Eagle following the Transaction, subject to the approval of the Business Combination Proposal and the closing of the Transaction. A copy of the plan of dissolution is attached as Annex B to the accompanying proxy statement/prospectus. We refer to this proposal as the “Plan of Dissolution Proposal.”

At the special meeting of public warrantholders, Silver Eagle public warrantholders will be asked to consider and vote on a proposal, which is referred to herein as the “Warrant Amendment Proposal,” to approve and consent to amend the terms of the warrant agreement governing Silver Eagle’s outstanding warrants to provide that, upon the consummation of the Transaction, each of Silver Eagle’s outstanding warrants, which entitle the holder thereof to purchase one-half of one share of Silver Eagle common stock, will be exchanged for cash in the amount of $1.00. In connection with the Transaction, the Sponsor and Dennis A. Miller have agreed to forfeit to Silver Eagle for no consideration 15,000,000 private placement warrants held by them. Accordingly the private placement warrants will not be eligible to be exchanged for cash. Approval of the Warrant Amendment Proposal is not a condition to the consummation of the Transaction.

Each of these proposals is more fully described in the accompanying proxy statement/prospectus.

Under the Contribution Agreement, the closing of the Transaction is subject to a number of conditions, including that (i) Silver Eagle stockholders approve the Business Combination Proposal and (ii) the Contribution Amount is at least $200,850,000. If these conditions are not satisfied, then Videocon d2h will not be required to consummate the Transaction.

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Silver Eagle’s common stock, units and warrants are currently quoted on the OTCQB under the symbols “EAGL,” “EAGLU” and “EAGLW,” respectively. Videocon d2h intends to apply to list its ADSs on the NASDAQ Stock Market, LLC, or NASDAQ, under the symbol “VDTH” in connection with the closing of the Transaction. We cannot assure you that Videocon d2h’s ADSs will be approved for listing on NASDAQ.

Videocon d2h is an “emerging growth company” under applicable federal securities laws and will be subject to reduced public company reporting requirements. Investing in Videocon d2h’s securities involves a high degree of risk. See “Risk Factors” beginning on page 18 for a discussion of information that should be considered in connection with an investment in Videocon d2h’s securities.

Pursuant to Silver Eagle’s amended and restated certificate of incorporation, Silver Eagle is providing its public stockholders with the opportunity to redeem all or a portion of their shares of Silver Eagle common stock at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the Transaction, including interest, less franchise and income taxes payable, divided by the number of then outstanding shares of common stock that were sold as part of the units in Silver Eagle’s initial public offering, which are referred to collectively as public shares, subject to the limitations described herein. For illustrative purposes, based on funds in the trust account of approximately $324,849,061 on September 30, 2014 and estimated $130,000 in taxes payable, the estimated per share redemption price would have been approximately $9.99. Public stockholders may elect to redeem their shares even if they vote for the Business Combination Proposal. A public stockholder, together with any of his, her or its affiliates or any other person with whom it is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended), will be restricted from redeeming his, her or its shares with respect to more than an aggregate of 10% of the public shares. Holders of Silver Eagle’s outstanding public warrants do not have redemption rights in connection with the Transaction. The holders of Silver Eagle shares issued prior to its initial public offering, which are referred to as “founder shares,” have agreed to waive their redemption rights with respect to their founder shares and any other shares they may hold in connection with the consummation of the Transaction, and the founder shares will be excluded from the pro rata calculation used to determine the per-share redemption price. Currently, Global Eagle Acquisition LLC, which is one of the founders and is referred to as the “Sponsor,” owns approximately 18.8% of Silver Eagle’s issued and outstanding shares of common stock, consisting of approximately 94.1% of the founder shares.

Silver Eagle is providing this proxy statement/prospectus and accompanying proxy card to its stockholders and public warrantholders in connection with the solicitation of proxies to be voted at the special meetings and at any adjournments or postponements of the special meetings. Whether or not you plan to attend the applicable special meeting(s), we urge you to read this proxy statement/prospectus (and any documents incorporated into this proxy statement/prospectus by reference) carefully. Please pay particular attention to the section entitled “Risk Factors,” which begins on page 18 ..

Silver Eagle’s board of directors has unanimously approved the Contribution Agreement and Warrant Agreement Amendment and unanimously recommends that (i) its stockholders vote FOR all of the proposals presented to its stockholders and (ii) its public warrantholders vote FOR all of the proposals presented to its public warrantholders. When you consider the board recommendation of these proposals, you should keep in mind that Silver Eagle’s directors and officers have interests in the Transaction that may conflict with your interests as a stockholder or public warrantholder, as applicable. See the section entitled “Proposal No. 1 — Approval of the Business Combination — Interests of Silver Eagle’s Directors or Executive Officers in the Transaction.”

Approval of the Business Combination Proposal and the Plan of Dissolution Proposal requires the affirmative vote of holders of a majority of outstanding shares of Silver Eagle common stock. The boards of directors of Silver Eagle and Videocon d2h have already approved the Contribution Agreement.

Approval of the Warrant Amendment Proposal at the special meeting of public warrantholders requires the approval of holders of 65% of the outstanding public warrants. If the parties do not complete the Transaction, the warrant agreement will not be amended, even if warrantholders have previously approved the proposed amendment.

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Silver Eagle has no specified maximum redemption threshold under its charter. It is a condition to closing under the Contribution Agreement, however, that the Contribution Amount is at least $200,850,000. Therefore, in order to satisfy the condition to closing, the maximum redemption threshold is the amount that would allow the Contribution Amount to be $200,850,000. If, however, redemptions by Silver Eagle public stockholders cause Silver Eagle to be unable to meet this closing condition, then Videocon d2h will not be required to consummate the Transaction, although it may, in its sole discretion, waive this condition. In the event that Videocon d2h waives this condition, we do not intend to seek additional shareholder approval or to extend the time period in which our public stockholders can exercise their redemption rights. In no event, however, will Silver Eagle redeem public shares in an amount that would cause its net tangible assets to be less than $5,000,001 immediately prior to the Contribution.

The Sponsor and Silver Eagle’s executive officers and independent directors have agreed to vote their founder shares and any other shares held by them in favor of the Business Combination Proposal. Pursuant to the terms of the warrant agreement, the Sponsor is not permitted to vote the private placement warrants it holds in favor of the Warrant Amendment Proposal unless the registered holders of 65% of the public warrants vote in favor of the Warrant Amendment Proposal.

Your vote is very important. If you are a registered stockholder or public warrantholder, please vote your shares or warrants, as applicable, as soon as possible using one of the following methods to ensure that your vote is counted, regardless of whether you expect to attend the applicable special meeting(s) in person: (1) call the toll-free number specified on the enclosed proxy card and follow the instructions when prompted, (2) access the Internet website specified on the enclosed proxy card and follow the instructions provided to you, or (3) complete, sign, date and return the enclosed proxy card in the postage-paid envelope provided. If you hold your shares or warrants in “street name” through a bank, broker or other nominee, you will need to follow the instructions provided to you by your bank, broker or other nominee to ensure that your shares or warrants, as applicable, are represented and voted at the applicable special meeting(s). A failure to vote your shares is the equivalent of a vote “AGAINST” the Business Combination Proposal and the Plan of Dissolution Proposal but will have no effect on the other proposals for the special meeting of stockholders. A failure to vote your warrants is the equivalent of a vote “AGAINST” the Warrant Amendment Proposal but will have no effect on the other proposals for the special meeting of public warrantholders.

If you sign, date and return your proxy card without indicating how you wish to vote, your proxy will be voted in favor of each of the proposals presented at the special meetings. With respect to the proposals for the special meeting of stockholders, if you fail to return your proxy card or fail to submit your proxy by telephone or over the Internet, or fail to instruct your bank, broker or other nominee how to vote, and do not attend the special meeting in person, the effect will be that your shares will not be counted for purposes of determining whether a quorum is present at the special meeting of stockholders and, if a quorum is present, will have the same effect as a vote against the Business Combination Proposal and the Plan of Dissolution Proposal but will have no effect on the other proposals. With respect to the proposals for the special meeting of public warrantholders, if you fail to return your proxy card or fail to submit your proxy by telephone or over the Internet, or fail to instruct your bank, broker or other nominee how to vote, and do not attend the special meeting in person, the effect will be that your warrants will have the same effect as a vote against the Warrant Amendment Proposal but will have no effect on the other proposals for the special meeting of public warrantholders. If you are a stockholder or public warrantholder of record and you attend the applicable special meeting(s) and wish to vote in person, you may withdraw your proxy and vote in person.

Silver Eagle’s board of directors has fixed the close of business on [           ], 2015, as the record date for the determination of stockholders and public warrantholders entitled to notice of and to vote at the special meeting of stockholders and the special meeting of public warrantholders, respectively, and at any adjournments or postponements thereof.

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On behalf of the board of directors of Silver Eagle, I thank you for your support and we look forward to the successful completion of the Transaction.

Sincerely,

[           ], 2015

Harry E. Sloan
Chairman and Chief Executive Officer

This proxy statement/prospectus is dated [           ], 2015, and is first being mailed to stockholders and public warrantholders of Silver Eagle on or about [           ], 2015.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PROXY STATEMENT/PROSPECTUS OR ANY OF THE SECURITIES TO BE ISSUED IN THE TRANSACTION, PASSED UPON THE MERITS OR FAIRNESS OF THE TRANSACTION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PROXY STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

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SILVER EAGLE ACQUISITION CORP.
1450 2^nd Street, Suite 247
Santa Monica, California 90401

NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
OF SILVER EAGLE ACQUISITION CORP.
To Be Held On [           ], 2015

To the Stockholders of Silver Eagle Acquisition Corp.:

NOTICE IS HEREBY GIVEN that a special meeting of stockholders (the “special meeting”) of Silver Eagle Acquisition Corp., a Delaware corporation (“Silver Eagle” or the “Company”), will be held at [    ] [a.m.][p.m.], Eastern time, on [           ], 2015, at the offices of McDermott Will & Emery LLP, 340 Madison Avenue, New York, New York. You are cordially invited to attend the special meeting for the following purposes:

(1) The Business Combination Proposal — to consider and vote upon a proposal to approve the Contribution Agreement, dated as of December 31, 2014 (the “Contribution Agreement”), by and among Videocon d2h Limited, a company incorporated in the Republic of India (“Videocon d2h”), and Silver Eagle, and the transactions contemplated thereby (the “Business Combination Proposal”);

(2) The Plan of Dissolution Proposal — to consider and vote upon a proposal to approve a plan of dissolution, which provides for the liquidation and dissolution of Silver Eagle following the Transaction, subject to the approval of the Business Combination Proposal and the closing of the Transaction (the “Plan of Dissolution Proposal”);

(3) The Adjournment Proposal — to consider and vote upon a proposal to adjourn the special meeting to a later date or dates, if the Company determines that there are not sufficient votes to approve one or more proposals presented at the special meeting of stockholders or that one or more closing conditions under the Contribution Agreement will not be satisfied (the “Adjournment Proposal”); and

(4) to consider and transact such other procedural matters as may properly come before the special meeting or any adjournment or postponement thereof.

Only holders of record of Silver Eagle’s common stock at the close of business on [           ], 2015 are entitled to notice of the special meeting of stockholders and to vote at the special meeting and any adjournments or postponements of the special meeting. A complete list of Silver Eagle stockholders of record entitled to vote at the special meeting will be available for ten days before the special meeting at Silver Eagle’s principal executive offices for inspection by stockholders during ordinary business hours for any purpose germane to the special meeting.

Silver Eagle is also holding a special meeting of its public warrantholders where its public warrantholders will be asked to consider and vote on a proposal, which we refer to as the “Warrant Amendment Proposal,” to approve and consent to amend the terms of the warrant agreement governing Silver Eagle’s outstanding warrants to provide that, upon the consummation of the Transaction, each of Silver Eagle’s outstanding warrants, which entitle the holder thereof to purchase one-half of one share of Silver Eagle common stock, will be exchanged for cash in the amount of $1.00.

Pursuant to Silver Eagle’s amended and restated certificate of incorporation, Silver Eagle is providing its public stockholders with the opportunity to redeem their shares of Silver Eagle common stock for cash equal to their pro rata share of the aggregate amount on deposit in the trust account which holds the proceeds of Silver Eagle’s initial public offering as of two business days prior to the consummation of the transactions contemplated by the Contribution Agreement, including interest, less franchise and income taxes payable, upon the closing of the Transaction. For illustrative purposes, based on funds in the trust account of approximately $324,849,061 on September 30, 2014 and estimated $130,000 in taxes payable, the estimated per share redemption price would have been approximately $9.99. Public stockholders may elect to redeem their shares even if they vote for the Business Combination Proposal. A public stockholder, together with any of his, her or its affiliates or any other person with whom it is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended), will be restricted from redeeming his, her or its shares with respect to more than an aggregate of 10% of the public shares.

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The holders of Silver Eagle shares issued prior to its initial public offering (“founder shares”) have agreed to waive their redemption rights with respect to their founder shares and any other shares they may hold in connection with the consummation of the Transaction, and the founder shares will be excluded from the pro rata calculation used to determine the per-share redemption price. Currently, Global Eagle Acquisition LLC, Silver Eagle’s sponsor, owns approximately 18.8% of Silver Eagle’s issued and outstanding shares of common stock, consisting of 94.1% of the founder shares.

The Transaction will be consummated only if a majority of the outstanding shares of Silver Eagle common stock are voted in favor of the Business Combination Proposal. Silver Eagle has no specified maximum redemption threshold under its charter. It is a condition to closing under the Contribution Agreement, however, that the Contribution Amount is at least $200,850,000. Any redemptions of public shares by public stockholders will decrease the amount in Silver Eagle’s trust account. Therefore, in order to satisfy the closing condition, the maximum redemption threshold is the amount that would allow the Contribution Amount to be $200,850,000. If, however, redemptions by public stockholders cause Silver Eagle to be unable to meet this closing condition, then Videocon d2h will not be required to consummate the Transaction, although it may, in its sole discretion, waive this condition. In the event that Videocon d2h waives this condition, we do not intend to seek additional shareholder approval or to extend the time period in which our public stockholders can exercise their redemption rights. In no event, however, will Silver Eagle redeem public shares in an amount that would cause its net tangible assets to be less than $5,000,001 immediately prior to the Contribution.

Your attention is directed to the proxy statement/prospectus accompanying this notice (including the annexes thereto) for a more complete description of the proposed Transaction and related transactions and each of the proposals to be voted upon. We encourage you to read this proxy statement/prospectus carefully. If you have any questions or need assistance voting your shares, please call Silver Eagle’s proxy solicitor, Morrow & Co., LLC, at (800) 662-5200.

By Order of the Board of Directors,

[           ], 2015

James A. Graf
Secretary

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SILVER EAGLE ACQUISITION CORP.
1450 2^nd Street, Suite 247
Santa Monica, California 90401

NOTICE OF SPECIAL MEETING OF WARRANTHOLDERS
OF SILVER EAGLE ACQUISITION CORP.
To Be Held On [           ], 2015

To the Public Warrantholders of Silver Eagle Acquisition Corp.:

NOTICE IS HEREBY GIVEN that a special meeting of public warrantholders (the “special meeting”) of Silver Eagle Acquisition Corp., a Delaware corporation (“Silver Eagle” or the “Company”), owning warrants originally issued in the Company’s initial public offering, will be held at [    ] [a.m.][p.m.], Eastern time, on [           ], 2015, at the offices of McDermott Will & Emery LLP, 340 Madison Avenue, New York, New York. You are cordially invited to attend the special meeting for the following purposes:

(1) The Warrant Amendment Proposal — to consider and vote upon an amendment (the “Warrant Amendment”) to the warrant agreement that governs all of Silver Eagle’s warrants to provide that, upon consummation of contribution by Silver Eagle to Videocon d2h Limited (“Videocon d2h”) in exchange for equity shares of Videocon d2h, which will be represented by American Depositary Shares (“ADSs”), pursuant to the Contribution Agreement, dated December 31, 2014, by and among Videocon d2h and Silver Eagle (the “Contribution Agreement”), each outstanding Silver Eagle warrant will be exchanged for cash in the amount of $1.00;

(2) The Warrantholder Adjournment Proposal — to consider and vote upon a proposal to adjourn the special meeting of public warrantholders to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the special meeting of public warrantholders, there are not sufficient votes to approve the Warrant Amendment Proposal (the “Warrantholder Adjournment Proposal”); and

(3) to consider and transact such other procedural matters as may properly come before the special meeting of public warrantholders or any adjournment or postponement thereof.

Only holders of record of Silver Eagle public warrants at the close of business on [           ], 2015 are entitled to notice of the special meeting of public warrantholders and to vote at the special meeting of public warrantholders and any adjournments or postponements of the special meeting of public warrantholders. A complete list of the public warrantholders of record entitled to vote at the special meeting of public warrantholders will be available for ten days before the special meeting of public warrantholders at Silver Eagle’s principal executive offices for inspection by warrantholders during ordinary business hours for any purpose germane to the special meeting.

Silver Eagle is also holding a special meeting of stockholders to consider and vote upon proposals (a) to approve the Contribution Agreement and the transactions contemplated thereby, which is referred to as the Business Combination Proposal, and (b) to approve a plan of dissolution for Silver Eagle, which is referred to as the “Plan of Dissolution Proposal.”

Approval of the Warrant Amendment Proposal requires the affirmative vote of holders of 65% of the public warrants. In addition, the Warrant Amendment Proposal will be contingent upon Silver Eagle’s stockholders approving Business Combination Proposal at the special meeting of stockholders and consummating the transaction contemplated thereby. Approval of the Business Combination Proposal requires the affirmative vote of holders of a majority of the outstanding shares of common stock of Silver Eagle. .

Your vote is very important. If you are a public warrantholder, please vote as soon as possible using one of the following methods to ensure that your vote is counted, regardless of whether you expect to attend the special meeting of public warrantholders in person: (1) call the toll-free number specified on the enclosed proxy card and follow the instructions when prompted, (2) access the Internet website specified on the enclosed proxy card and follow the instructions provided to you, or (3) complete, sign, date and return the enclosed proxy card in the postage-paid envelope provided. If you hold your public warrants in “street name” through a bank, broker or other nominee, you will need to follow the

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instructions provided to you by your bank, broker or other nominee to ensure that your warrants are represented and voted at the special meeting of public warrantholders.

If you sign, date and return your proxy card without indicating how you wish to vote, your proxy will be voted in favor of each of the proposals presented at the special meeting of public warrantholders. If you fail to return your proxy card or fail to submit your proxy by telephone or over the Internet, or fail to instruct your bank, broker or other nominee how to vote, and do not attend the special meeting of public warrantholders in person, the effect will be that your warrants will have the same effect as a vote against the Warrant Amendment Proposal. If you are a public warrantholder of record and you attend the special meeting of public warrantholders and wish to vote in person, you may withdraw your proxy and vote in person.

On behalf of the board of directors of Silver Eagle, I thank you for your participation and look forward to your continued support.

By Order of the Board of Directors,

[           ], 2015

James A. Graf
Secretary

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		Page
ABOUT THIS PROXY STATEMENT/PROSPECTUS			iv
CONVENTIONS WHICH APPLY TO THIS PROXY STATEMENT/PROSPECTUS			v
IMPORTANT INFORMATION ABOUT IFRS AND NON-IFRS FINANCIAL MEASURES			v
INDUSTRY AND MARKET DATA			v
FREQUENTLY USED TERMS			v
QUESTIONS AND ANSWERS ABOUT THE PROPOSALS FOR STOCKHOLDERS AND PUBLIC WARRANTHOLDERS			1
SUMMARY OF THE PROXY STATEMENT/PROSPECTUS			13
RISK FACTORS			18
SELECTED HISTORICAL FINANCIAL INFORMATION OF SILVER EAGLE			48
SELECTED HISTORICAL FINANCIAL INFORMATION OF VIDEOCON D2H			49
EXCHANGE RATES			50
COMPARATIVE SHARE INFORMATION			51
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS			52
SPECIAL MEETING OF SILVER EAGLE STOCKHOLDERS AND SPECIAL MEETING OF SILVER EAGLE PUBLIC WARRANTHOLDERS			53
PROPOSAL NO. 1 — APPROVAL OF THE BUSINESS COMBINATION			58
Structure of the Transaction			58
The Contribution Agreement			58
Agreements Related to the Contribution Agreement			69
Background of the Transaction			71
Silver Eagle’s Board of Directors’ Reasons for the Approval of the Business Combination			74
Certain Benefits of Silver Eagle’s Directors and Officers and Others in the Business Combination			77
Potential Purchases of Public Shares			77
Regulatory Approvals Required for the Transaction			77
Redemption Rights			82
Appraisal Rights			82
Listing of Videocon d2h ADSs			78
Vote Required for Approval			78
Recommendation of the Board			78
PROPOSAL NO. 2 — APPROVAL OF THE PLAN OF DISSOLUTION			79
General			79
Principal Provisions of the Plan of Dissolution			79
Liquidating Distributions to Stockholders; Nature, Amount and Timing			0
Liquidating Trust			81
Indemnification and Plan of Dissolution Expenses			81
Silver Eagle’s Conduct Following the Dissolution Date			81
Reporting Requirements			82
Trading of Silver Eagle’s Securities			82

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		Page
Regulatory Approvals			82
Appraisal Rights			82
Vote Required for Approval			82
Recommendation of the Board			82
PROPOSAL NO. 3 — THE ADJOURNMENT PROPOSAL			83
Consequences if the Adjournment Proposal is Not Approved			83
Required Vote			83
Recommendation of the Board			83
PROPOSALS TO BE CONSIDERED BY THE PUBLIC WARRANTHOLDERS			84
THE WARRANT AMENDMENT PROPOSAL			84
Certain Effects of the Approval of the Warrant Amendment Proposal			84
Vote Required for Approval			84
Recommendation of the Board			84
THE WARRANTHOLDER ADJOURNMENT PROPOSAL			85
Consequences if the Warrantholder Adjournment Proposal is Not Approved			85
Required Vote			85
Recommendation of the Board			85
USE OF PROCEEDS			86
ACCOUNTING TREATMENT			87
UNAUDITED PRO FORMA VIDEOCON D2H FINANCIAL INFORMATION			88
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS			97
MATERIAL INDIAN TAX CONSIDERATIONS			105
INFORMATION ABOUT SILVER EAGLE			107
SILVER EAGLE MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			116
INDUSTRY OVERVIEW			120
VIDEOCON D2H’S BUSINESS			140
VIDEOCON D2H OPERATING AND FINANCIAL REVIEW AND PROSPECTS			159
VIDEOCON D2H’S INDEBTEDNESS			175
MANAGEMENT AFTER THE TRANSACTION			190
COMPARISON OF YOUR RIGHTS AS A HOLDER OF SILVER EAGLE COMMON STOCK AND YOUR RIGHTS AS A POTENTIAL HOLDER OF VIDEOCON D2H EQUITY SHARES OR VIDEOCON D2H ADSs			197
DESCRIPTION OF VIDEOCON D2H SHARE CAPITAL			214
DESCRIPTION OF THE AMERICAN DEPOSITARY SHARES			220
SHARES ELIGIBLE FOR FUTURE SALES			230
BENEFICIAL OWNERSHIP OF SECURITIES			234
SELLING SHAREHOLDERS			236
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS			238
PRICE RANGE OF SECURITIES AND DIVIDENDS			243

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		Page
LEGAL MATTERS			244
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS			245
APPRAISAL RIGHTS			245
ENFORCEABILITY OF CIVIL LIABILITIES			245
DELIVERY OF DOCUMENTS TO STOCKHOLDERS			246
TRANSFER AGENT AND REGISTRAR			246
SUBMISSION OF STOCKHOLDER PROPOSALS			246
FUTURE STOCKHOLDER PROPOSALS			246
WHERE YOU CAN FIND MORE INFORMATION			247
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS			F-20

ANNEXES

Annex A — Contribution Agreement*			A-0
Annex B — Sponsor Lockup Agreement			B-1
Annex C — Shareholder Lockup, Tag-Along and Voting Agreement			C-1
Annex D — Plan of Dissolution			D-1
Annex E — Form of Amendment No. 1 to Warrant Agreement			E-1

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ABOUT THIS PROXY STATEMENT/PROSPECTUS

This document, which forms part of a registration statement on Form F-4 filed with the U.S. Securities and Exchange Commission, or SEC, by Videocon d2h (File No. 333-[        ]), constitutes a prospectus of Videocon d2h under Section 5 of the U.S. Securities Act of 1933, as amended, or the Securities Act, with respect to the Videocon d2h equity shares underlying the Videocon d2h ADSs to be issued to Silver Eagle stockholders if the Transaction is consummated. This document also constitutes notices of meetings and a proxy statement under Section 14(a) of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to the special meetings of (i) Silver Eagle stockholders, at which Silver Eagle stockholders will be asked to consider and vote upon a proposal to approve the transactions contemplated by the Contribution Agreement, among other matters, and (ii) Silver Eagle warrantholders at which Silver Eagle public warrantholders will be asked to approve an amendment to the warrant agreement which governs the terms of Silver Eagle’s outstanding warrants in connection with Silver Eagle’s consummation of the transactions contemplated by the Contribution Agreement.

Certain holders of Videocon d2h ADSs after the Transaction identified in this proxy statement/prospectus under the heading “Selling Shareholders” (referred to as the selling shareholders) may, during the one-year period following the consummation of the Transaction, offer for sale and sell Videocon d2h ADSs they receive in the Transaction. The exact number of Videocon d2h ADSs to be received by the selling shareholders will depend on the total number of Videocon d2h ADSs that are issued in the Transaction, as described in this proxy statement/prospectus. All of the ADSs that may be offered for resale by the selling shareholders hereunder will have been received by the selling shareholders in the Transaction.

Videocon d2h will not receive any proceeds from any such offer or sale by the selling shareholders.

The selling shareholders may sell such Videocon d2h ADSs from time to time directly to purchasers or through underwriters, broker-dealers or agents, at fixed prices, at prevailing market prices at the time of sale, at varying prices or negotiated prices, by a variety of methods including the following:

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CONVENTIONS WHICH APPLY TO THIS PROXY STATEMENT/PROSPECTUS

In this proxy statement/prospectus, unless otherwise specified or the context otherwise requires:

IMPORTANT INFORMATION ABOUT IFRS AND NON-IFRS FINANCIAL MEASURES

Videocon d2h’s audited financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and referred to in this proxy statement/prospectus as “IFRS.”

Videocon d2h refers in various places within this proxy statement/prospectus to EBITDA which is a non-IFRS measure that is calculated as earnings before interest, tax and depreciation and amortization and more fully explained in “Videocon d2h’s Operating and Financial Review and Prospects.” The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS.

INDUSTRY AND MARKET DATA

In this proxy statement/prospectus, Videocon d2h relies on and refers to information and statistics regarding market shares in the sectors in which it competes and other industry data. Videocon d2h obtained this information and statistics from third-party sources, including reports by market research firms, such as Media Partners Asia, Ltd. Videocon d2h has supplemented this information where necessary with information from discussions with Videocon d2h customers and its own internal estimates, taking into account publicly available information about other industry participants and Videocon d2h’s management’s best view as to information that is not publicly available. Videocon d2h believes that these third-party sources are reliable, but it has not independently verified the information and statistics obtained from them.

FREQUENTLY USED TERMS

Unless otherwise stated or unless the context otherwise requires, the terms the “Company” and “Silver Eagle” refer to Silver Eagle Acquisition Corp., and the term “post-Transaction company” refers to Videocon d2h following the consummation of the Transaction.

In this document:

“ADS” means an American Depositary Share.

“add-on” means individual channels or a set of channels that subscribers may add to their current subscription package.

“a la carte” means a subscription package whereby subscribers can create a custom subscription package.

“Antrix Corporation” means the commercial division of the Department of Space, Government of India.

“ARPU” means Average Revenue Per User.

“Banca Intesa” refers to Banca Intesa Mediocredito S.p.A.

“BSE” refers to BSE Limited, located in Mumbai, Maharashtra, India.

“Contribution” means the contribution of cash by Silver Eagle to Videocon d2h in exchange for equity shares of Videocon d2h, represented by ADSs, pursuant to the terms of the Contribution Agreement.

“Contribution Agreement” means the Contribution Agreement, dated as of December 31, 2014, by and among Videocon d2h and Silver Eagle.

“Contribution Amount” means the amount of funds held in the trust account that holds the proceeds of Silver Eagle’s initial public offering that are contributed to Videocon d2h in the Transaction, less certain transaction expenses, amounts used to pay Silver Eagle stockholders who properly exercise their redemption

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rights in connection with the vote to approve the Business Combination Proposal, payments to warrantholders (if the Warrant Amendment Proposal is approved) and reserves for liquidation and dissolution expenses, that is contributed to Videocon d2h in the Transaction.

“CPC” refers to the Code of Civil Procedure, 1908 of India.

“DAS” means Digital Addressable Cable TV System.

“Department of Space” refers to the Department of Space, Government of India.

“DTH” means Direct-to-Home satellite, a means of receiving signals transmitted from direct broadcast satellites.

“DTH Guidelines” means Guidelines for Obtaining License for Providing Direct-To-Home (DTH) Broadcasting Service in India issued by the Ministry of Information and Broadcasting, Government of India on March 15, 2001, as amended form time to time.

“DTH License Agreement” means License Agreement, dated December 28, 2007, executed between Videocon d2h and the President of India acting through the Director, Broadcasting, Policy and Legislation, Ministry of Information and Broadcasting, Government of India.

“DVB-S2” means Digital Video Broadcasting – Satellite – Second Generation, a successor to the original digital video broadcasting standard for satellite TV.

“Electronic Program Guide” means a graphical user interface that allows subscribers to browse channels and program schedules.

“equity shares” means the equity shares of Videocon d2h with face value of Rs.10 each.

“ESOP 2014” means the Videocon d2h Employees Stock Option Scheme 2014, adopted by Videocon d2h on August 1, 2014, subject to the approval of the MIB.

“founder shares” means the shares of Silver Eagle common stock issued prior to Silver Eagle’s initial public offering.

“founders” means the Sponsor, Dennis A. Miller and Silver Eagle’s executive officers and independent directors.

“GNIDA” refers to the Greater Noida Industrial Development Authority.

“GoI” refers to the Government of India.

“Gross subscribers” means total registered subscribers.

“HD” means High Definition.

“HD 3D Active Channel Service” means a service offered by Videocon d2h providing a variety of HD 3D contents.

“IFRS” refers to International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB).

“Indian Companies Act” means together, the notified provisions of the Companies Act, 2013 (along with applicable rules framed thereunder) and the Companies Act, 1956, as amended (to the extent in force).

“Intesa” refers to Intesa Sanpaolo S.p.A.

“IPTV” means Internet Protocol Television.

“Issue” means the Issue of equity shares underlying the ADSs pursuant to the Contribution Agreement.

“Ku-Band” means the 12-18 GHz portion of the electromagnetic spectrum in the microwave range of frequencies primarily used for satellite communications.

“Ku-Band Lease Agreement” means a Ku-Band Lease Agreement dated April 19, 2012 as amended on June 19, 2013 entered into between Videocon d2h and the Department of Space, Government of India.

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“LNBF” means low-noise block filter.

“Long-Term Recharge Offers” means rewards offered to subscribers who have subscribed to Videocon d2h’s services for a duration of at least three months.

“MHz” means Megahertz.

“MIB” refers to Ministry of Information and Broadcasting, Government of India.

“MPA Report” refers to “Indian DTH Market Overview — Key Dynamics & Future Outlook 2014, a report prepared by Media Partners Asia, Ltd, an independent provider of information services, focusing on media, communications, and entrainment industries.

“Movie Channel Services” means three movie channel services offered by Videocon d2h, two of which are available for all subscription packages for no additional charge, and one of which (d2h cinema) is available for an additional charge subscribed on a monthly basis.

“MPEG-4” refers to a method of defining compression of audio and visual digital data, a designated standard approved by the Moving Picture Experts Group (MPEG).

“Nasdaq Global Market” means a middle-market tier at the NASDAQ Stock Market for companies that meet NASDAQ’s certain financial and liquidity requirements and corporate governance standards.

“Net subscribers” means subscribers authorized to receive DTH broadcasting services on account of payment of subscription charges or any entry offer at the time of initial connection, as well as subscribers who are temporarily disconnected due to non payment of subscription charges for a period not exceeding 120 days.

“NSE” refers to the National Stock Exchange of India Limited, located in Mumbai, Maharashtra, India.

“Patronage letters” refers to patronage letters dated June 1, 2007 and June 5, 2007 issued by Videocon Industries Limited in favor of Intesa Sanpaolo S.p.A. in relation to the loan to VDC Technologies S.p.A.

“Prospectus” means the prospectus included in the Registration Statement on Form F-4 (Registration No. 333-[•]) filed with the U.S. Securities Exchange Commission.

“Principal Shareholders” means Mr. Saurabh Pradipkumar Dhoot, Synergy Appliances Private Limited, Solitaire Appliances Private Limited, Greenfield Appliances Private Limited, Platinum Appliances Private Limited, Shree Dhoot Trading and Agencies Limited and Dome-Bell Electronics India Private Limited.

“private placement warrants” means the warrant to purchase Silver Eagle common stock purchased by the Sponsor and Dennis A. Miller in a private placement in connection with Silver Eagle’s initial public offering.

“public shares” means shares of Silver Eagle common stock issued as part of the units sold in Silver Eagle’s initial public offering.

“public stockholders” means the holders of public shares, other than the founders.

“public warrants” means the warrants included in the units sold in Silver Eagle’s initial public offering, each of which is exercisable for one half of one share of Silver Eagle common stock, in accordance with its terms.

“public warrantholders” means holders of the public warrants.

“RBI” means the Reserve Bank of India.

“recharge” means the payments made by a subscriber from time to time in order to receive the services offered by Videocon d2h.

“SD” means Standard Definition.

“SEAC” or “Silver Eagle” means Silver Eagle Acquisition Corp., a Delaware corporation.

“SEBI” means the Securities and Exchange Board of India.

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“SEC” means the U.S. Securities Exchange Commission.

“Silver Eagle common stock” means common stock, par value $0.0001 per share, of Silver Eagle.

“SingTel” refers to Singapore Telecommunications Limited.

“Sponsor” means Global Eagle Acquisition LLC.

“ST-2”/“ST-2 satellite” refers to a telecommunications satellite made by Mitsubishi Electric, operated by the ST-2 Satellite Ventures joint company of SingTel and Chunghwa Telecom.

“TDSAT” refers to the Telecom Disputes Settlement Appellate Tribunal.

“TEL” refers to Trend Electronics Limited, a Videocon Group entity.

“Tickers” means flash items appearing at the bottom of the screen as a running scroll which can be viewed by subscribers simultaneously with TV channels, displaying sports scores, stock market information and a variety of news, including Bollywood, politics, science and technology, business, lifestyle and general news.

“TRAI” refers to Telecom Regulatory Authority of India.

“Transaction” means the transactions contemplated by the Contribution Agreement.

“trust account” means the trust account that holds the proceeds of Silver Eagle’s initial public offering and the concurrent sale of the private placement warrants to the Sponsor and Dennis A. Miller.

“VDC” refers to VDC Technologies S.p.A., a company incorporated in Italy, which is a former indirect subsidiary of Videocon Industries Limited.

“Videocon d2h” means Videocon d2h Limited, a public limited company organized under the laws of the Republic of India.

“Videocon Group” means the group of entities controlled by Mr. Venugopal Nandlal Dhoot, Mr. Rajkumar Nandlal Dhoot and/or Mr. Pradipkumar Nandlal Dhoot.

“Videocon Industries” or “VIL” refers to Videocon Industries Limited, the Videocon Group’s flagship entity with its securities listed on the BSE, the NSE, the Luxemburg Stock Exchange and the Singapore Stock Exchange.

“Warrant Amendment” means the amendment of the warrant agreement governing Silver Eagle’s outstanding warrants to provide that, upon effectiveness of the amendment, each outstanding public warrant will be exchanged for cash in the amount of $1.00.

“12 Picture-in-Picture Mosaic” means a feature allowing a subscriber to view an on-screen mosaic of current programming of up to 12 channels to choose a channel for viewing.

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QUESTIONS AND ANSWERS ABOUT THE PROPOSALS
FOR STOCKHOLDERS AND PUBLIC WARRANTHOLDERS

The following questions and answers briefly address some commonly asked questions about the proposals to be presented at the special meetings of stockholders and public warrantholders, including with respect to the proposed Transaction. The following questions and answers may not include all the information that is important to Silver Eagle stockholders and public warrantholders. Stockholders and public warrantholders are urged to read carefully this entire proxy statement/prospectus, including the annexes and the other documents referred to herein.

Silver Eagle stockholders are being asked to consider and vote upon a proposal to approve the Contribution Agreement and the transactions contemplated thereby, among other proposals, and its public warrantholders are being asked to consider and vote upon a proposal to approve an amendment to the warrant agreement that governs Silver Eagle’s outstanding warrants.

Silver Eagle common stock, units and warrants are currently quoted on the OTCQB under the symbols “EAGL,” “EAGLU” and “EAGLW,” respectively. Videocon d2h intends to apply to list the ADSs that will be issued to Silver Eagle stockholders in the Transaction on NASDAQ under the symbol “VDTH” upon the closing of the Transaction.

This proxy statement/prospectus and its annexes contain important information about the proposed Transaction and the other matters to be acted upon at the special meetings. You should read this proxy statement/prospectus and its annexes carefully and in their entirety. This document also constitutes a prospectus with respect to the issuance by Videocon d2h of its equity shares, which will be represented by the ADSs.

Your vote is important. You are encouraged to submit your proxy as soon as possible after carefully reviewing this proxy statement/prospectus and its annexes.

Proposals for the Special Meeting of Stockholders

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Proposals for the Special Meeting of Warrantholders

Silver Eagle consummated its initial public offering on July 30, 2013. Approximately $325 million of the proceeds of its initial public offering and the private placement of private placement warrants was placed in a trust account immediately following the initial public offering and, in accordance with its amended and restated certificate of incorporation, will be released upon the consummation of the Transaction. See the question entitled “What happens to the funds held in the trust account upon consummation of the Transaction?”

The Transaction constitutes the initial business combination of Silver Eagle. Therefore, under Silver Eagle’s amended and restated certificate of incorporation, it is providing all holders of public shares with the opportunity to have their public shares redeemed upon the consummation of the Transaction.

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In addition, at the special meeting of public warrantholders, holders of public warrants will also be asked to approve a proposal to approve the adjournment of the special meeting of public warrantholders to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that, based upon the tabulated vote at the time of the special meeting, there are not sufficient votes to approve the Warrant Amendment Proposal. This is referred to herein as the Warrantholder Adjournment Proposal. This proposal will only be presented at the special meeting of public warrantholders if there are not sufficient votes to approve the Warrant Amendment Proposal.

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The following table illustrates varying ownership levels based on the assumptions described above but assuming varying levels of redemptions by Silver Eagle stockholders:

		Assumed % of Silver Eagle Shares Redeemed
		0.0%				7.67%				15.19%				22.70% (maximum under Contribution Agreement)
Silver Eagle stockholders			38.55	%			36.93	%			35.26	%			33.50	%
Current Videocon d2h shareholders			61.45	%			63.07	%			64.74	%			66.50	%

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The approval of the Adjournment Proposal requires the affirmative vote of the holders of a majority of the shares of Silver Eagle common stock represented in person or by proxy and entitled to vote thereon at the special meeting of stockholders. Accordingly, abstentions will have the same effect as a vote “AGAINST” the Adjournment Proposal, while a broker non-vote and shares not in attendance at the special meeting will have no effect on the outcome of any vote on the Adjournment Proposal.

No vote of the holders of any warrants issued by the Company is necessary to approve the Business Combination Proposal, and Silver Eagle is not asking the warrantholders to vote on the Business Combination Proposal or any other proposal being considered at the special meeting of stockholders.

The approval of the Warrantholder Adjournment Proposal requires the affirmative vote of the holders of a majority of the public warrants represented in person or by proxy and entitled to vote thereon at the special meeting of public warrantholders. Accordingly, abstentions will have the same effect as a vote “AGAINST” the Warrantholder Adjournment Proposal, while a broker non-vote and warrants not in attendance at the special meeting of public warrantholders will have no effect on the outcome of any vote on the Warrantholder Adjournment Proposal.

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As of the record date for the special meeting, 20,312,501 shares of Silver Eagle common stock would be required to achieve a quorum.

Pursuant to the terms of the warrant agreement, the Sponsor and Dennis A. Miller are not permitted to vote the private placement warrants they purchased in connection with Silver Eagle’s initial public offering in favor of the Warrant Amendment Proposal unless the registered holders of 65% of the public warrants vote in favor of the Warrant Amendment Proposal. They may, however, vote any public

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warrants they own in any manner they wish. The Sponsor and Dennis A. Miller do not own any public warrants. In order for the Warrant Amendment Proposal to be approved, 16,250,001 of the 32,500,000 outstanding public warrants must vote in favor of the Warrant Amendment Proposal. See the section entitled “Special Meeting of Silver Eagle Stockholders and Special Meeting of Silver Eagle Public Warrantholders — Vote of Silver Eagle Founders” for additional information.

These interests may influence Silver Eagle’s directors in making their recommendation that you vote in favor of the approval of the Transaction.

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Any demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests and thereafter, with Silver Eagle’s consent, until the vote is taken with respect to the Transaction. If you delivered your shares for redemption to Silver Eagle’s transfer agent and decide within the required timeframe not to exercise your redemption rights, you may request that Silver Eagle’s transfer agent return the shares (physically or electronically). You may make such request by contacting Silver Eagle’s transfer agent at the phone number or address listed under the question “Who can help answer my questions?”

If, as a result of the termination of the Contribution Agreement or otherwise, Silver Eagle is unable to complete the Transaction or another business combination transaction by April 30, 2015 (or July 30, 2015 if it has entered into a letter of intent, agreement in principle or definitive agreement for an initial business combination by April 30, 2015 but has not completed the initial business combination by that date), Silver Eagle’s amended and restated certificate of incorporation provides that it will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more

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than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares in consideration of a per-share price, payable in cash, equal to the quotient obtained by dividing (A) the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of such net interest to pay dissolution expenses), less franchise and income taxes payable, by (B) the total number of then outstanding public shares, which redemption will completely extinguish rights of the public stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemptions, subject to the approval of the remaining stockholders and the board of Silver Eagle in accordance with applicable law, dissolve and liquidate, subject in each case to Silver Eagle’s obligations under the Delaware General Corporation Law (“DGCL”) to provide for claims of creditors and other requirements of applicable law.

Silver Eagle expects that the amount of any distribution its public stockholders will be entitled to receive upon its dissolution will be approximately the same as the amount they would have received if they had redeemed their shares in connection with the Transaction, subject in each case to Silver Eagle’s obligations under the DGCL to provide for claims of creditors and other requirements of applicable law. See the section entitled “Risk Factors — If Silver Eagle is unable to effect a business combination by April 30, 2015 (or July 30, 2015 if applicable), it will be forced to liquidate and the warrants will expire worthless and — If Silver Eagle is forced to liquidate, its stockholders may be held liable for claims by third parties against Silver Eagle to the extent of distributions received by them.” Holders of the founder shares have waived any right to any liquidation distribution with respect to those shares.

In the event of liquidation, there will be no distribution with respect to Silver Eagle’s outstanding warrants. Accordingly, the warrants will expire worthless.

For a description of the conditions to the completion of the Transaction, see the section entitled “Proposal No. 1 — Approval of the Business Combination.”

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At the special meeting of public warrantholders, a failure to vote or an abstention will have the same effect as a vote “AGAINST” the Warrant Amendment Proposal, while only an abstention (and not a failure to vote) will have the same effect as a vote “AGAINST” the Warrantholder Adjournment Proposal.

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James A. Graf, Secretary
Silver Eagle Acquisition Corp.
1450 2^nd Street, Suite 247
Santa Monica, California 90401
Tel: (310) 209-7280
Email: jgraf@geacq.com
 
You may also contact Silver Eagle’s proxy solicitor at:

Morrow & Co., LLC
470 West Avenue
Stamford, CT 06902
Telephone: (800) 662-5200
Email: EAGL.info@morrowco.com

To obtain timely delivery, Silver Eagle stockholders and public warrantholders must request the materials no later than five business days prior to the special meeting.

You may also obtain additional information about us from documents filed with the SEC by following the instructions in the section entitled “Where You Can Find More Information.”

If you intend to seek redemption of your public shares, you will need to send a letter demanding redemption and deliver your stock (either physically or electronically) to Silver Eagle’s transfer agent prior to the special meeting of stockholders. If you have questions regarding the certification of your position or delivery of your stock, please contact:

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: Mark Zimkind
E-mail: mzimkind@continentalstock.com

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SUMMARY OF THE PROXY STATEMENT/PROSPECTUS

This summary highlights selected information from this proxy statement/prospectus and may not contain all of the information that is important to you. To better understand the Transaction and the proposals to be considered at the special meetings, you should read this entire proxy statement/prospectus carefully, including the annexes. See also the section entitled “Where You Can Find More Information.”

Unless otherwise specified, all share calculations (i) assume no exercise of redemption rights by Silver Eagle’s public stockholders, (ii) do not include any shares of Silver Eagle common stock issuable upon exercise of Silver Eagle’s warrants.

Parties to the Transaction

Silver Eagle

Silver Eagle Acquisition Corp. (“Silver Eagle”) is a Delaware corporation formed in 2013 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving Silver Eagle and one or more businesses.

Silver Eagle’s common stock, warrants and units are quoted on the OTCQB under the ticker symbols “EAGL,” “EAGLW” and “EAGLU.”

The mailing address of Silver Eagle’s principal executive office is 1450 2^nd Street, Suite 247, Santa Monica, California 90401.

Videocon d2h

Videocon d2h Limited (“Videocon d2h”) is a public limited company incorporated in the year 2002 and organized under the laws of the Republic of India. Videocon d2h is the fastest growing direct-to-home, or DTH, service provider in India by acquisition of new subscribers, adding approximately 9.0 million gross subscribers during the period from April 2011 through September 2014 across India, according to data from the MPA Report.

The mailing address of Videocon d2h’s principal executive office is 1^st Floor, Techweb Centre, New Link Road, Oshiwara Jogeshwari (West), Mumbai 400 102, Maharashtra, India.

The Transaction

Pursuant to the Contribution Agreement, Silver Eagle will contribute the funds held in the trust account, less transaction expenses, amounts used to pay Silver Eagle stockholders who properly exercise their redemption rights in connection with the vote to approve the Business Combination Proposal, payments to warrantholders (if the Warrant Amendment Proposal is approved) and reserves for liquidation and dissolution expenses, in exchange for equity shares of Videocon d2h. Silver Eagle estimates that the equity shares issued by Videocon d2h will constitute between 33.50% and 38.55% of the issued share capital of Videocon d2h, depending on the number of shares redeemed by Silver Eagle’s public stockholders. See “Unaudited Pro Forma Condensed Financial Information” for further information. The Videocon d2h equity shares will be represented by Videocon d2h ADSs, with each ADS representing [  ] Videocon d2h equity shares. As soon as reasonably practicable after the closing of the Transaction, Silver Eagle’s stockholders will receive Videocon d2h ADSs in proportion to their stockholdings in Silver Eagle and Silver Eagle will dissolve and liquidate. The current shareholders of Videocon d2h will be entitled to be issued additional equity shares of Videocon d2h following the closing representing 3.88% of the post-closing issued share capital of Videocon d2h subject to the achievement of certain ADS price targets for a specified period following the closing. In addition, Silver Eagle is proposing to amend the agreement governing its outstanding warrants to provide that each outstanding public warrant of Silver Eagle will be exchanged for cash in the amount of $1.00, as described more fully herein. The Sponsor and Dennis A. Miller have agreed to forfeit to Silver Eagle for no consideration 15,000,000 private placement warrants held by them. Accordingly, the private placement warrants will not be eligible to be exchanged for cash pursuant to the Warrant Amendment Proposal. A copy of the Contribution Agreement is attached to this proxy statement/prospectus as Annex A.

Redemption Rights (Page 56)

Pursuant to Silver Eagle’s amended and restated certificate of incorporation, holders of public shares may elect to have all or a portion of their shares redeemed at a per-share price, payable in cash, equal to the

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aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the Transaction, including interest, less franchise and income taxes payable, divided by the number of then outstanding public shares, subject to the limitations described herein. As of September 30, 2014, this would have amounted to approximately $9.99 per share. If a holder exercises its redemption rights, then such holder will be exchanging its shares of Silver Eagle common stock for cash and will no longer own shares of Silver Eagle common stock. Such a holder will be entitled to receive cash for its public shares only if it properly demands redemption and delivers its shares (either physically or electronically) to Silver Eagle’s transfer agent in accordance with the procedures described herein. See the section entitled “Special Meeting of Silver Eagle Stockholders and Special Meeting of Silver Eagle Public Warrantholders — Redemption Rights” for the procedures to be followed if you wish to redeem your shares for cash.

Videocon d2h Equity Shares and ADSs to be Issued in the Transaction

Under the Contribution Agreement, Silver Eagle expects to contribute between $200.85 and $273.35 million to Videocon d2h in exchange for equity shares, represented by ADSs, constituting between 33.50 and 38.55% of the issued share capital of Videocon d2h, depending on the number of shares redeemed by Silver Eagle’s public stockholders. Set forth in the table below are ownership percentages of Videocon d2h that are calculated assuming that Silver Eagle’s transaction expenses, payments to warrantholders (if the Warrant Amendment Proposal is approved) and reserves for liquidation and dissolution expenses equal $ [  ] in the aggregate and assuming varying levels of redemptions by Silver Eagle stockholders. You should read “Proposal No. 1 — Approval of the Business Combination” and “Unaudited Pro Forma Condensed Financial Information” for further information.

		Assumed % of Silver Eagle Shares Redeemed
		0.0%				7.67%				15.19%				22.70% (maximum under Contribution Agreement)
Silver Eagle stockholders			38.55	%			36.93	%			35.26	%			33.50	%
Current Videocon d2h shareholders			61.45	%			63.07	%			64.74	%			66.50	%

The current shareholders of Videocon d2h will be entitled to be issued additional equity shares of Videocon d2h following the closing representing 3.88% of the post-closing issued share capital of Videocon d2h subject to the achievement of certain ADS price targets for a specified period following the closing.

Treatment of the Founder Shares in the Transaction

Immediately prior to the closing of the Transaction, the Sponsor and Dennis A. Miller will forfeit, in aggregate, 2,945,000 founder shares, 2,013,750 of which will be “founder earnout shares” as described in the prospectus for Silver Eagle’s initial public offering which are subject to forfeiture if certain share price targets are not met following the closing of Silver Eagle’s business combination transaction. This represents forfeiture of all of the founder earnout shares held by the Sponsor and Mr. Miller. Following such forfeiture, the Sponsor, Dennis A. Miller and the independent directors of Silver Eagle, James McNamara and Ernest Del, will hold, in aggregate, 5,125,000 founder shares. Under the Contribution Agreement, at the closing of the Transaction, Videocon d2h is required to grant the Sponsor the equivalent of an additional $13 million of shares increasing ratably to a maximum of an additional $20 million of Shares, based on the applicable actual Contribution Amount contributed by Silver Eagle to Videocon d2h, to be represented by ADSs, based on the price per ADS issued to the Silver Eagle stockholders converted into rupees at the prevailing exchange rate on the date of closing (or make such other issuances or cash payments that would result in the Sponsor receiving the same economic rights, benefits and privileges). 50% of such shares will be subject to forfeiture if the last sales price of the Videocon d2h ADSs on NASDAQ (converted into rupees) for any 20 trading days within any 30-trading day period within three years from the closing date (as adjusted for splits, dividends, reorganizations, recapitalizations and the like) does not equal or exceed 125% of the price per ADS issued to the Silver Eagle stockholders in the Transaction (converted into rupees) and the remaining 50% of such shares will be subject to forfeiture the last sales price of the Videocon d2h ADSs on the NASDAQ (converted into rupees) for any 20 trading days within any 30-trading day period within three years from the closing date (as adjusted for splits, dividends, reorganizations, recapitalizations and the like) equals or exceeds 150% of the price per ADS issued to the Silver Eagle stockholders in the Transaction (converted into rupees).

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Board of Directors of Videocon d2h Following the Transaction

The Contribution Agreement provides that in connection with the Transaction, the board of directors of Videocon d2h will consist of seven members, including Mr. Saurabh Pradipkumar Dhoot, Mr. Harry E. Sloan, Mr. Jeff Sagansky, Mr. Shivratan Jeetmal Taparia, Mr. Pradeep Ramwilas Rathi, Mr. Nabankur Gupta and Mr. Karunchandra Srivastava. See the sections entitled “Proposal No. 1 — Approval of the Business Combination” and “Management After The Transaction” for additional information.

The Plan of Dissolution (Page 79)

If the Business Combination Proposal is approved and the Transaction is consummated, Silver Eagle will have completed its initial business combination transaction by contributing all of the cash held in the trust account, less transaction expenses, amounts due to public stockholder who properly exercise their redemption rights, payments to warrantholders (if the Warrant Amendment Proposal is approved) and reserves for liquidation and dissolution expenses, to Videocon d2h in exchange for Videocon d2h equity shares, represented by ADSs, and each outstanding Silver Eagle public warrant will be exchanged for cash in the amount of $1.00. Silver Eagle’s board of directors has determined that dissolving Silver Eagle as a legal entity after completion of the Transaction is in the best interests of Silver Eagle stockholders, since Silver Eagle will have transferred substantially all of its assets to Videocon d2h in the Transaction.

See the section entitled “Proposal No. 2 — Approval of the Plan of Dissolution” for additional information.

Accounting Treatment (Page 87)

Videocon d2h will issue [ ] equity shares, represented by ADSs, for an aggregate purchase price of between US$200.85 and 273.35 million in connection with the Transaction. Videocon d2h will treat the Transaction as the issue of its equity shares for cash.

Appraisal Rights (Page 82)

Appraisal rights are not available to Silver Eagle stockholders in connection with the Transaction.

Reasons for the Transaction (Page 74)

Silver Eagle was organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Silver Eagle has sought to capitalize on the substantial deal sourcing, investing and operating expertise of its management team to identify, acquire and operate a business in the media and entertainment industries, although Silver Eagle is not limited to a particular industry or sector.

In particular, Silver Eagle’s board considered the following positive factors, although not weighted or in any order of significance:

Media and Entertainment Industry.  Videocon d2h is a leading direct-to-home service provider and acquirer and distributor of entertainment content that works closely with channel distributors. Accordingly, Silver Eagle’s management's significant operating and deal-making experience and relationships with companies in this space would provide Videocon d2h with a number of competitive advantages and may present it with a substantial number of additional business targets and relationships in this space to facilitate growth. Within the media and entertainment sector, Videocon d2h’s growth prospects, competitive dynamics, opportunities for consolidation, limited need for capital investment and barriers to entry in the market were to be compelling compared to other opportunities Silver Eagle evaluated.

High-Growth Markets.  India's economic growth, reflected in higher per capita income and an increasing middle class, with greater disposable incomes, has provided a foundation for the growth of Pay-TV services. In 2013, the industry added 5.4 million net new Pay TV subscribers, taking overall industry subscriber base to 135 million. Much of this growth has been driven by DTH, which had a 66% share of net new additions in 2013. Increasing purchasing power is expected to result in a higher number of TV homes in India. Pay-TV penetration of TV homes will also grow at a rate with increasing incidence of multiple TV set homes. Silver Eagle’s management team has extensive experience operating media businesses and leading transactions in high growth international markets, including India.

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Business with Revenue and Earnings Growth Potential.  Silver Eagle believes that Videocon d2h has executed successfully and is one of the fastest growing DTH operators in the world in terms of subscriber additions. While primarily derived through subscription revenue today, Videocon d2h has the potential to expand revenue and earnings by providing differentiated content and other potential revenue streams.

Companies with Potential for Strong Free Cash Flow Generation.  Silver Eagle believes that Videocon d2h has the potential for strong, stable cash flow now that it has achieved critical mass of subscribers. Now that Videocon d2h has reached this subscriber inflection point, each additional marginal customer added provides greater marginal income growth in addition to greater market scale in content acquisition and pricing strategies.

Experienced and Motivated Management Team.  Videocon d2h’s management team has significant experience, and the members of the management team are expected to continue in their roles.

In the prospectus for Silver Eagle’s IPO, Silver Eagle identified the foregoing positive factors as general criteria and guidelines that its management believed would be important in evaluating prospective target businesses.

Quorum and Required Vote for Proposals for the Special Meeting of Stockholders (Page 54)

A quorum of Silver Eagle stockholders is necessary to hold a valid meeting. A quorum will be present at the special meeting of stockholders if a majority of the Silver Eagle common stock outstanding and entitled to vote at the special meeting of stockholders is represented in person or by proxy. Abstentions will count as present for the purposes of establishing a quorum.

The approval of the Business Combination Proposal and the Plan of Dissolution Proposal requires the affirmative vote of the holders of a majority of the shares of Silver Eagle common stock. Accordingly, a stockholder’s failure to vote by proxy or to vote in person at the special meeting of stockholders, an abstention from voting or a broker non-vote will have the same effect as a vote “AGAINST” the Business Combination Proposal and the Plan of Dissolution Proposal, respectively.

The approval of the Adjournment Proposal requires the affirmative vote of the holders of a majority of the shares of Silver Eagle common stock represented in person or by proxy and entitled to vote thereon at the special meeting. Accordingly, abstentions will have the same effect as a vote “AGAINST” the Adjournment Proposal, while a broker non-vote and shares not in attendance at the special meeting will have no effect on the outcome of any vote on the Adjournment Proposal.

The Business Combination Proposal is not conditioned on any other proposal. The Plan of Dissolution Proposal and the Warrant Amendment Proposal are each conditioned on the Business Combination Proposal. If the Business Combination Proposal is not approved, the Plan of Dissolution Proposal and the Warrant Amendment Proposal will have no effect, even if those proposals are approved by the requisite vote.

The Warrant Amendment (Page 84)

At the special meeting of public warrantholders, Silver Eagle will ask its public warrantholders to consider and vote on a proposal, referred to as the “Warrant Amendment Proposal,” to approve and consent to an amendment to the terms of the warrant agreement governing Silver Eagle’s outstanding warrants to provide that, upon the consummation of the Transaction, Silver Eagle’s outstanding warrants will be exchanged for cash in the amount of $1.00. The Sponsor and Dennis A. Miller have agreed to forfeit to Silver Eagle for no consideration 15,000,000 private placement warrants held by them. Accordingly, the private placement warrants will not be eligible to be exchanged for cash pursuant to the Warrant Amendment Proposal. The Warrant Amendment will not become effective if the Transaction is not completed.

Approval of the Warrant Amendment Proposal requires the affirmative vote of the holders of 65% of the outstanding public warrants as of the record date. Pursuant to the terms of the warrant agreement, the Sponsor is not permitted to vote the private placement warrants in favor of the Warrant Amendment Proposal unless the registered holders of 65% of the public warrants vote in favor of the Warrant Amendment Proposal.

No vote of the holders of any stock issued by Silver Eagle is necessary to approve the Warrant Amendment Proposal, and Silver Eagle is not asking its stockholders to vote on the Warrant Amendment Proposal or any other proposal being considered at the special meeting of public warrantholders.

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Recommendation to Silver Eagle Stockholders and Warrantholders (Pages 78 and 84)

Silver Eagle’s board of directors believes that (a) each of the Business Combination Proposal, the Plan of Dissolution Proposal and the Adjournment Proposal to be presented at the special meeting of stockholders and (b) each of the Warrant Amendment Proposal and Warrantholder Adjournment Proposal is in the best interests of the Company and its stockholders and public warrantholders, respectively, and unanimously recommends that its stockholders and public warrantholders, as applicable, vote “FOR” each of the proposals.

When you consider the recommendation of Silver Eagle’s board of directors in favor of approval of these proposals, you should keep in mind that its directors and officers have interests in the Transaction that are different from, or in addition to, your interests as a stockholder. These interests include, among other things:

RISK FACTORS (Page 18)

In evaluating the proposals set forth in this proxy statement/prospectus, you should carefully read this proxy statement/prospectus, including the annexes, and especially consider the factors discussed in the section entitled “Risk Factors.”

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RISK FACTORS

You should carefully consider the following risk factors, together with all of the other information included in this proxy statement/prospectus, before you decide whether to vote or instruct your vote to be cast to approve the Business Combination Proposal.

Risks Related to Videocon d2h and the Industry in which Videocon d2h operates.

Videocon d2h has accumulated losses exceeding its paid-up share capital, which may affect its ability to continue as a “going concern”.

Videocon d2h has incurred losses for the fiscal years 2013 and 2014 of Rs.3,490.47 million and Rs.3,195.35 million. The auditors of Videocon d2h have stated in their audit opinion that the accumulated losses of Videocon d2h exceed its paid up share capital and that Videocon d2h’s ability to continue as a going concern is dependent on its ability to fund its operations and capital expenditure requirements. See “Videocon d2h Operating and Financial Review and Prospects.” Videocon d2h cannot assure you that it will not continue to incur losses, or that the auditors of Videocon d2h will continue to prepare the financial statements of Videocon d2h on a going concern basis.

Videocon d2h’s indebtedness could adversely affect its financial health and make it more difficult for Videocon d2h to service its debt or obtain additional financing, if necessary. In addition, the restrictive covenants in Videocon d2h’s loan agreements and any of the agreements governing its future indebtedness could adversely restrict its financial and operating flexibility and subject Videocon d2h to other risks.

As of March 31, 2014, Videocon d2h had an outstanding secured indebtedness of Rs.27,888.45 million from banks and financial institutions and indebtedness of Rs.2,250.00 million from Videocon Industries. While Videocon d2h intends to repay certain loans from scheduled banks from the proceeds of the Issue, it may incur additional indebtedness in the future. Its indebtedness could have several important consequences, including but not limited to the following:

While Videocon d2h believes that its relationship with its lenders are good, compliance with the various terms and conditions of its loan agreements is subject to interpretation and, as a result, it is possible that a lender could assert that Videocon d2h has not complied with all the terms under its financing agreements. Videocon d2h’s loan agreements contain financial and other restrictive covenants. For example, certain security margins, financial ratios and restrictive covenants, such as requiring the lender’s consent for, among other things, issuance of new equity shares, undertaking any new project, diversification, modernization or substantial expansion of its DTH operations, formulating any scheme of amalgamation or reconstruction, making any material changes to its constitutional documents, incurring further indebtedness, creating further encumbrances on, or disposing of, its assets, changing its fiscal year and making investments or acquisitions beyond certain limits in a single fiscal year. Any failure to service Videocon d2h’s indebtedness, obtain a required consent or perform any condition or covenant could lead to a termination of one or more of its credit

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facilities, acceleration of amounts due under such facilities and cross-defaults under certain of its other financing agreements, any of which may adversely affect its ability to conduct its business and have an adverse effect on its financial condition and results of operations. See — “The Court of Turin, Italy has, by an ex-parte decree, ordered that Videocon Industries, a Videocon Group entity, pay certain lenders of an erstwhile subsidiary a total principal amount of the loan that the erstwhile subsidiary had incurred, which order may be enforced against Videocon Industries. The enforcement of such order or other events could result in Videocon d2h being in default or cross-default under certain provisions of Videocon d2h loan agreements”.

As of March 31, 2014, all of Videocon d2h’s indebtedness consisted of floating rate indebtedness. An increase in prevailing interest rates would increase borrowing costs with respect to existing floating rate obligations or new loans, which may adversely affect Videocon d2h’s business, financial condition and results of operations.

Videocon d2h’s failure to adhere to the terms and conditions contained in the DTH License Agreement could have an adverse effect on its business, financial condition and results of operations. In addition, Videocon d2h may owe additional amounts under its DTH License Agreement for prior years of operations.

Videocon d2h entered into the DTH License Agreement, dated December 28, 2007, with the President of India acting through the Director, Broadcasting, Policy and Legislation, Ministry of Information and Broadcasting, GoI, or the MIB (the “DTH License Agreement”). Pursuant to the terms of the DTH License Agreement, Videocon d2h is required to pay an annual fee of 10.0% of its gross revenue as defined in the DTH License Agreement (“DTH Gross Revenue”) to the MIB for the relevant fiscal year. Separately, Videocon d2h is also required to pay license fees and royalty for the spectrum it uses, as determined by the Wireless Planning & Coordination Wing of the Ministry of Communications and Information Technology, Department of Telecommunications, GoI.

The DTH license is valid until December 12, 2018, unless terminated earlier for transfer of the DTH license without prior approval from the MIB, default or insolvency. The DTH license may be terminated by the MIB without compensation to Videocon d2h in the event of breach of any of the terms and conditions of the license (after allowing Videocon d2h an opportunity to address the breach), including, among other things, if it becomes bankrupt or otherwise insolvent or applies for being adjudicated as insolvent or bankrupt. Among other restrictions under the DTH License Agreement, any change in the equity structure of Videocon d2h requires consultation with, and prior approval from, the MIB. If the DTH License Agreement is terminated or is not renewed, Videocon d2h would lose the ability to provide DTH services in India and its business, financial condition and results of operations would be adversely affected. In addition, pay DTH operators, including Videocon d2h, are disputing the license fee with the MIB. These pay DTH operators have claimed, under the respective disputes filed before the Telecom Disputes Settlement Appellate Tribunal, or the TDSAT, that the MIB’s entitlement to levy a license fee on the DTH Gross Revenue of the relevant pay DTH operators is restricted to revenue arising out of the licensed activities of the pay DTH operators, and does not extend to any income that may otherwise be earned by the pay DTH operators, such as interest and rental income, among others. The TDSAT in 2008 passed orders in favor of the pay DTH operators and held that the license fee payable by such pay DTH operators is required to be calculated only on the basis of revenue earned from their licensed activities net of certain permitted deductions (“Adjusted DTH Gross Revenue”). The GoI has filed appeals before the Supreme Court of India against the TDSAT’s 2008 orders, which are currently pending adjudication.

Videocon d2h has since the commencement of its DTH operations paid license fees to the MIB, calculated on the basis of Adjusted DTH Gross Revenue. Pursuant to Videocon d2h’s letter to the MIB dated February 23, 2011 relating to the submission of the statement of Adjusted DTH Gross Revenue for the fiscal year ended March 31, 2010 and payment of its license fee, the MIB issued a letter on April 18, 2011 acknowledging the receipt of the license fee, but stated that such acknowledgement was without prejudice to the rights and contentions raised in the appeals filed by the GoI against the TDSAT’s 2008 orders and other special leave petitions pending before the Supreme Court of India and that such acknowledgement was subject to verification of Videocon d2h’s final audited accounts. The MIB further noted that the acknowledgement would not constitute the final settlement of the license fees and that the GoI reserves its rights to raise further claims, to call for additional information in order to confirm that the license fees have been paid in full and to

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take any other action as it may deem fit to recover such amounts. If the Supreme Court rules in favor of the GoI and Videocon d2h is required to pay additional DTH license fees attributable to computation based on DTH Gross Revenue instead of Adjusted DTH Gross Revenue, Videocon d2h may incur additional liability and its business financial condition of operations may be adversely affected. Videocon d2h makes an estimation of and discloses such potential liability in its financial statements as a contingent liability. For the period since incorporation until March 31, 2014, such potential liability is estimated to be Rs.2,483.93 million (inclusive of interest as of March 19, 2014 on liability accruing until March 31, 2013), as per Videocon d2h’s financial statements as of March 31, 2014. See “Videocon d2h Operating and Financial Review and Prospects”.

Through a demand notice dated March 24, 2014, the MIB raised a demand against Videocon d2h for an aggregate amount of Rs.1,582.89 million towards outstanding license fees (together with interest at the rate of 1% per month) for periods until March 31, 2013, which Videocon d2h has challenged. For details, see “Videocon d2h’s Business — Legal Proceedings.”

Videocon d2h’s leased satellite ST-2 is subject to operational, lease and environmental risks that could limit Videocon d2h’s ability to utilize the satellite.

Operational risks:  ST-2 satellite was launched in May 2011 and it has an estimated useful life of 12 to 15 years. It is subject to significant operational risks while in orbit. These risks include malfunctions that may occur as a result of various factors, such as the satellite manufacturer’s errors or operational failures. The satellite is also subject to a variety of atmospheric risks while in orbit that may adversely affect operations, including meteoroid strikes, electrostatic storms, increased solar activity and collisions with space debris. In the event ST-2 satellite experiences a technical failure, is damaged or is lost, Videocon d2h’s ability to provide programming to its subscribers could be seriously disrupted or suspended, even for prolonged periods, as Videocon d2h does not have any additional back-up satellite. In the event of such failure, damage or loss, Videocon d2h could not effectively operate its business and may be required to incur significant capital expenditure to restore its operations, including by obtaining replacement satellite capacity. Videocon d2h cannot assure you that it would be able to restore its operations or obtain replacement capacity in a timely manner, or at all. If replacement satellite capacity is not available to Videocon d2h immediately on another satellite at the same geostationary position as the ST-2 satellite, Videocon d2h’s ability to continue to provide its programming offerings would be jeopardized, which would adversely affect its business, financial condition and results of operations. In addition, Videocon d2h does not carry any business interruption insurance to cover such losses and, in such event, it is not certain when, if ever, it would be able to resume operations.

Lease risks:  Videocon d2h’s does not own any satellites and has entered into a Ku-Band Lease Agreement, dated April 19, 2012, as amended on June 19, 2013 (the “Ku-Band Lease Agreement”), with the Department of Space, GoI (the “Department of Space”), which provides for the lease of Ku-band space segment capacity on the ST-2 satellite of Singapore Telecommunications Limited (“SingTel”) until February 28, 2015. Typically, the Department of Space enters into lease agreements for a period of up to 3 years. In the event that Videocon d2h fails to meet its payment obligations for two consecutive months or breaches a provision or fails to perform an obligation and does not cure such breach within 20 days of receiving written notice from the Department of Space, the Department of Space has a right to terminate the Ku-Band Lease Agreement. In the event of such termination by the Department of Space, Videocon d2h would be required to pay certain early termination charges. Also, while Videocon d2h currently believes that it has sufficient satellite capacity to transmit its existing and planned programming offerings, it cannot assure you that it will be able to continue to lease such capacity or additional capacity on terms acceptable to it, or at all. If the Ku-Band Lease Agreement is terminated or expires and Videocon d2h is unable to secure suitable replacement satellite transmission capacity, Videocon d2h’s business, financial condition and results of operations would be adversely affected. In addition, pursuant to the Ku-Band Lease Agreement, Videocon d2h is required to pay a monthly fee, equivalent to 1,791,667 U.S. Dollars, in Indian rupees to Antrix Corporation. Consequently, if the Indian rupee declines in value as compared to the U.S. Dollar, or if the amounts payable under this agreement increase materially, Videocon d2h will be required to make larger payments in Indian rupees. Any early termination charges and/or increased payments as a result of currency fluctuations may adversely affect Videocon d2h’s business, financial condition and results of operations.

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A significant portion of Videocon d2h’s operations are currently located in a single digital broadcast center in Noida, India.

Although Videocon d2h is proposing to set up an additional broadcast site at Bharuch in Gujarat as a back-up to its existing broadcast center, a significant portion of Videocon d2h’s operations are still currently located in a single digital broadcast center in Noida, India. As a result, Videocon d2h is vulnerable to the effects of a natural disaster, such as an earthquake, flood or fire, or other calamity or event, such as technological failure, that would cause significant damage to this facility and/or disrupt its ability to conduct its business. In the event of a significant disruptive event affecting this facility, Videocon d2h may face disruptions in the delivery of programming or degradation in the audio-visual quality of such programming.

Further, pursuant to the terms of the facility’s lease agreement, or the Noida Lease Agreement, executed between Videocon d2h and the Greater Noida Industrial Development Authority, or the GNIDA, Videocon d2h is required to comply with certain terms and conditions, including providing prior written notice to the GNIDA in respect of any change in its capital structure, among other things. If Videocon d2h is in default of the terms of the Noida Lease Agreement, the GNIDA may terminate the lease and Videocon d2h in which case would be required to vacate the facility. If Videocon d2h’s operations at its digital broadcast center in Noida are disrupted for any reason, its business, financial condition and results of operations would be adversely affected.

Videocon d2h has had overdue payments under some of its loan agreements.

Videocon d2h has had aggregate overdue payments of principal of Rs.595.85 million and interest of Rs.378.54 million, as of March 31, 2014 under certain loan agreements aggregating to Rs.974.39 million. In addition, during the period from April 1, 2014 through the filing of this Prospectus, Videocon d2h has been delayed in making payments under certain of its loan agreements from time to time. Though Videocon d2h has not received any notice declaring an event of default from the relevant financial institutions and banks, in the event of its failure to make timely payments to its lenders, such lenders may issue a notice declaring an event of default under each of these loan agreements. While Videocon d2h intends to use a portion of the proceeds from the Issue to pay off some outstanding debts, should Videocon d2h fail to comply with the covenants of its various loans in time, or fail to make timely payments to its lenders in the future, and its lenders elect to accelerate any or all amounts outstanding under the relevant loan agreements and declare such amounts immediately due and payable, together with accrued and unpaid interest, it could have an adverse effect on Videocon d2h’s business, financial condition and results of operations.

Further, a default by Videocon d2h under the terms of any loan agreement also constitutes a cross-default under other financing agreements entered into by Videocon d2h. Such default could result in the acceleration of amounts due under those facilities, which may individually or in the aggregate have an adverse effect on Videocon d2h’s business, financial condition and results of operations. In addition, Videocon d2h may have to dedicate a substantial portion of its future cash flow from operations to repay the debts under the financing agreements, thereby reducing the availability of cash flow to meet working capital requirements and use for other general corporate purposes. Such continued defaults and any action initiated by a lender may also impact Videocon d2h’s ability to obtain financing from banks and financial institutions in the future and may result in a decline in the value of Videocon d2h’s equity shares and the trading price of the ADSs causing you to lose all or part of your investment.

A significant portion of Videocon d2h’s shareholding is pledged as security to banks and financial institutions.

Certain of Videocon d2h’s shareholders have pledged an aggregate of 53.44% as of September 30, 2014 of their total shareholding in Videocon d2h to banks and financial institutions in connection with Videocon d2h’s existing indebtedness, in addition to executing undertakings (along with powers of attorney) not to transfer or dispose of an additional 21% of their shareholding in Videocon d2h.

In the event of enforcement of pledges on such encumbered equity shares for any reason (including any default under the terms and conditions of the relevant agreements pursuant to which such pledges have been created), such pledged equity shares may be required to be transferred to third parties in favor of which the pledges were created, resulting in a change in Videocon d2h’s shareholding pattern, which may adversely

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affect its ability to carry out its business operations and as a result, adversely affect its business, financial condition, results of operations and the trading price of the ADSs.

Videocon d2h relies on third parties to provide it with programming and any increase in programming costs or new regulations may adversely affect its business, financial condition and results of operations.

Videocon d2h relies on third party content providers to provide it with programming and its ability to compete successfully depends on its ability to continue to obtain programming for delivery to its subscribers at competitive prices. Content procurement by broadcasting service providers in India, including Videocon d2h, takes place through channel distributors or owners. Under Indian interconnection regulations, all channel owners and distributors are required to offer their content to all broadcasting platforms and operators, including pay DTH services providers such as Videocon d2h, subject to payment of content costs, which are regulated by the GoI. Any change in Indian interconnection regulations that would permit content owners and distributors to refuse to provide such programming to DTH operators or to impose discriminatory terms or conditions, may adversely affect Videocon d2h’s ability to acquire programming in a cost-effective manner, or at all, which would adversely affect its business, financial condition and results of operations.

Further, Videocon d2h typically enters into agreements with channel distributors and owners, in order to be able to acquire multiple channels offered by such distributors or owners as a bundle, at negotiated prices (typically below the ceiling prices prescribed by the Indian regulator). Significant content agreements that Videocon d2h has entered into at negotiated rates include those entered into with Taj Television (India) Private Limited, Sun TV Network Limited, MSM Discovery Private Limited and IndiaCast UTV Media Distribution Private Limited. Videocon d2h’s programming agreements generally have terms ranging from one to five years and contain various renewal and termination provisions.

Although Videocon d2h has been able to readily renew its contracts with its major content providers it may not be able to renew them on favorable terms in the future, in a timely manner, or at all, if the market environment changes due to new regulations or increase in content costs for the channel distributors. If Videocon d2h is unable to renew its material content agreements, its programming costs may increase. If Videocon d2h is unable to pass on such increased programming costs to its subscribers, or if such increase in the subscribers fees leads to increased subscriber churn or inability to add to its subscriber base, Videocon d2h’s business, financial condition and results of operations may be adversely affected. In addition, Videocon d2h has paid its content fees after the due date under its major content agreements from time to time, and the content providers are entitled to terminate the agreement within 21 – 45 days after serving a written demand for payment if payment has not been received by the due date. Although none of the content providers have sought to terminate the agreements due to delayed payments or otherwise since inception Videocon d2h believes it has a good relationship with all the major content providers; Videocon d2h cannot assure you that the major content providers will not exercise their right to terminate the agreements in the future due to delays in payments for content, and termination of those agreements by the major content providers could adversely affect Videocon d2h’s business, financial condition and results of operations.

Videocon d2h has entered into, and will continue to enter into transactions with the Videocon Group, as well as other related party transactions, which may involve conflicts of interest and adversely affect Videocon d2h’s operations.

Videocon d2h has in the course of its business entered into transactions with the Videocon Group and other related parties. Such transactions carry with them the risk that their terms could benefit related parties, to Videocon d2h’s detriment. Videocon d2h may not negotiate or enforce contractual terms as aggressively with related parties as it may with an unrelated party. In addition, such transactions present difficult conflicts of interest, could result in significant and minor disadvantages to the company and may impair investor confidence. These transactions with the Videocon Group and other related parties could also cause Videocon d2h to become materially dependent on related parties in the ongoing conduct of its business, and related parties may be motivated by personal interests to pursue courses of action that are not necessarily in the best interest of Videocon d2h or its shareholders. While Videocon d2h believes that all such transactions have been conducted on an arm’s length basis, it cannot assure you that it could not have achieved more favorable terms had such transactions not been entered into with related parties. Furthermore, it is likely that Videocon d2h may enter into transactions with the Videocon Group and other related parties in the future. Videocon d2h

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cannot assure you that such transactions, individually or in the aggregate, will not have an adverse effect on its financial condition and results of operations. See “Certain Relationships and Related Transactions — Transactions with Videocon Group Entities.”

Damage to Videocon d2h’s relationship with the Videocon Group, including Trend Electronics Limited (a Videocon Group entity) could have a material adverse effect on its business, financial condition and results of operations.

Videocon d2h benefits from its relationship with the Videocon Group in many ways, such as their reputation, the cross-selling of its services through the Videocon Group, the opportunity to reduce its marketing spend by using Videocon Group’s existing marketing network and goodwill and the Videocon Group’s willingness to guarantee the majority of Videocon d2h’s loan agreements. Videocon d2h’s growth and future success is influenced, in part, by its continued relationship with its the Videocon Group because of the goodwill and market reputation that Videocon Group has established for itself in India, and Videocon d2h relies on such benefits to position itself in the market to attract subscribers. Videocon d2h cannot assure you that it will be able to continue to take advantage of the benefits of these relationships in the future. If Videocon d2h ceases to benefit from these relationships for any reason, its business, financial condition and results of operations may be adversely affected.

Videocon d2h believes that its subscribers, vendors and members of the financial community perceive the “Videocon” brand to be that of a trusted provider of quality products and services. Videocon d2h cannot assure you that the established “Videocon” brand name will not be adversely affected in the future by events that are beyond its control, including subscriber complaints or adverse publicity from any other source relating to the Videocon d2h or the Videocon Group. Any damage to this brand name, if not immediately and sufficiently remedied, could have an adverse effect on Videocon d2h’s business, financial condition and results of operations.

In addition, Videocon d2h’s success depends significantly on its ability to maintain the “Videocon d2h” brand and successfully build the brand image of its new offerings and brand extensions. In order to increase brand recognition and build the brand image of new offerings and brand extensions, Videocon d2h believes it must continue to devote significant time and resources to advertising and promotions. Videocon d2h cannot assure you that these expenses will result in an increase in favorable recognition of its brand or a sufficient increase in revenues to cover such advertising and promotional expenses.

Videocon d2h has entered into a trademark license agreement with CE India Limited (previously Videocon India Limited), a Videocon Group entity, for the use of the “Videocon” and “V” trademarks, which is valid until March 31, 2022. Videocon d2h cannot assure you that it will continue to have the uninterrupted use and enjoyment of these trademarks as it may be unable to renew the trademark license agreement on acceptable terms or at all.

Further, Videocon d2h has obtained registrations in its name under the Trademarks Act, 1999, as amended for the trademarks “d2h”, “D2H” and “DIRECT HAI CORRECT HAI, as granted by Mr. Saurabh Pradipkumar Dhoot (Videocon d2h’s Executive Director) to Videocon d2h, under the terms of an agreement dated July 21, 2008. Videocon d2h may not be able to prevent infringement of its trademarks and a passing off action under common law may not provide sufficient protection. Additionally, Videocon d2h may be required to litigate to protect its brands, which may be costly and divert management’s attention. Loss of the rights to use these trademarks may adversely affect its business, financial condition and results of operations.

Further, Videocon Industries Limited, the flagship entity of the Videocon Group, has made unsecured loans to Videocon d2h from time-to-time. As of March 31, 2014, such outstanding unsecured loans aggregated to Rs.2,250 million.

In addition, Videocon d2h benefits from its relationship with Trend Electronics Limited, or TEL. TEL is an Indian contract electronics manufacturer and the sole supplier of set-top boxes for Videocon d2h. In addition, TEL supplies Videocon d2h with a substantial majority of its other consumer premises equipment. For fiscal years 2013 and 2014, the purchase of set-top boxes and other consumer premises equipment from TEL totaled Rs.6,753.48 million and Rs.5,832.32 million, respectively.

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Videocon d2h cannot assure you that it will continue to benefit from its relationship with TEL or other entities in the Videocon Group. In the event that TEL ceases to be a Videocon Group entity, Videocon d2h may be unable to derive the benefits of sourcing set-top boxes and other consumer premises equipment from TEL, such as reducing time-to-market for new set-top boxes and not being required to pay customs or import duties. If TEL is unable, for any reason, to provide Videocon d2h with a sufficient quantity of set-top boxes or other consumer premises equipment, Videocon d2h’s ability to add additional subscribers would be impaired, which would adversely affect its results of operations. Videocon d2h cannot assure you in such event that it would be able to obtain set-top boxes or other consumer premises equipment from another supplier on terms favorable to Videocon d2h.

Videocon d2h’s business is regulated and failure to obtain required regulatory approvals or clearances to operate its business, or comply with applicable laws, and any adverse changes in applicable laws could adversely affect its business, financial condition and results of operations.

Videocon d2h is subject to various laws and regulations in India arising from its operations in India, and the terms and conditions set out in the DTH License Agreement, which is effective for a period of 10 years from the date of issue of the wireless operational license (which was issued to Videocon d2h on December 12, 2008), unless terminated earlier in accordance with its terms.

Videocon d2h is further subject to various regulatory requirements, which may restrict its ability to conduct business. Under the provisions of India’s current Consolidated FDI Policy, effective from April 17, 2014, foreign investment in Videocon d2h is permitted, subject to, among others, the following conditions — up to 49.0% of its paid-up equity share capital under the automatic route, and up to 74.0%, with prior approval of the GoI for foreign investment between 49.0% and 74.0%. Further, the following conditions will be required to be fulfilled, in the event of any foreign investment being brought into Videocon d2h:

Videocon d2h cannot assure you that it will be able to obtain necessary approvals required from the MIB in the future in a timely manner, or at all, or that it will be able to comply with any further conditions imposed by the MIB while granting such permissions. Further, the MIB has the right to modify, at any time, the laws and regulations applicable to the industry in which Videocon d2h operates, including the DTH Guidelines and the terms and conditions of the DTH License Agreement. Videocon d2h’s business could suffer if there are adverse changes to the regulatory environment. Increased regulation or changes in existing regulation may require Videocon d2h to change its business policies and practices and may increase the costs of providing services to subscribers, which could have an adverse effect on its business, financial condition and results of operations. See “Videocon d2h’s Business — Government Regulations.”

If Videocon d2h is unable to recover the consumer premises equipment from churned subscribers, there could be a significant erosion of the realizable value of its consumer premises equipment.

Consumer premises equipment comprised 85.0% of Videocon d2h’s net tangible assets as of March 31, 2014. When subscribers discontinue or terminate services, Videocon d2h is not always able to recover its

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consumer premises equipment that it has provided on a rental basis to such subscribers. Videocon d2h recognizes a subscriber as a churned subscriber if the subscriber has not made a payment for at least 120 days. As of September 30, 2014, Videocon d2h had experienced a cumulative churn of 2.36 million subscribers since it commenced operations in 2009, If Videocon d2h is unable to recover the consumer premises equipment from such churned subscribers, there could be a significant erosion of the realizable value of its consumer premises equipment. See “Videocon d2h Operating and Financial Review and Prospects.”

Videocon d2h faces intense and increasing competition.

Videocon d2h’s business is primarily focused on providing DTH pay-TV services and it has traditionally competed against other DTH pay-TV providers and cable companies, some of whom have greater financial, marketing and other resources than Videocon d2h. Moreover, mergers and acquisitions, joint ventures and alliances among cable television providers, telecommunications companies and others may result in, among other things, greater financial leverage and increase the availability of offerings from providers capable of bundling television, broadband and telephone services in competition with Videocon d2h’s services. Videocon d2h and its competitors increasingly must seek to attract a greater proportion of new subscribers from each other’s existing subscriber bases as well as from first-time purchasers of DTH pay-TV services and cable to DTH switch overs. In addition, because other DTH pay-TV providers may be seeking to attract a greater proportion of their new subscribers from Videocon d2h’s existing subscriber base, Videocon d2h may be required to increase retention spending which is capital intensive. Competition has intensified in recent years as the DTH pay-TV industry has matured and the growth of digital cable-based pay-TV services offered by digital cable operators. These cable-based pay-TV services have significantly greater capacity, enabling them to offer substantial HD programming content as well as bundled services. This increasingly competitive environment may require Videocon d2h to increase subscriber acquisition and retention spending or accept lower subscriber activations and higher subscriber churn. Further, as a result of this increased competitive environment and the maturation of the DTH pay-TV industry, future growth opportunities of Videocon d2h’s DTH pay-TV business may be limited. In addition, Videocon d2h’s margins may be reduced if it is unable to finance its capital needs, duly service its debt obligations or secure other financing when needed, on acceptable terms, which could have a material adverse effect on Videocon d2h’s business, results of operations, financial condition and cash flow.

Videocon d2h’s limited operating history makes evaluating its business and future prospects difficult.

You must consider the risks and difficulties Videocon d2h faces as a company with a limited operating history. Videocon d2h commenced its commercial operations in July 2009. As a result, Videocon d2h has a limited operating history, which may make it difficult for you to evaluate its past performance and future prospects. Videocon d2h’s business must be considered in light of the risks and uncertainties inherent in a new venture, and its growth and sustainability are greatly dependent on its ability to attract subscribers. It may need to alter its business and strategies on an ongoing basis to manage its growth, which may require large capital investments, to compete effectively with more established pay DTH operators in India. Videocon d2h cannot assure you that the growth in its subscriber base that it has witnessed during its limited operating history will continue.

Videocon d2h may not be able to generate a sufficient amount of cash flow to meet its debt obligations.

Videocon d2h’s ability to make scheduled payments or to refinance its obligations with respect to its indebtedness depends on Videocon d2h’s future financial and operating performance, which, in turn, will be subject to prevailing economic conditions and certain financial, business, competitive and other factors beyond its control. If Videocon d2h cannot make scheduled payments on its debt, it will be in default and, as a result, holders of its debt could declare all outstanding principal and interest on its debt to be due and payable and Videocon d2h could be forced into bankruptcy or liquidation. If Videocon d2h’s cash flow and capital resources are insufficient to fund its debt obligations, Videocon d2h would face substantial liquidity problems and may be forced to reduce or delay any expansions and capital expenditures, sell material assets or operations, obtain additional capital, restructure its debt or revise or delay its strategic plans. In addition, Videocon d2h cannot assure you that its operating performance, cash flow and capital resources will be sufficient for payment of its debts in the future. If Videocon d2h is required to take any of the actions referred

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to above, it could have a material adverse effect on its business, financial condition and results of operations. Videocon d2h cannot assure you that it would be able to take any of these actions on terms acceptable to it, or at all, that these actions would enable Videocon d2h to continue to satisfy its capital requirements or that these actions would be permitted under the terms of its various debt instruments. In addition, any refinancing of its debt could be at higher interest rates and may require Videocon d2h to comply with more onerous covenants, which could further restrict its business operations.

Any failure or inadequacy in the operation of Videocon d2h’s information technology and network systems may have an adverse effect on Videocon d2h’s business operations.

Videocon d2h’s success depends, in part, on the continued and uninterrupted performance of its information technology and network systems. The capacity, reliability and security of Videocon d2h’s information technology hardware and software infrastructure (including its billing systems) are important to the operation of its current business, which would suffer in the event of system failures or cyber attacks. Similarly, Videocon d2h’s ability to expand and update its information technology infrastructure in response to its growth and changing needs is important to the continued implementation of its new service offering initiatives. Videocon d2h’s inability to expand or upgrade its technology infrastructure could have adverse consequences, which could include the delayed implementation of new service offerings, service or billing interruptions, and the diversion of development resources.

Videocon d2h’s systems are vulnerable to damage from a variety of sources, including telecommunications failures, power loss, malicious human acts and natural disasters. Moreover, despite security measures, its servers are potentially vulnerable to physical or electronic break-ins, computer viruses and similar disruptive problems. Despite the precautions Videocon d2h has taken, unanticipated problems affecting its systems could cause failures in its information technology and network systems or disruption in the transmission of signals. Sustained or repeated system failures that interrupt its ability to provide services to its subscribers or otherwise meet its business obligations in a timely manner would adversely affect subscriber satisfaction. If one or more of such events occur, this potentially could jeopardize Videocon d2h’s customer and other information processed and stored in, and transmitted through, its information technology hardware and software infrastructure, or otherwise cause interruptions or malfunctions in Videocon d2h’s operations, which could result in significant losses or reputational damage to Videocon d2h.

If Videocon d2h’s information technology systems are subject to a flood, fire or other natural disaster, terrorism, a computer virus, a power loss, other catastrophe or unauthorized access, its operations and customer relations could be adversely affected. Any failure in the operation of its information technology and network systems could result in business interruptions, which may adversely affect Videocon d2h’s reputation, weaken its competitive position and have an adverse effect on its business, financial condition and results of operations. Videocon d2h may also be required to expend significant additional resources to modify its protective measures or to investigate and remediate vulnerabilities or other exposures, and it may be subject to litigation.

Videocon d2h’s inability to keep pace with technological developments could have a material adverse effect on its business, financial condition and results of operations.

In the DTH industry, changes occur as new technologies are developed, which could adversely affect Videocon d2h’s business and increase its cost of operations. Technological developments within the DTH industry include changes that may result in improved utilization of capacity, more robust content recording features and new interactive content. Consumers may also choose to consume digital media through other platforms, such as computers, mobile phones, tablet computers and other devices capable of being used to view media contents. If Videocon d2h is unable to keep pace with such technological developments, its business, financial condition and results of operations may be adversely affected. If new technologies on which Videocon d2h focuses its investments fail to achieve acceptance in the marketplace or its technology does not work and requires significant cost to replace or fix, Videocon d2h could suffer a material adverse effect on its future competitive position, which could cause a reduction in its revenues and earnings. To access technologies and provide products that are necessary for Videocon d2h to remain competitive, Videocon d2h may make future acquisitions and investments and may enter into strategic partnerships with other companies. Such investments may require a commitment of significant capital and human and other resources. The value

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of such acquisitions, investments and partnerships and the technology accessed may be highly speculative. Arrangements with third parties can lead to contractual and other disputes and dependence on others for the development and delivery of necessary technology that Videocon d2h may not be able to control or influence. Such relationships may commit Videocon d2h to technologies that are rendered obsolete by other developments or preclude the pursuit of other technologies which may prove to be superior.

In addition, Videocon d2h’s business is subject to risks relating to increasing competition from other leisure and entertainment activities which occupy consumers’ time. Videocon d2h’s business competes with many other sources of entertainment and information delivery, including broadcast television, films, live events, radio broadcasts, home video products, video and computer games, print media, social media and the Internet. Technological advancements, such as new video formats, and the delivery of video content through streaming and downloading services on the Internet, have increased the number of entertainment and information delivery choices available to consumers and intensified the challenges posed by audience fragmentation. The increasing number of choices available to audiences could adversely affect demand for Videocon d2h’s products and services and changes in technology could adversely affect Videocon d2h’s ability to maintain, expand or upgrade its systems and respond to competitive pressures. Videocon d2h cannot assure you that it will be able to fund the capital expenditures necessary to keep pace with future technological developments. Videocon d2h also cannot assure you that it will successfully anticipate the demand for products and services requiring new technology. Any inability to keep pace with technological changes and provide advanced services in a timely manner, or to anticipate the demands of the market, could adversely affect its business and increase its costs of operations.

The Court of Turin, Italy has, by an ex-parte decree, ordered that Videocon Industries, a Videocon Group entity, pay certain lenders of an erstwhile subsidiary a total principal amount of the loan that the erstwhile subsidiary had incurred, which order may be enforced against Videocon Industries. The enforcement of such order or other events could result in Videocon d2h being in default or cross-default under certain provisions of Videocon d2h loan agreements.

In June 2007, Intesa Sanpaolo S.p.A. (“Intesa”) and Banca Intesa Mediocredito S.p.A. (“Banca Intesa”) (collectively, the “Lenders”) entered into a loan agreement with VDC Technologies S.p.A. (“VDC”), a company incorporated in Italy, which was then an indirect subsidiary of Videocon Industries, for a maximum principal amount of €35 million. In relation to the loan to VDC, Videocon Industries issued patronage letters dated June 1, 2007 and June 5, 2007 in favor of Intesa (collectively, the “Patronage Letters”), towards the fulfillment of VDC’s obligations under the loan agreement.

VDC ceased to be a subsidiary of Videocon Industries in March 2008 which was intimated to Intesa. Since such time, VDC had allegedly defaulted under the terms of the loan agreement. Intesa sought to enforce the Patronage Letters alleging continued default under the loan agreement, including as a result of VDC ceasing to be a subsidiary of Videocon Industries in April 2011, and subsequently initiated injunction proceedings in the Court of Turin, Italy demanding that Videocon Industries fulfill its obligations under the Patronage Letters. The Court of Turin, Italy passed an ex-parte decree against Videocon Industries ordering that it pay Intesa the principal amount of the loan of €35 million along with other interests and costs incurred, aggregating €36.2 million.

Recognition and enforcement of foreign judgments in India are provided for under Section 13 and Section 44 A of the Code of Civil Procedure, 1908 (“CPC”). Italy is not recognized as a reciprocating country by the GoI for the purpose of enforcing foreign judgments and, as a result, Intesa will be required to file a suit upon the foreign judgment in the appropriate court in India and obtain a fresh decree against Videocon Industries. Accordingly, Intesa filed a suit on August 21, 2012 in the Bombay High Court against Videocon Industries and served a notice of motion for interim relief pursuant to which Intesa has sought an order to the effect that the judgment passed by the Court of Turin, Italy be declared as valid, binding, conclusive and enforceable against Videocon Industries and that pending the hearing and final disposal of the suit, Videocon Industries be directed to secure the payment due to Intesa by restraining Videocon Industries from alienating or disposing of its assets and property. The Bombay High Court has not granted this ad-interim relief sought by Intesa and the matter is pending a final hearing.

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Intesa has also served Videocon Industries with a legal notice dated July 3, 2012 demanding that payment be made amounting to €36.7 million plus all agency fees and ancillary costs subject to a maximum of €38.0 million under the loan agreement and the Patronage Letters and reserved its right to initiate winding up proceedings against Videocon Industries in the event that such payment was not made within three weeks of the receipt of the notice. Videocon Industries had sent a response to the legal notice dated July 28, 2012 denying Intesa’s claim. Intesa filed a winding up petition on October 18, 2012 in the Bombay High Court against Videocon Industries, which by an order dated December 5, 2013, directed that the winding up petition will stand dismissed if Videocon Industries deposits an amount of Rs.2,597.30 million (being equivalent to €38 million), with the Bombay High Court by January 27, 2014 which Intesa will be entitled to draw. The Bombay High Court further directed that in the event the aforesaid amount is not deposited on or before January 27, 2014, the winding up petition will be admitted without further reference to the court. Videocon Industries filed an appeal (No.(L) No.29/2014) before the Division Bench of the Bombay High Court, challenging the order, but the appeal was dismissed by an order dated July 23, 2014. The Division Bench of the Bombay High Court, by an order dated July 19, 2014, dismissed the appeal filed by Videocon Industries Limited, granted Videocon Industries Limited eight weeks to appeal before the Supreme Court and stayed the implementation of the order dated December 5, 2013. Subsequently, Videocon Industries Limited filed an appeal before the Supreme Court challenging the order of the Bombay High Court dated July 19, 2014. The Supreme Court, by an order dated September 22, 2014, directed that the fixed sum deposited with the Supreme Court (and maturing on October 7, 2014) should be renewed for a period of two years and granted an interim stay on the enforcement of the Bombay High Court’s order dated July 19, 2014.

Further, as a result of the alleged violation of the terms of the Patronage Letters together with the ex-parte decree passed by the Court of Turin, Videocon Industries may be determined to be in default under certain of its financing agreements, including a cross-default under the terms and conditions of the unsecured US$200,000,000, 6.75% convertible bonds due 2015 (the “Bonds”) issued by Videocon Industries. Any default or declaration of an event of default under the Bonds could have an adverse effect on Videocon Industries’ and the Videocon Group’s financial condition, business and reputation.

Videocon Industries is the flagship entity of the Videocon Group, a group that Videocon d2h has a strong relationship with. One of the benefits that Videocon d2h enjoys as a result of its relationship with the Videocon Group is that majority of Videocon d2h’s secured loans were either guaranteed or supported through undertakings by Videocon Industries. Under the terms of these facilities, Videocon d2h may be in default if one of Videocon d2h guarantors (including Videocon Industries), fails to comply with its own debt obligations, defaults under one or more of its loan facilities or if any of such entities’ indebtedness, becomes due and payable prior to maturity on account of an event of default. For example, if Videocon Industries were to default under a loan facility or if any of its indebtedness becomes due and payable prior to maturity on amount of an event of default, such event could trigger a series of defaults or cross-defaults under its or Videocon d2h’s loan facilities on which Videocon Industries has provided a guarantee or an undertaking and all outstanding amounts under the Videocon d2h loan facilities could become due and payable immediately, together with accrued interest, which could adversely affect Videocon d2h’s financial condition, business, results of operations and reputation.

None of Videocon d2h’s lenders have notified Videocon d2h of an event of default under the terms of any of the loan agreements as a result of the legal proceedings against Videocon Industries in the Intesa matter provided above or otherwise. However, in the event that a lender notifies Videocon d2h of an event of default, such lender could declare all amounts outstanding thereunder to be due and payable immediately, together with accrued interest, and in certain instances, enforce their security constituted over Videocon d2h’s various assets and take possession of those assets, which would adversely affect Videocon d2h’s financial condition, business, results of operations and reputation.

In addition, on account of cross-default and cross-acceleration provisions in Videocon d2h’s loan agreements, any notification or declaration of an event of default or a potential event of default under any of Videocon d2h’s loan facilities could result in cross-default and cross-acceleration of all of its outstanding indebtedness as well as payment of penalty interest, which would adversely affect Videocon d2h’s financial condition, business and results of operations. In addition, if Videocon Industries were declared to be in default of any of their loan facilities, due to Videocon d2h’s relationship with the Videocon Group, any such

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declaration could have an adverse effect on Videocon d2h’s business, prospects and reputation, even if the lenders did not declare Videocon d2h to be in cross-default.

Videocon d2h’s insurance coverage may not be adequate to protect it against any operational risks or claims.

Videocon d2h maintains insurance coverage on its Noida digital broadcast center infrastructure assets, and on consumer premises equipment up to the point where Videocon d2h delivers them to its distributors, for a variety of risks, including, among others, risks relating to fire, burglary, earthquake and certain other losses and damages. However, any claim under the insurance policies maintained by Videocon d2h may be subject to certain exceptions, may not be honored fully, in part, in a timely manner, or at all, and Videocon d2h may not have purchased sufficient insurance to cover all losses that it may incur. Videocon d2h is not insured for certain risks and losses, such as loss of business or business interruption, environmental liabilities and other natural disasters. If Videocon d2h’s insurance coverage does not adequately protect it against any operational risks or claims, its business, financial condition and results of operations may be adversely affected. Additionally, in the future, insurance coverage may not be available to Videocon d2h on commercially acceptable terms, or at all.

The success of Videocon d2h’s business is substantially dependent on its executive officers and technical teams.

Videocon d2h’s ability to sustain its growth and succeed in the future depends on its ability to attract, hire, train and retain skilled personnel. Videocon d2h believes that there is a significant demand for personnel who possess the skills needed in its business. The DTH industry has witnessed a significant number of new entrants and the competition for talent has intensified. Any increase in the rate of attrition of Videocon d2h’s experienced employees would adversely affect its business. Videocon d2h cannot assure you that it will be successful in recruiting and retaining a sufficient number of executive officers and technical teams with the requisite skills to replace those personnel who leave. Further, Videocon d2h cannot assure you that it will be able to re-deploy and re-train its personnel to keep pace with continuing changes in its business.

Videocon d2h may be unable to manage its growth effectively.

Since the commencement of Videocon d2h’s operations, its subscriber base and total revenue have grown rapidly. Videocon d2h’s gross DTH subscriber base has increased from approximately 0.44 million as of March 31, 2010 to 11.82 million as of September 30, 2014, according to the MPA Report. Videocon d2h’s total revenue has increased from Rs.142.07 million for fiscal year 2010 to Rs.17,644.10 million for fiscal year 2014. In order to manage its continued growth effectively, Videocon d2h must continue to increase its subscriber base, acquire programming offerings, manage the selection of programming it offers, including the structuring of subscriber packages, introduce new models of set-top boxes and additional service features, develop and improve its operational, financial and other controls, keep pace with technological advancements, effectively withstand pricing and other competitive pressures, effectively manage a growing labor force and hire, train and retain skilled personnel for its management and technical teams. If Videocon d2h is unable to manage its growth effectively, its business, financial condition and results of operations may be adversely affected.

Videocon d2h’s Principal Shareholders shall continue to retain a majority of control in Videocon d2h after the Issue, which shall allow them to exercise significant control over Videocon d2h.

After the completion of the Issue, Videocon d2h’s Principal Shareholders, will hold, directly or indirectly, between approximately 61.45% and 66.5% of Videocon d2h’s outstanding equity shares. As a result, its Principal Shareholders will continue to exercise significant control over Videocon d2h, including being able to elect all of the members of its board of directors and thereby control its management and affairs. In addition, by exercising their control, Videocon d2h’s Principal Shareholders could delay, defer or cause a change of Videocon d2h’s control or a change in its capital structure, delay, defer or cause a merger, consolidation, takeover or other business combination involving Videocon d2h, discourage or encourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of Videocon d2h. Videocon d2h’s Principal Shareholders may take or block actions with respect to its business, which may conflict with its

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interests or the interests of its minority shareholders. Videocon d2h cannot assure you that its Principal Shareholders will always act in Videocon d2h’s or your best interests.

Videocon d2h does not intend to pay dividends in the foreseeable future. Even if Videocon d2h decides to pay dividends in the future, Videocon d2h’s ability to pay dividends will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in Videocon d2h’s financing arrangements.

Videocon d2h has not declared any dividends since its incorporation, has not adopted a formal dividend policy and does not intend to pay dividends in the foreseeable future. The declaration and payment of dividends by Videocon d2h, if any, will be recommended by its board of directors and approved by its shareholders at their discretion, subject to the provisions of Videocon d2h’s Articles of Association and the Indian Companies Act. As a result, capital appreciation in the price of its ADSs, if any, may be your only source of gain on an investment in Videocon d2h’s ADSs.

Videocon d2h’s ability to pay dividends in the future will depend upon a variety of factors, including its future earnings, financial condition, cash flows, working capital requirements, capital expenditure, restrictive covenants in its financing arrangements and other factors. As a result, Videocon d2h cannot assure you that it will declare or pay dividends of any particular amount, with any particular frequency or at all. In addition, under the Indian Companies Act and the rules framed there under, a company is permitted to declare or pay dividends in any year out of profits for that year after providing for depreciation, as prescribed. In the event of inadequacy or absence of profits in a particular year, dividends may be paid out of the accumulated profits of the company (after providing for depreciation) which remain undistributed and transferred to the free reserves, subject to certain conditions, including that carried over losses and depreciation not provided for in previous years are set off against the profit of the current year. Videocon d2h had a loss for fiscal year 2014 of Rs.3,195.35 million. There can be no assurance that Videocon d2h will have distributable funds in future periods nor can Videocon d2h assure you that it will be able to generate profit and eliminate its accumulated loss in the future so as to enable it to pay dividends under the Indian Companies Act.

Implementation of the proposed employee plans will result in a charge to Videocon d2h’s profit and loss account, which may adversely affect its results of operations.

Videocon d2h’s board of directors and shareholders have adopted, subject to the approval of the MIB, the Videocon d2h Employees Stock Option Scheme 2014, or the ESOP 2014, effective from August 1, 2014. The ESOP 2014 will be administered by the Nomination, Remuneration and Compensation Committee of Videocon d2h’s board of directors and implemented by the Videocon d2h Employees Welfare Trust. Upon receipt of the approval of the MIB, Videocon d2h expects to complete allotment of 4,000,000 equity shares to the Videocon d2h Employees Welfare Trust, in accordance with the ESOP 2014.

Under IFRS, the grant of stock options will result in a charge to Videocon d2h’s profit and loss account and dilute the Earnings per Share which may adversely affect its results of operations.

Risks Related to Videocon d2h’s Operations in India

A slowdown in economic growth in India may adversely affect Videocon d2h’s business, financial condition, results of operations, the value of its equity shares and the trading price of the Videocon d2h ADSs.

Videocon d2h’s results of operations and financial condition are dependent on, and have been adversely affected by, conditions in financial markets in the global economy, and, particularly in India. The Indian economy could be adversely affected by various factors such as political or regulatory action, including adverse changes in liberalization policies, business corruption, social disturbances, terrorist attacks and other acts of violence or war, natural calamities, interest rates, inflation, commodity and energy prices and various other factors. Any slowdown in the Indian economy may adversely affect Videocon d2h’s business, financial condition, results of operations, value of its equity shares and the trading price of the Videocon d2h ADSs.

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Regional hostilities, terrorist attacks, communal disturbances, civil unrest and other acts of violence or war involving India and other countries may result in a loss of investor confidence and a decline in the value of Videocon d2h’s equity shares and trading price of the ADSs.

Terrorist attacks, civil unrest and other acts of violence or war may negatively affect the Indian markets in which Videocon d2h operates its business and also adversely affect the worldwide financial markets. In addition, Asia has from time to time experienced instances of civil unrest and hostilities among neighboring countries. Hostilities and tensions may occur in the future and on a wider scale. Military activity or terrorist attacks in India, such as the attacks in Mumbai in November 2008 and in July 2011, may result in investor concern about stability in the region, which may adversely affect the value of Videocon d2h’s equity shares and the trading price of the ADSs. Events of this nature in the future, as well as social and civil unrest within other countries in Asia, could influence the Indian economy and could have an adverse effect on the Videocon d2h’s business, including the value of equity shares and the trading price of the ADS.

The occurrence of natural disasters may adversely affect Videocon d2h’s business, financial condition and results of operations.

The occurrence of natural disasters, including hurricanes, floods, earthquakes, tornadoes, fires and pandemic disease may adversely affect Videocon d2h’s business, financial condition or results of operations. The potential impact of a natural disaster on Videocon d2h’s results of operations and financial position is speculative, and would depend on numerous factors. The extent and severity of these natural disasters determines their effect on the Indian economy. Although the long term effect of diseases such as the H5N1 “avian flu”, or H1N1, the swine flu, cannot currently be predicted, previous occurrences of avian flu and swine flu had an adverse effect on the economies of those countries in which they were most prevalent. An outbreak of a communicable disease in India could adversely affect Videocon d2h’s business, financial condition and results of operations. Videocon d2h cannot assure you that natural disasters will not occur in the future or that its business, financial condition and results of operations will not be adversely affected.

Any downgrade of credit ratings of India or Indian companies may adversely affect Videocon d2h’s ability to raise debt financing.

India’s sovereign foreign currency long-term debt is currently rated (i) “BBB-” (negative) by Standard & Poor’s Rating Group, a division of McGraw-Hill Companies, Inc., or Standard & Poor’s, (ii) “BBB-” (negative) by Fitch Ratings Ltd, or Fitch, and (iii) “Baa3” (stable) by Moody’s Investors Services Limited, or Moody’s. These ratings reflect an assessment of the GoI’s overall financial capacity to pay its obligations and its ability or willingness to meet its financial commitments as they become due.

No assurance can be given that Standard & Poor’s, Fitch, Moody’s or any other statistical rating organization will not downgrade the credit ratings of India. Any downgrade could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with Videocon d2h’s current variable rate debt and its ability to access the debt markets on favorable terms in the future. This could have an adverse effect on Videocon d2h’s financial condition.

A decline in India’s foreign exchange reserves may affect liquidity and interest rates in the Indian economy.

According to a report released by Reserve Bank of India (RBI), India’s foreign exchange reserves totalled approximately US$320 billion as of December 19, 2014. India’s foreign exchange reserves have declined recently and may have negatively affected the valuation of the Rupee. Further declines in foreign exchange reserves could adversely affect the valuation of the Rupee and could result in reduced liquidity and higher interest rates that could adversely affect Videocon d2h’s future financial condition and the market price of the Videocon d2h ADSs.

Videocon d2h has not independently verified certain data in this Prospectus.

Videocon d2h has not independently verified data from the GoI and industry publications contained herein, including the MPA Report, and although Videocon d2h believes these sources to be reliable, it cannot assure you that they are complete or reliable. Such data may also be produced on a different basis from

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comparable information compiled with regard to other countries. Therefore, discussions of matters relating to India, its economy or the pay television herein are subject to the caveat that the statistical and other data upon which such discussions are based have not been verified by Videocon d2h and may be incomplete or unreliable.

These facts and other statistics include the facts and statistics included in “Industry and Market Data” and “Industry Overview”. Due to possibly flawed or ineffective data collection methods or discrepancies between published information and market practice and other problems, the statistics herein may be inaccurate or may not be comparable to statistics produced elsewhere and should not be unduly relied upon. Further, Videocon d2h cannot assure you that they are stated or compiled on the same basis or with the same degree of accuracy, as the case may be, elsewhere.

Risks Related to Videocon d2h ADSs and this Issue

Since a majority of Videocon d2h’s directors, officers and assets reside or are located outside of the United States; investors may have difficulty enforcing judgments against Videocon d2h, its directors and officers.

Videocon d2h is incorporated under the laws of India. Further, Videocon d2h conducts substantially all of its operations in India. The majority of its directors and officers, and some of the experts named in this proxy statement/prospectus, reside outside the United States, and a majority of Videocon d2h’s assets and some or all of the assets of such persons are located outside the United States. As a result, it may be difficult or impossible to effect service of process within the United States upon Videocon d2h or those persons, or to recover against Videocon d2h or those persons on judgments of United States courts, including judgments predicated upon the civil liability provisions of the United States federal securities laws. An award of punitive damages by a United States court based upon United States federal securities laws is likely to be construed by Indian courts to be penal in nature and therefore unenforceable in India. Further, no claim may be brought in India against Videocon d2h or its directors and officers in the first instance for a violation of United States federal securities laws because these laws have no extraterritorial application under Indian law and are not enforceable in India. However, an Indian court may impose civil liability, including the possibility of monetary damages, on Videocon d2h or its directors and officers if the facts alleged in a complaint constitute or give rise to a cause of action under Indian law. Moreover, it is unlikely that a court in India would award damages on the same basis as a foreign court if an action were brought in India or that the Indian court would enforce foreign judgments if it viewed the amount of damages as excessive or inconsistent with Indian practice or public policy.

The courts of India would not automatically enforce judgments of United States courts obtained in actions against Videocon d2h or its directors and officers, or some of the experts named herein, predicated upon the civil liability provisions of the United States federal securities laws, or entertain actions brought in India against Videocon d2h or such persons predicated solely upon United States federal securities laws. Further, the United States has not been declared by the Government of India to be a reciprocating territory for the purposes of enforcement of foreign judgments, and there are grounds upon which Indian courts may decline to enforce the judgments of United States courts. Some remedies available under the laws of United States jurisdictions, including remedies available under the United States federal securities laws, may not be allowed in Indian courts if contrary to public policy in India. Because judgments of United States courts are not automatically enforceable in India, it may be difficult for you to recover against Videocon d2h or its directors and officers or some experts named in this prospectus based upon such judgments. In India, prior approval of the RBI is required in order to repatriate any amount recovered pursuant to such judgments. See “Enforceability of Civil Liabilities.”

As a foreign private issuer, Videocon d2h is permitted to, and Videocon d2h will, follow certain home country corporate governance practices in lieu of certain NASDAQ requirements applicable to U.S. issuers. As a result, Videocon d2h’s shareholders will not have the protections afforded by these corporate governance requirements, which may make its ADSs less attractive to investors or otherwise harm the ADS share price.

As a foreign private issuer whose ADSs will be listed on NASDAQ, Videocon d2h will be permitted to follow certain home country corporate governance practices in lieu of certain NASDAQ requirements,

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although Videocon will be subject to certain independence requirements with respect to its audit committee under NASDAQ rules. A foreign private issuer must disclose in its annual reports filed with the Securities and Exchange Commission, or the SEC, each NASDAQ requirement it does not comply with, followed by a description of its applicable home country practice. As a company incorporated in India and listed on the NASDAQ, Videocon d2h expects to follow its home country practice with respect to the composition of Videocon d2h’s board of directors and Nomination, Remuneration and Compensation Committees and executive sessions. Unlike the requirements of the NASDAQ, the corporate governance practice and requirements in India include, that a “public company” under the Indian Companies Act, which is not listed on any stock exchanges in India, is required to comply with the provisions of the Indian Companies Act, including the following provisions relating to corporate governance:

Composition of Board of Directors:  In accordance with Indian Companies Act, a public company with paid up share capital of Rs.100 million or more; or turnover of Rs.1,000 million or more; or outstanding loans, debentures and deposits which in aggregate exceeds Rs.500 million, is required to have at least two independent directors on its board of directors. The Indian Companies Act prescribes certain eligibility criteria for qualifying as an independent director.

Additionally, a public company with paid up share capital of Rs.1,000 million or more; or turnover of Rs.3,000 million or more is required to have at least one woman director on its board of directors with effect from April 1, 2015.

Board Committees:  In accordance with the Indian Companies Act, a public company with paid up share capital of Rs.100 million or more; or turnover of Rs.1,000 million or more; or outstanding loans, debentures and deposits which in aggregate exceeds Rs.500 million, is required to constitute the following committees.

In addition, should a company have net worth of Rs.5,000 million or more; or turnover of Rs.10,000 million or more; or net profit of Rs.50 million or more during any fiscal year, it will be required to constitute a Corporate Social Responsibility Committee of the Board composed of three or more directors, of which at least one director is required to be an independent director. Similarly, should a company have more than 1,000 security holders; it will be required to constitute a Stakeholders Relationship Committee for resolving the grievances of the security holders, composed of a chairman who is a non-executive director and such other members that the board of directors may decide.

Accordingly, Videocon d2h’s shareholders will not have the same protection afforded to shareholders of companies that are subject to all of the NASDAQ corporate governance requirements, which could make its ADSs less attractive to some investors or could otherwise harm the ADS share price.

An active trading market for Videocon d2h ADSs may not develop and the trading price for Videocon d2h ADSs may fluctuate significantly.

Prior to this Issue, there has been no public market for Videocon d2h’s equity shares or ADSs. If an active public market for Videocon d2h’s ADS does not develop after this Issue, the market price and liquidity of Videocon d2h’s ADS may be adversely affected. Although Videocon d2h’s ADSs have been approved for listing on the NASDAQ Global Market, a liquid public market for Videocon d2h’s ADSs may not develop or be sustained after this Issue. The offering price for Videocon d2h’s ADS was determined by negotiation

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among Videocon d2h and Silver Eagle and the price at which the ADSs are traded after this Issue may decline below the offering price, which means you may experience a decrease in the value of your ADSs regardless of Videocon d2h’s operating performance or prospects. In the past, following periods of volatility in the market price of a company’s securities, shareholders have often instituted securities class actions against that company. If Videocon d2h were involved in a class action suit, it could divert the attention of senior management, and, if adversely determined, could have a material adverse effect on Videocon d2h’s business, results of operations and financial condition.

Because the price of the ADSs is substantially higher than Videocon d2h’s book value per equity share, you will incur immediate and substantial dilution.

Purchasers of Videocon d2h ADSs will experience immediate and substantial dilution in net tangible book value per ADS from the Issue price per ADS. After giving effect to the issue of ADSs at the assumed Issue price of US$[  ] per ADS, and after deducting the estimated offering expenses payable by Videocon d2h in this Issue, Videocon d2h’s net tangible book value as of September 30, 2014 would have been approximately US$[  ] million, or US$[  ]per ADS. This represents an immediate dilution in net tangible book value of US$[  ]per ADS to investors in this Issue.

The sale or availability for sale of substantial amounts of Videocon d2h ADSs could adversely affect its market price.

Sales of substantial amounts of Videocon d2h’s ADSs in the public market after the completion of this Issue, or the perception that such sales could occur, could adversely affect the market price of Videocon d2h’s ADSs and could materially impair Videocon d2h’s future ability to raise capital through offerings of ADSs or other equity shares.

Videocon d2h will have [  ] equity shares outstanding immediately after this Issue. Further, although certain of Videocon d2h shareholders are subject to restrictions on selling shares until the expiration of the lock-in period, all of the ADSs exchanged in this Issue will be freely tradable without restriction or further registration under the US Securities Act of 1933, or the Securities Act, unless held by Videocon d2h’s “affiliates” or Silver Eagle’s “affiliates” as that term is defined in Rule 144 under the Securities Act. Subject to the one year or 365-day lock-up restrictions described below and other applicable restrictions and limitations under Rule 144 of the Securities Act, all of Videocon d2h’s equity shares outstanding prior to this Issue will be eligible for sale in the public market. If these equity shares are converted to ADSs and sold, or if it is perceived that they will be sold, in the public market, the value of Videocon d2h’s equity shares and the ADSs could decline.

In connection with this Issue, Videocon d2h and its Principal Shareholders have agreed, subject to some exceptions, not to sell any equity shares or equity shares converted into ADSs for a period of one year after the date of this Prospectus without the approval of the Audit Committee ability to amend the Lock-up Agreement. However, after the Lock-up Agreement expires, Videocon d2h cannot predict what effect, if any, market sales of equity shares held by Videocon d2h’s Principal Shareholders or any other shareholder or the availability of these equity shares for future sale will have on the market price of Videocon d2h ADSs. See Risk Factors — “A significant portion of Videocon d2h’s shareholding is pledged as security to banks and financial institutions.”

Future issuances of any equity shares by Videocon d2h may dilute your holdings and decrease the market value of your ADSs.

Any issuance of equity shares by Videocon d2h after this Issue such as pursuant to Videocon’s ESOP 2014, could dilute the interests of Videocon d2h shareholders and could substantially decrease the value of Videocon d2h’s equity shares and the ADSs. Videocon d2h may issue equity or equity-linked securities in the future for a number of reasons, including to finance Videocon d2h’s operations and business strategy (including in connection with acquisitions and other transactions), to adjust Videocon d2h’s ratio of debt to equity, to satisfy Videocon d2h’s obligations upon the exercise of then-outstanding options or other equity-linked securities, if any, or for other reasons.

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The requirements of being a public company may strain Videocon d2h’s resources, divert management’s attention and affect our ability to attract and retain qualified board members.

As a public company, Videocon d2h will be subject to the reporting requirements of the Securities Exchange Act, the Sarbanes-Oxley Act and NASDAQ rules, including those promulgated in response to the Sarbanes-Oxley Act. The requirements of these rules and regulations will increase Videocon d2h’s legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. The Exchange Act requires, among other things, that Videocon d2h file annual, quarterly and current reports with respect to its business and financial condition. The Sarbanes-Oxley Act requires, among other things, that Videocon d2h maintain effective disclosure controls and procedures and internal controls for financial reporting. To maintain and improve the effectiveness of Videocon d2h’s disclosure controls and procedures, it will need to commit significant resources, hire additional staff and provide additional management oversight. Videocon d2h will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. In addition, sustaining Videocon d2h’s growth also will require it to commit additional management, operational and financial resources to identify new professionals to join its organization and to maintain appropriate operational and financial systems to adequately support expansion. These activities may divert management’s attention from other business concerns, which could have a material adverse effect on Videocon d2h’s business, financial condition, results of operations and cash flows.

Videocon d2h expects to incur significant additional annual expenses related to these steps associated with, among other things, director fees, reporting requirements, transfer agent fees, additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses. Videocon d2h also expects that the new rules and regulations to which it will be subject as a result of being a public company will make it more expensive for Videocon d2h to obtain director and officer liability insurance, and it may be required to accept reduced coverage for such directors and officers. Any of these factors could make it more difficult for Videocon d2h to attract and retain qualified members of its board of directors.

Videocon d2h has no operating history as a publicly-traded company, and its inexperience could materially and adversely affect the company and its shareholders.

Videocon d2h has no operating history as a publicly-traded company. Its board of directors and senior management team will have overall responsibility for the company’s management and only a limited number of Videocon d2h’s directors or members of our senior management team have prior experience in operating a public company. As a publicly-traded company, Videocon d2h will be required to develop and implement substantial control systems, policies and procedures in order to satisfy its periodic Securities and Exchange Commission, or SEC, reporting and NASDAQ obligations. Videocon d2h cannot assure you that management’s past experience will be sufficient to successfully develop and implement these systems, policies and procedures and to operate the company. Failure to do so could jeopardize Videocon d2h’s status as a public company, and the loss of such status may materially and adversely affect the company and its shareholders.

If Videocon d2h fails to establish and maintain an effective system of integrated internal controls, it may not be able to report its financial results accurately, which could have a material adverse effect on its business, financial condition and results of operations.

Ensuring that Videocon d2h has adequate internal financial and accounting controls and procedures in place so that it can produce accurate financial statements on a timely basis is a costly and time-consuming effort that will need to be evaluated frequently. Section 404 of the Sarbanes-Oxley Act requires public companies to conduct an annual review and evaluation of their internal controls and attestations of the effectiveness of internal controls by independent auditors. Videocon d2h would be required to perform the annual review and evaluation of our internal controls no later than for the fiscal year ending 2020. Videocon d2h initially expects to qualify as an emerging growth company, and thus, would be exempt from the auditors’ attestation requirement until such time as Videocon d2h no longer qualifies as an emerging growth company. Videocon d2h will need to implement substantial control systems and procedures in order to satisfy the reporting requirements under the Exchange Act and applicable NASDAQ requirements, among other items. Establishing these internal controls will be costly and may divert the management’s attention.

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Evaluation by Videocon d2h of its internal controls over financial reporting may identify material weaknesses that may cause it to be unable to report our financial information on a timely basis and thereby subject it to adverse regulatory consequences, including sanctions by the SEC or violations of NASDAQ listing rules. There also could be a negative reaction in the financial markets due to a loss of investor confidence in Videocon d2h and the reliability of its financial statements. Confidence in the reliability of Videocon d2h’s financial statements also could suffer if it or its independent registered public accounting firm were to report a material weakness in its internal controls over financial reporting. This could materially adversely affect Videocon d2h’s business, financial condition and results of operations and could also lead to a decline in the price of its ADSs.

If securities or industry analysts do not publish research or reports about Videocon d2h’s business, or if they downgrade their recommendations regarding its ADSs, the ADS stock price and trading volume could decline.

The trading market for Videocon d2h’s ADSs will be influenced by the research and reports that industry or securities analysts publish about Videocon d2h or its business. If any of the analysts who cover Videocon d2h downgrades its ADSs or publishes inaccurate or unfavourable research about its business, its ADS stock price may decline. If analysts cease coverage of Videocon d2h or fail to regularly publish reports on Videocon d2h, Videocon d2h could lose visibility in the financial markets, which in turn could cause its ADS stock price or trading volume to decline and its ADSs to be less liquid.

Videocon d2h’s ADS price may be volatile and may decline substantially from the offering price.

Even if a trading market develops, the market price of Videocon d2h’s ADSs may be highly volatile and could be subject to wide fluctuations. Securities markets worldwide experience significant price and volume fluctuations. This market volatility, as well as general economic, market or political conditions, could reduce the market price of its ADS in spite of its operating performance. In addition, Videocon d2h’s operating results could be below the expectations of public market analysts and investors due to a number of potential factors, including variations in its quarterly operating results or dividends, if any, to holders of its ADSs, additions or departures of key management personnel, failure to meet analysts’ earnings estimates, publication of research reports about its industry, litigation and government investigations, changes or proposed changes in laws or regulations or differing interpretations or enforcement thereof affecting its business, adverse market reaction to any indebtedness Videocon d2h may incur or securities it may issue in the future, changes in market valuations of similar companies or speculation in the press or investment community, announcements by its competitors of significant contracts, acquisitions, dispositions, strategic partnerships, joint ventures or capital commitments, adverse publicity about the industry Videocon d2h operates in or individual scandals, and in response to these events the market price of Videocon d2h’s ADSs could decrease significantly.

Videocon d2h may be classified as a passive foreign investment company, which could result in adverse United States federal income tax consequences to US Holders.

Based on the market prices of Videocon d2h’s ADSs and the composition of Videocon d2h’s income and assets, including goodwill, although not clear, Videocon d2h does not believe it was a PFIC for United States federal income tax purposes for its taxable year ended March 31, 2014. However, the application of the PFIC rules is subject to uncertainty in several respects and, therefore, the US Internal Revenue Service may assert that, contrary to its belief, it was a PFIC for such taxable year. Moreover, although the asset test (defined below) is required to be calculated based on the fair market value of its assets, it did not do a valuation of its assets and its belief that it was not a PFIC for its taxable year ended March 31, 2014 is, in part, based on the book value of its assets. A non-United States corporation will be considered a passive foreign investment company, or PFIC, for any taxable year if either (1) at least 75% of its gross income for such year is passive income or (2) at least 50% of the total value of its assets (based on an average of the quarterly values of the assets during such year) is attributable to assets, including cash, that produce or are held for the production of passive income, or passive assets. In addition, a separate determination must be made after the close of each taxable year as to whether Videocon d2h was a PFIC for that year. Because the aggregate value of its assets for purposes of the PFIC test will generally be determined by reference to the market price of its ADSs, fluctuations in the market price of the ADSs may cause Videocon d2h to become a PFIC. In addition, changes

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in the composition of its income or assets may cause it to become a PFIC. Accordingly, Videocon d2h cannot assure you that it will not be a PFIC for the taxable year that will end on March 31, 2015 or any future taxable year. If it was a PFIC for any taxable year during which a US Holder (as defined in (“Material U.S. Federal Income Tax Considerations”) holds an ADS or an equity share, certain adverse United States federal income tax consequences could apply to the US Holder. See “Material U.S. Federal Income Tax Considerations—Ownership of ADSs or Equity Shares - US Holders - Passive Foreign Investment Company.”

Holders of the ADSs might not have the same voting rights as the holders of Videocon d2h’s equity shares and might not receive voting materials in time to be able to exercise their right to vote.

Except as described in this proxy statement/prospectus and in the deposit agreement, holders of the ADSs will not be able to exercise voting rights attaching to the equity shares evidenced by the ADSs on an individual basis. Under the deposit agreement, holders of ADSs must vote by giving voting instructions to the depositary, including instructions to give a discretionary proxy to a person designated by Videocon d2h. Upon receipt of such holder’s voting instructions, the depositary will vote the underlying equity shares in accordance with these instructions. Holders of ADSs will not be able to directly exercise their right to vote with respect to the underlying equity shares unless they withdraw the equity shares. Holders of ADSs may not receive voting materials in time to instruct the depositary to vote, and it is possible that holders of ADSs, or persons who hold their ADSs through brokers, dealers or other third parties, will not have the opportunity to exercise their right to vote.

The voting rights of holders of ADSs are limited by the terms of the deposit agreement.

A holder of the ADSs may only exercise the voting rights with respect to the underlying equity shares in accordance with the provisions of the deposit agreement. Upon receipt of voting instructions of a holder of ADSs in the manner set forth in the deposit agreement, the depositary will endeavor to vote the underlying equity shares in accordance with these instructions. When a general meeting is convened, holders of ADSs may not receive sufficient notice of a shareholders’ meeting to permit them to withdraw their equity shares to allow them to cast their votes with respect to any specific matter. In addition, the depositary and its agents may not be able to send voting instructions to holders of ADSs or carry out their voting instructions in a timely manner. Videocon d2h will make all reasonable efforts to cause the depositary to extend voting rights to holders of ADSs in a timely manner, but Videocon d2h cannot assure such holders that they will receive the voting materials in time to ensure that they can instruct the depositary to vote their shares. Furthermore, the depositary will not vote on any matter for which voting is conducted on a show of hands basis in accordance with Videocon d2h’s Articles of Association and will not have an obligation to demand voting on a poll basis. The depositary and its agents will not be responsible for any failure to carry out any instructions to vote, for the manner in which any vote is cast, or for the effect of any such vote. As a result, holders of ADSs may not be able to exercise their right to vote and may lack recourse if their equity shares are not voted as requested.

A holder of ADSs right to participate in any future rights offerings may be limited, which may cause dilution to such holder’s holdings.

Videocon d2h may, from time to time, distribute rights to its shareholders, including rights to acquire Videocon d2h securities. However, Videocon d2h cannot make rights available to holders of ADSs in the United States unless Videocon d2h registers the rights and the securities to which the rights relate under the Securities Act or an exemption from the registration requirements is available. In addition, the deposit agreement provides that the depositary will not make rights available to holders of ADSs unless the distribution to ADS holders of both the rights and any related securities are either registered under the Securities Act or exempted from registration under the Securities Act. Videocon d2h is under no obligation to file a registration statement with respect to any such rights or securities or to endeavor to cause such a registration statement to be declared effective. Moreover, Videocon d2h may not be able to establish an exemption from registration under the Securities Act. Accordingly, ADS holders may be unable to participate in Videocon d2h’s rights offerings and may experience dilution in their holdings. In addition, if the depositary is unable to sell rights that are not exercised or not distributed, or if the sale is not lawful or reasonably practicable, it will allow the rights to lapse, in which case holders of ADSs will receive no value for these rights.

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Holders of ADSs may be subject to limitations on transfer of their ADSs.

ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it deems necessary in connection with the performance of its duties. The depositary may close its books from time to time for a number of reasons, including in connection with corporate events such as a rights offering, during which time the depositary needs to maintain an exact number of ADS holders on its books for a specified period. The depositary may also close its books in emergencies, and on weekends and public holidays. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally when Videocon d2h’s books or the books of the depositary are closed, or at any time if Videocon d2h or the depositary deem it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement.

Holders of ADSs might not receive distributions on Videocon d2h’s equity shares, or any value for them at all, if it is unlawful or impracticable for Videocon d2h to make them available to such holders.

The depositary of the ADSs has agreed to pay holders of ADSs the cash dividends or other distributions it or the custodian for the ADSs receives on Videocon d2h’s equity shares or other deposited securities after deducting its fees and expenses in accordance with the deposit agreement. Holders of ADSs will receive these distributions in proportion to the number of Videocon d2h equity shares that their ADSs represent. However, the depositary is not responsible if it is unlawful or impracticable to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities Act but such securities are not properly registered or distributed pursuant to an applicable exemption from registration. The depositary is not responsible for making a distribution available to any holders of ADSs if any government approval or registration is required for such distribution. Videocon d2h has no obligation to take any other action to permit the distribution of the ADSs, equity shares, rights or anything else to holders of the ADSs. This means that holders of ADSs might not receive the distributions that Videocon d2h makes on its equity shares or any value for them at all if it is unlawful or impracticable for Videocon d2h to make them available to you.

Risks Related to Silver Eagle and the Transaction

Silver Eagle’s founders either directly or beneficially own shares of Silver Eagle common stock and warrants and have obligations and interests in the Transaction that are different from, or in addition to, Silver Eagle stockholders. If the Transaction is not approved, the securities held by the founders will likely become worthless.

The founders have agreed to vote their founder shares, as well as any additional shares purchased during or after Silver Eagle’s initial public offering, in favor of the Transaction. Accordingly, it is more likely that the requisite stockholder approval will be received than would be the case if the founders had agreed to vote their founder shares in accordance with the majority of votes cast by Silver Eagle’s public stockholders. As of the record date, the founders beneficially own, in the aggregate, approximately 19.0% of the issued and outstanding shares of Silver Eagle common stock.

In light of the amount of consideration paid, the founders will likely significantly benefit from the consummation of the Transaction, even if the Transaction causes the market price of Silver Eagle’s securities to significantly decline. Furthermore, the $7.5 million purchase price of the 15,000,000 private placement warrants will be included in the working capital that is distributed to Silver Eagle’s public stockholders in the event of Silver Eagle’s dissolution and liquidation if Silver Eagle fails to consummate an initial business combination by July 30, 2015. These factors may influence the founders in promoting the Transaction and/or soliciting proxies for the approval and adoption of the Business Combination Proposal and approval of the Warrant Amendment Proposal. Silver Eagle’s common stock and warrants held by the founders had an aggregate market value (without taking into account any discount that may be attributed to such securities due to their restricted nature or any exercise limitations of the private placement warrants) of $86.375 million based on the closing sale prices of $9.80 and $0.45, respectively, on OTCQB on December 30, 2014. The founder shares are subject to lock-up agreements, and the founders have waived any rights to receive any liquidation proceeds that may be distributed upon Silver Eagle’s liquidation in respect of the founder shares. Therefore, if the Business Combination Proposal is not approved by Silver Eagle’s stockholders, and Silver

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Eagle is subsequently required to commence proceedings to dissolve and liquidate, the founder shares and private placement warrants held directly or beneficially by the founders will be worthless.

In addition, in considering the recommendation of Silver Eagle’s board of directors elsewhere in this proxy statement/prospectus to vote “FOR” the Business Combination Proposal and “FOR” the Warrant Amendment Proposal, you should also be aware that (i) it is currently anticipated that Harry E. Sloan and Jeff Sagansky, each of whom is a current member of Silver Eagle’s board of directors, will each be appointed as a director of Videocon d2h following the Transaction and will be compensated for such service in the same manner as the other directors of Videocon d2h, and (ii) if the Business Combination Proposal is not approved and Silver Eagle has not completed an alternative business combination by July 30, 2015, the founder shares and private placement warrants held by the founders will be worthless because they are not entitled to receive any of the funds held in the trust account that of may be distributed upon liquidation of Silver Eagle.

In addition, if Silver Eagle dissolves and liquidates prior to the consummation of an initial business combination, Harry E. Sloan and Jeff Sagansky, pursuant to certain written agreements executed in connection with Silver Eagle’s initial public offering, will be personally liable for any successful claims made by third parties for services rendered or products sold to Silver Eagle and by potential target businesses who entered into written agreements, such as a letter of intent or confidentiality agreement, with Silver Eagle and who did not waive all of their rights to make claims against the proceeds in the trust account, to the extent such claims reduce the amounts in the trust account to below the lesser of (i) $10.00 per share and (ii) the actual amount per share held in the trust account as of the date of the liquidation of the trust account, in each case less franchise and income taxes payable.

Silver Eagle’s directors will not receive reimbursement for any out-of-pocket expenses incurred by them on Silver Eagle’s behalf incident to identifying, investigating and consummating a business combination to the extent such expenses exceed the amount not required to be retained in the trust account, unless a business combination is consummated.

The personal and financial interests of Silver Eagle’s directors may have influenced their decision as members of Silver Eagle’s board of directors to approve and adopt the Contribution Agreement and the warrant agreement amendment. In considering the recommendations of Silver Eagle’s board of directors to vote “FOR” the adoption of the Business Combination Proposal and the Warrant Amendment Proposal, you should consider these interests. Additionally, the exercise of the directors’ discretion in agreeing to changes or waivers in the terms of the Contribution Agreement prior to the vote by the stockholders or warrantholders, as applicable, may result in a conflict of interest when determining whether such changes or waivers are appropriate and in the stockholders’ or warrantholders’, as applicable, best interest.

In connection with the stockholder vote to approve the Business Combination Proposal, the Sponsor, Silver Eagle’s directors, executive officers, advisors or their affiliates may elect to purchase public shares from Silver Eagle’s public stockholders, which may influence the vote on the Business Combination Proposal or public warrants from warrantholders, which may influence the vote on the Warrant Amendment Proposal.

In connection with the stockholder vote to approve the Business Combination Proposal, the Sponsor, Silver Eagle’s directors, executive officers, advisors or their affiliates may purchase shares or warrants in privately negotiated transactions or in the open market either prior to or following the completion of the Transaction, although they are under no obligation to do so. Such a share purchase may include a contractual acknowledgement that such stockholder, although still the record holder of Silver Eagle shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that the Sponsor, Silver Eagle’s directors, executive officers, advisors or their affiliates purchase shares in privately negotiated transactions from Silver Eagle’s public stockholders who have already elected to exercise their redemption rights, such public stockholders would be required to revoke their prior elections to redeem their shares. The purpose of such purchases could be to vote such shares in favor of the Business Combination Proposal and thereby increase the likelihood of obtaining stockholder approval of the Transaction or to satisfy the closing condition in the Contribution Agreement that requires the Contribution Amount to be at least $200,850,000, where it appears that such requirement would otherwise not be met. This may result in the completion of the Transaction that may not otherwise have been possible. Similarly, the purchase of warrants

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could increase the likelihood that the Warrant Amendment Proposal is approved in circumstances in which such approval could not be otherwise obtained.

If a stockholder fails to receive notice of Silver Eagle’s offer of redemption in connection with the vote to approve the Business Combination Proposal, such shares may not be redeemed.

Silver Eagle will comply with the proxy rules when conducting redemptions in connection with the stockholder vote to approve the Business Combination Proposal. Despite compliance with these rules, if a stockholder fails to receive the proxy materials, such stockholder may not become aware of the opportunity to redeem his, her or its public shares. In addition, the proxy materials that Silver Eagle is furnishing to holders of its shares in connection with the Transaction describe the various procedures that must be complied with in order to validly redeem the shares. In the event that a stockholder fails to comply with these procedures, its shares may not be redeemed.

Silver Eagle’s securityholders will not have any rights or interests in funds from the trust account, except under certain limited circumstances. To liquidate their investment, therefore, Silver Eagle’s securityholders may be forced to sell their shares or warrants, potentially at a loss.

Silver Eagle’s public stockholders will be entitled to receive funds from the trust account only upon the earlier to occur of: (i) Silver Eagle’s completion of an initial business combination, and then only in connection with those shares of Silver Eagle’s common stock that such stockholder properly elected to redeem, subject to the limitations described herein, and (ii) the redemption of Silver Eagle’s public shares if it is unable to complete an initial business combination by April 30, 2015 (or July 30, 2015, as applicable), subject to applicable law and as further described herein. In addition, if Silver Eagle’s plan to redeem its shares if it is unable to complete an initial business combination by April 30, 2015 (or July 30, 2015, as applicable) is not completed for any reason, compliance with Delaware law may require that Silver Eagle submit a plan of dissolution to its then-existing stockholders for approval prior to the distribution of the proceeds held in the trust account. In that case, Silver Eagle’s public stockholders may be forced to wait beyond April 30, 2015 (or July 30, 2015, as applicable) before they receive funds from the trust account. In no other circumstances will a Silver Eagle public stockholder have any right or interest of any kind in the trust account. Accordingly, to liquidate their investment, Silver Eagle’s securityholders may be forced to sell their Silver Eagle shares or warrants, potentially at a loss.

NASDAQ recently delisted Silver Eagle’s securities from trading on its exchange, which could limit investors’ ability to effect transactions in Silver Eagle’s securities and subject it to additional trading restrictions.

Silver Eagle’s units, common stock and warrants were delisted from NASDAQ as of December 8, 2014. The delisting of Silver Eagle’s securities could have significant material adverse consequences, including:

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Silver Eagle’s units, common stock and warrants are listed on NASDAQ and, as a result, are “covered securities.” Although the states are preempted from regulating the sale of Silver Eagle’s securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of

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securities issued by blank check companies, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states.

Because the market price of Videocon d2h ADSs will fluctuate and because there is currently no trading market for the Videocon d2h equity shares and corresponding ADSs, Silver Eagle stockholders cannot be sure of the value of the consideration they will receive when the Transaction is completed, and the value may be less than what respective shareholders originally paid for their shares of Silver Eagle common stock.

If the Transaction is completed, Videocon d2h will receive the Contribution Amount from Silver Eagle in exchange for the issuance of equity shares of Videocon d2h, represented by ADSs. Each holder of one share of Silver Eagle common stock for which the holder did not validly exercise redemption rights will receive [  ] ADSs in the Transaction, subject to adjustment in accordance with the Contribution Agreement. The value of Videocon d2h’s ADSs may vary significantly from the closing price of Silver Eagle’s equity shares on the date the Transaction was announced, on the date the parties entered into the Contribution Agreement, on the date that this proxy statement/prospectus was mailed to Silver Eagle’s stockholders and warrantholders or on the date of the special meetings of Silver Eagle’s stockholders and warrantholders, or thereafter. No trading market for Videocon d2h’s equity shares or the ADS representing the equity shares currently exists and, therefore, Silver Eagle’s securityholders cannot be sure of the price at which the ADSs will trade if the Transaction is completed.

Therefore, the value of the Videocon d2h ADSs that Silver Eagle’s stockholders receive in the Transaction, either upon or after the completion of the Transaction, may be lower than what Silver Eagle’s securityholders originally paid for their corresponding securities of Silver Eagle prior to the Transaction.

The ability of Silver Eagle’s stockholders to exercise redemption rights with respect to a large number of Silver Eagle’s shares could increase the probability that the Transaction would be unsuccessful and that Silver Eagle’s stockholders would have to wait for liquidation in order to redeem their stock.

Since the Contribution Agreement requires the Contribution Amount to be at least $200,850,000, the probability that the Transaction with Videocon d2h will be unsuccessful is increased if a large number of Silver Eagle’s public shares are tendered for redemption. If the Transaction unsuccessful, Silver Eagle’s public stockholders will not receive their pro rata portion of the trust account until the trust account is liquidated. If Silver Eagle’s public stockholders are in need of immediate liquidity, they could attempt to sell their stock in the open market; however, at such time, Silver Eagle’s stock may trade at a discount to the pro rata per share amount in the trust account. In either situation, Silver Eagle’s stockholders may suffer a material loss on their investment or lose the benefit of funds expected in connection with the redemption until Silver Eagle is liquidated or Silver Eagle’s stockholders are able to sell their stock in the open market.

If a Silver Eagle stockholder chooses to redeem his, her or its shares, he, she or it may not exercise his, her or its redemption rights to cause the redemption of his, her or its shares of Silver Eagle’s common stock for a pro rata portion of the trust account, including any interest earned thereon, less franchise and income taxes payable, until the date that is two business days prior to the date of the special meeting of Silver Eagle’s stockholders.

Stockholders holding shares of Silver Eagle’s common stock issued in Silver Eagle’s initial public offering, whether or not they vote against the Business Combination Proposal, may elect to redeem all or a portion of their shares of common stock upon the completion of the Transaction for cash equal to their pro rata share of the aggregate amount on deposit in the trust account which holds the proceeds of Silver Eagle’s initial public offering as of two business days prior to the consummation of the transactions contemplated by the Contribution Agreement, including interest, less franchise and income taxes payable, upon the closing of the Transaction. Any stockholder who seeks to exercise this redemption right must, with respect to the portion of shares he or she wishes to redeem, prior to 4:30 p.m. Eastern time on [           ], 2015 (two business days before the special meeting), (i) submit a written request to our transfer agent that Silver Eagle redeem such public shares for cash, and (ii) deliver their stock to Silver Eagle’s transfer agent physically or electronically through Depository Trust Company, or DTC. The address of Continential Stock Transfer & Trust Company, our transfer agent, is listed on page 56.

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If an individual stockholder or a “group” of stockholders are deemed to hold in excess of 10% of Silver Eagle’s common stock, that individual or group will lose the ability to redeem all such shares in excess of 10% of Silver Eagle’s common stock.

Silver Eagle’s amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to more than an aggregate of 10% of the public shares (the “Excess Shares”). However, stockholders are not restricted from voting all of their shares (including Excess Shares) for or against the Transaction. The inability to redeem the Excess Shares will reduce the influence of Silver Eagle’s stockholders over Silver Eagle’s ability to complete the Transaction, and such stockholders could suffer a material loss on their investment in Silver Eagle if they sell their Excess Shares in open market transactions. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if Silver Eagle completes the Transaction. As a result, such stockholders would continue to hold that number of shares exceeding 10% and, in order to dispose of such shares, would be required to sell their stock in open market transactions, potentially at a loss.

Silver Eagle expects to incur significant costs associated with the Transaction, whether or not the Transaction is completed, and if Silver Eagle incurs costs in excess of a specified amount, Videocon d2h may not be obligated to consummate the Transaction].

Whether or not the Transaction is completed, Silver Eagle expects to incur significant costs associated with the Transaction, including due diligence, legal, accounting and other expenses associated with structuring, negotiating and documenting the Transaction. If the parties do not consummate the Transaction, and if time permits Silver Eagle to seek an alternative business combination, then the costs Silver Eagle will have incurred with respect to its proposed business combination with Videocon d2h will reduce the amount of cash otherwise available to complete an alternative business combination. Silver Eagle estimates that it will incur significant transaction costs associated with the Transaction of at least approximately $50.4. In addition, if the combination of deferred underwriting fees and commissions and Silver Eagle’s transaction expenses exceed approximately $50.4 million, together with redemptions of public shares in excess of 7,387,387 shares, then Silver Eagle may not be able to meet the closing condition contained in the Contribution Agreement that the Contribution Amount is at least $200,850,000, and Videocon d2h will not be obligated to consummate the Transaction.

Videocon d2h is required to obtain certain approvals of the MIB in respect of the Transaction and related matters. If it fails to do so, the Transaction cannot take place.

Under the terms of the DTH Guidelines and the DTH License Agreement, Videocon d2h is required to obtain the prior written permission of the MIB for effecting any change in its equity structure.

In the event that the MIB does not grant such approval, Videocon d2h will be unable to consummate the Transaction. Further, Videocon d2h is unable to guarantee it will obtain approvals required from the MIB in the future in a timely manner, or at all, or that it will be able to comply with any further conditions imposed by the MIB while granting such permissions.

There are significant limitations on Silver Eagle’s right to make damage claims against Videocon d2h for the breach of any representations, warranties or covenants made by Videocon d2h in the Contribution Agreement.

The Contribution Agreement provides that Videocon d2h will indemnify Silver Eagle and its affiliated indemnitees under the Contribution Agreement from and against the entirety of any damages suffered as a result of any breach by Videocon d2h of a representation, warranty or post-closing covenant of Videocon d2h. However, there are significant limitations on Silver Eagle’s right to indemnification under the Contribution Agreement, including:

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As a “foreign private issuer” under the rules and regulations of the SEC, Videocon d2h is exempt from a number of rules under the Exchange Act and may be permitted to file less or different information with the SEC than a company incorporated in the United States or otherwise subject to these rules.

Videocon d2h is considered a “foreign private issuer” under the Exchange Act and is therefore exempt from certain rules under the Exchange Act, including the proxy rules, which impose certain disclosure and procedural requirements for proxy solicitations for U.S. and other issuers. Moreover, Videocon d2h is not required to file periodic reports and financial statements with the SEC as frequently or within the same time frames as U.S. companies with securities registered under the Exchange Act. Videocon d2h currently prepares its financial statements in accordance with IFRS. Videocon d2h will not be required to file financial statements prepared in accordance with or reconciled to U.S. GAAP so long as its financial statements are prepared in accordance with IFRS as issued by the International Accounting Standards Board, which do not differ from IFRS as adopted by the European Union. Videocon d2h is not required to comply with Regulation FD, which imposes restrictions on the selective disclosure of material information to shareholders. In addition, Videocon d2h’s officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of Videocon d2h shares. Accordingly, after the Transaction, if you continue to hold Videocon d2h ADSs, you may receive less or different information about Videocon d2h than you currently receive about Silver Eagle.

Videocon d2h could lose its status as a “foreign private issuer” under current SEC rules and regulations if more than 50% of Videocon d2h’s outstanding voting securities become directly or indirectly held of record by U.S. holders and one of the following is true: (i) the majority of Videocon d2h’s directors or executive officers are U.S. citizens or residents; (ii) more than 50% of Videocon d2h’s assets are located in the United

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States; or (iii) Videocon d2h’s business is administered principally in the United States. If Videocon d2h loses its status as a foreign private issuer in the future, it will no longer be exempt from the rules described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements as if it were a company incorporated in the United States. If this were to happen, Videocon d2h would likely incur substantial costs in fulfilling these additional regulatory requirements and members of Videocon d2h’s management would likely have to divert time and resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled.

Videocon d2h has not previously operated as a foreign private issuer in the United States, and fulfilling its obligations as a foreign private issuer after the Transaction may be expensive and time consuming.

Videocon d2h has not previously been required to prepare or file periodic and other reports with the SEC or to comply with the other requirements of U.S. federal securities laws applicable to public companies, such as Section 404 of the Sarbanes-Oxley Act of 2002. Although Videocon d2h currently maintains separate legal and compliance and internal audit functions, Videocon d2h has not previously been required to establish and maintain disclosure controls and procedures and internal controls over financial reporting as will be required with respect to a public company with substantial operations and shares registered in the United States.

Under the Sarbanes-Oxley Act of 2002 and the related rules and regulations of the SEC, as well as the rules of NASDAQ, where Videocon d2h intends to apply for listing of the Videocon d2h ADSs, Videocon d2h may be required to implement additional corporate governance practices and adhere to a variety of reporting requirements and accounting rules. However, as a “foreign private issuer,” Videocon d2h may be exempt from some corporate governance practices, reporting requirements and accounting rules under the rules of NASDAQ and under the Sarbanes-Oxley Act of 2002. For example, Videocon d2h is permitted to follow its home country corporate governance practices in lieu of NASDAQ rules with some exceptions so long as it discloses the ways in which its corporate governance practices differ from those followed by U.S. issuers under NASDAQ listing standards. As an additional example, the Sarbanes-Oxley Act of 2002 gives foreign private issuers certain exemptions from the requirement that each member of the foreign private issuer’s audit committee be “independent.”

Compliance with obligations from which foreign private issuers are not exempt may require members of Videocon d2h’s management and its finance and accounting staff to divert time and resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled and may increase Videocon d2h’s legal, insurance and financial compliance costs.

There is no guarantee that, once listed, the ADSs will continue to qualify for listing on the exchange for any period of time, and the failure to have the ADSs listed for either reason may negatively affect the value of Videocon d2h’s ADSs.

Videocon d2h intends to seek to have its ADSs approved for listing on NASDAQ prior to consummation of the Transaction so that as soon as practicable following the closing of the Transaction, the ADSs can begin trading, and it is a mutual condition to closing of the Transaction that the ADSs be admitted to trading only subject to official notice of the issuance of the ADSs. There are no guarantees that, once listed, the Videocon d2h ADSs will continue to qualify for listing on the exchange, and the Videocon d2h ADSs may become subject to trading and other restrictions imposed by the exchange for failure to meet certain listing standards or the ADSs may be delisted by the exchange. If the Videocon d2h ADSs are ever in the future delisted, the holders could face significant consequences, including:

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Shareholders may decide to sell Silver Eagle’s common stock and Videocon d2h’s ADSs, which could cause a decline in their market prices.

Some holders of Silver Eagle’s common stock may be disinclined to own shares of a company that is not a U.S. company. This or other factors could result in the sale of shares of Silver Eagle’s common stock prior to the parties consummating the Transaction (in addition to exercises by Silver Eagle’s stockholders of their redemption rights) or the sale of Videocon d2h’s ADSs after completion of the Transaction. In addition, the market price of Silver Eagle’s common stock and Videocon d2h’s ADSs may be adversely affected by arbitrage activities occurring prior to completion of the Transaction. These sales, or the prospects of such sales in the future, could adversely affect the market price for, and the ability to sell in the market, shares of Silver Eagle’s common stock before the Transaction is completed, and Videocon d2h’s ADSs after the completion of the Transaction.

Videocon d2h may fail to realize all of the anticipated benefits of the Transaction.

The success of the Transaction will depend, in part, on Videocon d2h’s ability to realize the anticipated benefits from the availability of the cash currently in Silver Eagle’s trust account to Videocon d2h following the completion of the Transaction. To realize these anticipated benefits, Videocon d2h must successfully manage and apply Silver Eagle’s cash, including for the purposes set forth in “Use of Proceeds.”

Subsequent to the completion of the Transaction, Videocon d2h may be required to subsequently take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on its financial condition, results of operations and share price, which could cause you to lose some or all of your investment.

Even if Silver Eagle conducts extensive due diligence on Videocon d2h, this diligence may not expose all material issues that may be present inside Videocon d2h, that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of Videocon d2h’s and Silver Eagle’s control will not later arise. As a result of these factors, Videocon d2h may be forced to later write-down or write-off assets, restructure its operations, or incur impairment or other charges that could result in reporting losses. Even if due diligence successfully identifies certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with the preliminary risk analysis. Even though these charges may be non-cash items and not have an immediate impact on Videocon d2h’s liquidity, the fact that charges of this nature are reported could contribute to negative market perceptions about Videocon d2h or its securities. In addition, charges of this nature may cause Videocon d2h to violate net worth or other covenants to which it may be subject as a result of assuming pre-existing debt held by a target business or by virtue of its obtaining post-combination debt financing. Accordingly, any stockholders who choose to remain stockholders following the Transaction could suffer a reduction in the value of their shares. Such stockholders are unlikely to have a remedy for such reduction in value unless they are able to successfully claim that the reduction was due to the breach by our officers or directors of a duty of care or other fiduciary duty owed to them, or if they are able to successfully bring a private claim under securities laws that the tender offer materials or proxy statement relating to the Transaction contained an actionable material misstatement or material omission.

Silver Eagle’s stockholders could approve the Business Combination Proposal but vote against the Plan of Dissolution Proposal.

If Silver Eagle obtains stockholder approval of the Business Combination Proposal and completes the Transaction, but does not obtain stockholder approval of the Plan of Dissolution Proposal, Silver Eagle would have to continue its corporate existence despite the transfer of substantially all of its assets to Videocon d2h and its announced intent to liquidate and dissolve following consummation of the Transaction. Assuming the consummation of the Transaction, Silver Eagle would have no assets with which to generate operating revenue. Further, Silver Eagle does not intend to invest in another operating business following the consummation of the Transaction. If the Plan of Dissolution Proposal is not approved, Silver Eagle would be required to use all or a significant portion of any remaining cash to pay its ongoing expenses.

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Public stockholders at the time of the Transaction who purchased their Silver Eagle units in Silver Eagle’s initial public offering and do not exercise their redemption rights may pursue rescission rights and related claims.

Silver Eagle’s public stockholders may allege that some aspects of the Transaction are inconsistent with the disclosure contained in the prospectus issued by Silver Eagle in connection with the offer and sale in its initial public offering of units consisting of common stock and warrants. These may include: (i) the structure of the proposed business combination with Videocon d2h (including that Silver Eagle itself is not acquiring voting securities of Videocon d2h) and (ii) that the Silver Eagle warrant agreement would be amended so that the warrants will be exchanged for cash in the amount of $1.00 at the time the transaction is executed. Consequently, a Silver Eagle stockholder who purchased shares in the initial public offering (excluding the Initial Stockholders) and still holds them at the time of the Transaction and who does not seek to exercise redemption rights might seek rescission of the purchase of the units such holder acquired in the initial public offering. A successful claimant for damages under federal or state law could be awarded an amount to compensate for the decrease in the value of such holder’s shares caused by the alleged violation (including, possibly, punitive damages), together with interest, while retaining the shares. If stockholders bring successful rescission claims against Silver Eagle, it may not have sufficient funds following the consummation of the Transaction to pay such claims or if claims are successfully brought against Videocon d2h following the consummation of the Transaction, Videocon d2h’s results of operations could be adversely affected and, in any event, Videocon d2h may be required in connection with the defense of such claims to incur expenses and divert employee attention from other business matters.

If Videocon d2h or third parties bring claims against Silver Eagle, the proceeds held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $9.99 per share.

Silver Eagle’s placing of funds in the trust account may not protect those funds from third party claims against it. Although Videocon d2h has agreed and Silver Eagle will seek to have all vendors, service providers, prospective target businesses or other entities with which it does business agree to waive any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of Silver Eagle’s public stockholders, such parties may not execute such agreements, or, even if they execute such agreements, may not be prevented from bringing claims against the trust account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against Silver Eagle’s assets, including the funds held in the trust account. If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account, Silver Eagle’s management will perform an analysis of the alternatives available to it and will only enter into an agreement with a third party that has not executed a waiver if Silver Eagle’s management believes that such third party’s engagement would be significantly more beneficial to Silver Eagle than any other alternative.

Examples of possible instances where Silver Eagle may engage a third party that refuses to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed by Silver Eagle’s management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where Silver Eagle’s management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive any claims that they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with Silver Eagle and will not seek recourse against the trust account for any reason. Upon redemption of its shares, if Silver Eagle is unable to complete the Transaction with Videocon d2h within the prescribed timeframe, or upon the exercise of a redemption right in connection with the Transaction, Silver Eagle will be required to provide for payment of claims of creditors that were not waived that may be brought against Silver Eagle within the 10 years following redemption. Accordingly, the per-share redemption amount received by public stockholders could be less than the $9.99 per share currently held in the trust account, due to claims of such creditors. Messrs. Sloan and Sagansky have agreed that they will be jointly and severally liable to Silver Eagle if and to the extent any claims by a vendor for services rendered or products sold to Silver Eagle, or a prospective target business with which Silver Eagle has discussed entering into a transaction agreement, reduce the amounts in the trust account to below the lesser of (i) $10.00 per share and (ii) the actual amount

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per share held in the trust account as of the date of the liquidation of the trust account, in each case less franchise and income taxes payable, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under Silver Eagle’s indemnity of the underwriters of the initial public offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, Messrs. Sloan and Sagansky will not be responsible to the extent of any liability for such third party claims. However, Silver Eagle has not asked Messrs. Sloan and Sagansky to reserve for such indemnification obligations, and Silver Eagle cannot assure you that Messrs. Sloan and Sagansky would be able to satisfy those obligations. None of Silver Eagle’s other officers or directors will indemnify Silver Eagle for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

If, after Silver Eagle distributes the proceeds in the trust account to its public stockholders, it files a bankruptcy petition or an involuntary bankruptcy petition is filed against it that is not dismissed, a bankruptcy court may seek to recover such proceeds, and the members of Silver Eagle’s board of directors may be viewed as having breached their fiduciary duties to Silver Eagle’s creditors, thereby exposing the members of the board of directors and Silver Eagle to claims of punitive damages.

If, after the proceeds in the trust account are distributed to Silver Eagle’s public stockholders, it files a bankruptcy petition or an involuntary bankruptcy petition is filed against it that is not dismissed, any distributions received by Silver Eagle’s stockholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a “preferential transfer” or a “fraudulent conveyance.” As a result, a bankruptcy court could seek to recover all amounts received by Silver Eagle’s stockholders. In addition, Silver Eagle’s board of directors may be viewed as having breached its fiduciary duty to Silver Eagle’s creditors and/or having acted in bad faith, thereby exposing itself and Silver Eagle to claims of punitive damages, by paying public stockholders from the trust account prior to addressing the claims of creditors.

If, before distributing the proceeds in the trust account to its public stockholders, Silver Eagle files a bankruptcy petition or an involuntary bankruptcy petition is filed against Silver Eagle that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of Silver Eagle’s stockholders and the per-share amount that would otherwise be received by Silver Eagle’s stockholders in connection with its liquidation may be reduced.

If, before distributing the proceeds in the trust account to its public stockholders, Silver Eagle files a bankruptcy petition or an involuntary bankruptcy petition is filed against it that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included in Silver Eagle’s bankruptcy estate and subject to the claims of third parties with priority over the claims of Silver Eagle’s stockholders. To the extent any bankruptcy claims deplete the trust account, the per-share amount that would otherwise be received by Silver Eagle’s stockholders in connection with its liquidation may be reduced.

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SELECTED HISTORICAL FINANCIAL INFORMATION OF SILVER EAGLE

The following table sets forth selected historical financial information derived from Silver Eagle’s audited financial statements included elsewhere in this proxy statement/prospectus as of September 30, 2014 and for the nine-month period ended September 30, 2014 and as of December 31, 2013 and for the period April 11, 2013 (inception) through December 31, 2013. You should read the following selected financial data in conjunction with “Silver Eagle Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements and the related notes appearing elsewhere in this proxy statement/prospectus.

		Nine Months Ended September 30, 2014				April 11, 2013 (date of inception) to December 31, 2013
Statement of Operations Data:
Operating expenses:
Formation and operating costs		$	1,211,141			$	(497,885	)
Accrued state franchise taxes, other than income taxes			71,137				(75,000	)
Loss from operations before other income and income tax expense		$	(1,211,141	)		$	572,885
Other income (expense):
Interest income			24,308				13,723
Loss before income tax expense			(1,186,833	)			(559,162	)
Income tax expense			—				—
Net loss		$	(1,186,833	)		$	(559,162	)
Loss per common share:
Basic and diluted		$	(0.04	)		$	(0.06	)
Weighted average shares outstanding:
Basic and diluted			9,860,857				9,068,549
Balance Sheet Data:
Cash and cash equivalents		$	19,997			$	805,924
Investments and cash equivalents held in trust		$	324,849,061			$	325,013,723
Total assets		$	324,869,058			$	325,819,647
Common stock subject to possible redemption (at $10.00): 30,843,261 shares at September 30, 2014 and December 31, 2013		$	307,245,783			$	308,432,610
Total stockholders’ equity (net)		$	5,000,007			$	5,000,007
Cash Flow Data:
Net cash used in operating activities		$	(950,589	)		$	(405,052	)
Net cash used in investing activities		$	164,663			$	(325,013,723	)
Net cash provided by financing activities		$	—			$	326,224,699

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SELECTED HISTORICAL FINANCIAL INFORMATION OF VIDEOCON D2H

The following table sets forth selected historical financial information derived from Videocon d2h’s audited financial statements included elsewhere in this proxy statement/prospectus as of March 31, 2014 and 2013 and for the years ended March 31, 2014 and 2013. Historical results are not necessarily indicative of results to be expected in any future period. You should read the following selected financial information in conjunction with the section entitled “Videocon d2h Operating and Financial Review and Prospects” and Videocon d2h’s financial statements and the related notes appearing elsewhere in this proxy statement/prospectus.

		Year Ended March 31,
(Rs. in millions)		2014				2013
Income Statement Information:
Revenue from operations			Rs.  17,644.10				Rs.  11,295.47
Total Expenses			17,934.22				13,646.66
Profit/(Loss) from operations			(290.12	)			(2,351.19	)
Profit/(Loss) before tax			(4,630.68	)			(5,065.67	)
Profit/(Loss) after tax			(3,195.35	)			(3,490.47	)
Basic and Diluted earnings per share			(13.20	)			(16.43	)
Statement of Financial Position Information (at period end):
Total non-current assets			Rs.  32,744.78				Rs.  27,376.61
Total current assets			2,974.88				8,786.54
Total Assets			35,719.66				36,163.15
Total Equity			(6,237.73	)			(3,042.38	)
Total non-current liabilities			26,177.94				22,249.42
Total current liabilities			15,779.45				16,956.11
Total Liabilities			41,957.39				39,205.53
Total equity and liabilities			35,719.66				36,163.15

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EXCHANGE RATES

The following tables show, for the periods indicated, information concerning the exchange rate between the U.S. dollar and the rupee. This information is provided solely for your convenience, and Videocon d2h and Silver Eagle do not represent that rupees have been converted into U.S. dollars at these rates or at any other rate. These rates may differ from the rates used by Videocon d2h in the preparation of its consolidated financial statements or other financial information appearing in this proxy statement/prospectus.

The data provided in the following tables are expressed in Indian Rupees per US Dollar and are based on the noon buying rate in The City of New York for cable transfers of Indian Rupees as certified for customs purposes by the Federal Reserve Bank of New York.

On December [  ], 2014, the last trading day before Videocon d2h and Silver Eagle announced the execution of the Contribution Agreement, the exchange rate between the U.S. dollar and the rupee expressed in Indian Rupees per US Dollar was $[    ] = Rs.[    ]. On December [  ], 2014, the day of the public disclosure of the Transaction, the exchange rate between the U.S. dollar and the rupee expressed in Indian Rupees per US Dollar was $[    ] = Rs.[    ]. On December [  ], 2014, the most recent practicable day prior to the date of this proxy statement/prospectus, the exchange rate was $[    ] = Rs.[    ].

		High				Low				Average(1)				Period End
		(Indian Rupees per US Dollar)
Annual Data (Year Ended March 31)
2009			51.96				39.73				45.84				50.87
2010			50.48				44.94				47.39				44.95
2011			47.49				43.90				45.49				44.54
2012			53.71				44.00				47.81				50.89
2013			57.13				50.64				54.36				54.52
2014			68.80				53.65				60.35				60.00

		High				Low				Average(1)				Period End
		(Indian Rupees per US Dollar)
Interim Data (Six Months Ended September 30, 2014)			61.92				58.30				60.21				61.92

		High				Low
		(Indian Rupees per US Dollar)
Recent Monthly Data
April 2014			61.17				59.86
May 2014			60.21				58.30
June 2014			60.32				59.15
July 2014			60.55				59.69
August 2014			61.51				60.43
September 2014			61.92				60.26
October 2014			61.81				60.92
November 2014			62.20				61.38
December 2014

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COMPARATIVE SHARE INFORMATION

The following table sets forth historical comparative share information for Videocon d2h and unaudited pro forma share information after giving effect to the Transaction, assuming (i) under the minimum scenario that no holders of public shares exercise their redemption rights and (ii) under the maximum scenario that holders of 7,387,387 public shares exercise their redemption rights. The historical information should be read in conjunction with “Selected Historical Financial Information of Videocon d2h” included elsewhere in this proxy statement and the historical financial statements of Videocon d2h included elsewhere in this proxy statement. The unaudited pro forma share information is derived from, and should be read in conjunction with, the unaudited pro forma financial information and related notes included elsewhere in this proxy statement.

The unaudited pro forma combined share information does not purport to represent what the actual results of operations of Videocon d2h would have been had the Transaction been completed or to project Videocon d2h’s results of operations that may be achieved after the Transaction. The unaudited pro forma book value per share information below does not purport to represent what the value of Videocon d2h would have been had the Transaction been completed nor the book value per share for any future date or period.

As of and for the year ended March 31, 2014

Historical

Pro forma (minimum)

Pro forma (maximum)

Book value (deficit) per share(a)

(25.78) INR

[        ]

[        ]

Shares outstanding (in millions)(b)

242

[    ]

[    ]

Basic and diluted earnings (loss attributable to common stock) per share

(13.20) INR

[        ]

[        ]

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Videocon d2h and Silver Eagle make forward-looking statements in this proxy statement/prospectus. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for their respective businesses, and the timing and ability to complete the Transaction. Specifically, forward-looking statements may include statements relating to:

These forward-looking statements are based on information available to Videocon d2h or Silver Eagle, as applicable, as of the date of this proxy statement/prospectus, and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the views of Videocon d2h or Silver Eagle as of any subsequent date, and neither Videocon d2h nor Silver Eagle undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

You should not place undue reliance on these forward-looking statements in deciding how to grant your proxy or instruct how your vote should be cast or vote your shares on the proposals set forth in this proxy statement/prospectus. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:

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SPECIAL MEETING OF SILVER EAGLE STOCKHOLDERS AND
SPECIAL MEETING OF SILVER EAGLE PUBLIC WARRANTHOLDERS

General

Silver Eagle is furnishing this proxy statement/prospectus to its stockholders and public warrantholders as part of the solicitation of proxies by its board of directors for use at the special meeting of stockholders and special meeting of public warrantholders to be held on [           ], 2015, and at any adjournment or postponement thereof. This proxy statement/prospectus is first being furnished to Silver Eagle stockholders and public warrantholders on or about [           ], 2015. This proxy statement/prospectus provides you with information you need to know to be able to vote or instruct your vote to be cast at the special meeting of stockholders or public warrantholders, as applicable.

Date, Time and Place of Special Meetings

The special meeting of stockholders of Silver Eagle will be held at [    ] [a.m.][p.m.] Eastern time, on [           ], 2015, at the offices of McDermott Will & Emery LLP, 340 Madison Avenue, New York, New York, or such other date, time and place to which such meeting may be adjourned or postponed, to consider and vote upon the proposals.

The special meeting of public warrantholders of Silver Eagle will be held at [    ] [a.m.][p.m.] Eastern time, on [           ], 2015, at the offices of McDermott Will & Emery LLP, 340 Madison Avenue, New York, New York, or such other date, time and place to which such meeting may be adjourned or postponed, to consider and vote upon the proposals.

Voting Power; Record Date

You will be entitled to vote or direct votes to be cast at the special meeting of stockholders or warrantholders if you owned shares of Silver Eagle common stock or warrants, respectively, at the close of business on [           ], 2015, which is the record date for the special meetings of stockholders and public warrantholders. With respect to the special meeting of stockholders, you are entitled to one vote for each share of Silver Eagle common stock that you owned as of the close of business on the record date, and with respect to the special meeting of warrantholders, you are entitled to one vote for each warrant that you owned as of the close of business on the record date. If your shares or warrants are held in “street name” or are in a margin or similar account, you should contact your broker, bank or other nominee to ensure that votes related to the shares you beneficially own are properly counted. On the record date, there were (i) 40,625,000 shares of Silver Eagle common stock outstanding, consisting of 32,500,000 public shares and 8,125,000 are founder shares, and (ii) 47,500,000 warrants of Silver Eagle outstanding, consisting of 32,500,000 public warrants and 15,000,000 private placement warrants.

Vote of Silver Eagle Founders

In connection with Silver Eagle’s initial public offering, Silver Eagle and the underwriters of the initial public offering entered into agreements with each of Silver Eagle’s founders pursuant to which the founders agreed to vote their founder shares and any other shares acquired during and after Silver Eagle’s initial public offering in favor of the Business Combination Proposal.

Pursuant to the terms of the warrant agreement, holders of the private placement warrants (the Sponsor and Dennis A. Miller) are not permitted to vote the private placement warrants in favor of the Warrant Amendment Proposal unless the registered holders of 65% of the public warrants vote in favor of the Warrant Amendment Proposal. None of the founders own any public warrants. As a result, in order for the Warrant Amendment Proposal to be approved, 16,250,001 must vote in favor of the Warrant Amendment Proposal.

The founders have waived any redemption rights, including with respect to shares of common stock purchased in Silver Eagle’s initial public offering or in the aftermarket, in connection with Transaction. The founder shares held by the founders have no redemption rights upon Silver Eagle’s liquidation and will be worthless if no business combination is effected by Silver Eagle prior to by April 30, 2015 (or July 30, 2015 if it has entered into a letter of intent, agreement in principle or definitive agreement for an initial business combination by April 30, 2015 but has not completed the initial business combination by that date). However, the founders are entitled to redemption rights upon Silver Eagle’s liquidation with respect to any public shares they may own.

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Quorum and Required Vote for Proposals for the Special Meeting of Stockholders

A quorum of Silver Eagle stockholders is necessary to hold a valid meeting. A quorum will be present at the special meeting of stockholders if a majority of the Silver Eagle common stock outstanding and entitled to vote at the special meeting of stockholders is represented in person or by proxy. Abstentions will count as present for the purposes of establishing a quorum.

The approval of the Business Combination Proposal and the Plan of Dissolution Proposal requires the affirmative vote of the holders of a majority of the shares of Silver Eagle common stock. Accordingly, a stockholder’s failure to vote by proxy or to vote in person at the special meeting of stockholders, an abstention from voting or a broker non-vote will have the same effect as a vote “AGAINST” the Business Combination Proposal and the Plan of Dissolution Proposal, respectively.

The approval of the Adjournment Proposal requires the affirmative vote of the holders of a majority of the shares of Silver Eagle common stock represented in person or by proxy and entitled to vote thereon at the special meeting. Accordingly, abstentions will have the same effect as a vote “AGAINST” the Adjournment Proposal, while a broker non-vote and shares not in attendance at the special meeting will have no effect on the outcome of any vote on the Adjournment Proposal.

The Business Combination Proposal is not conditioned on any other proposal. The Plan of Dissolution Proposal and the Warrant Amendment Proposal are each conditioned on the Business Combination Proposal. If the Business Combination Proposal is not approved, the Plan of Dissolution Proposal and the Warrant Amendment Proposal will have no effect, even if those proposals are approved by the requisite vote.

Recommendation to Silver Eagle Stockholders

Silver Eagle’s board of directors believes that each of the Business Combination Proposal, the Plan of Dissolution Proposal and the Adjournment Proposal to be presented at the special meeting of stockholders is in the best interests of Silver Eagle and its stockholders and unanimously recommends that its stockholders vote “FOR” each of the proposals.

When you consider the recommendation of Silver Eagle’s board of directors in favor of approval of the Business Combination Proposal, you should keep in mind that its directors and officers have interests in the Transaction that are different from, or in addition to, your interests as a stockholder. These interests include, among other things:

Required Vote for Proposals for the Special Meeting of Public Warrantholders

The approval of the Warrant Amendment Proposal requires approval by public warrantholders holding 65% of the outstanding public warrants. Accordingly, a warrantholder’s failure to vote by proxy or to vote in person at the special meeting of public warrantholders, an abstention from voting, or a broker non-vote will have the same effect as a vote “AGAINST” the Warrant Amendment Proposal.

The approval of the Warrantholder Adjournment Proposal requires the affirmative vote of the holders of a majority of Silver Eagle’s public warrants represented in person or by proxy and entitled to vote thereon at the special meeting of public warrantholders. Accordingly, abstentions will have the same effect as a vote “AGAINST” the Warrantholder Adjournment Proposal, while a broker non-vote and warrants not in attendance at the special meeting of public warrantholders will have no effect on the outcome of any vote on the Warrantholder Adjournment Proposal.

No vote of the holders of any shares of Silver Eagle common stock is necessary to approve the Warrant Amendment Proposal, and Silver Eagle is not asking its stockholders to vote on the Warrant Amendment Proposal or any other proposal being considered at the special meeting of public warrantholders.

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Recommendation to Silver Eagle Warrantholders

Silver Eagle’s board of directors believes that each of the Warrant Amendment Proposal and the Warrantholder Adjournment Proposal to be presented at the special meeting of public warrantholders is in the best interests of Silver Eagle and its warrantholders and unanimously recommends that its warrantholders vote “FOR” each of the proposals.

Broker Non-Votes and Abstentions

Under the rules of various national and regional securities exchanges your broker, bank or nominee cannot vote your shares or warrants with respect to non-discretionary matters unless you provide instructions on how to vote in accordance with the information and procedures provided to you by your broker, bank or nominee. Silver Eagle believes the proposals presented to its stockholders and public warrantholders will be considered non-discretionary and therefore your broker, bank or nominee cannot vote your shares or warrants without your instruction. If you do not provide instructions with your proxy, your bank, broker or other nominee may deliver a proxy card expressly indicating that it is NOT voting your shares or warrants; this indication that a bank, broker or nominee is not voting your shares or warrants is referred to as a “broker non-vote.”

With respect to the special meeting of stockholders, abstentions are considered present for the purposes of establishing a quorum but will have the same effect as a vote “AGAINST” the Business Combination Proposal, the Plan of Dissolution Proposal and the Adjournment Proposal. Broker non-votes will have the effect of a vote “AGAINST” the Business Combination Proposal, the Plan of Dissolution Proposal and will have no effect on the Adjournment Proposal.

With respect to the special meeting of public warrantholders, abstentions will have the same effect as a vote “AGAINST” the Warrant Amendment Proposal and the Adjournment Proposal. Broker non-votes will have the effect of a vote “AGAINST” the Warrant Amendment Proposal and will have no effect on the Warrantholder Adjournment Proposal.

Voting Your Shares or Warrants

Each share of Silver Eagle common stock that you own in your name entitles you to one vote on each of the proposals for the special meeting of stockholders. Each public warrant that you own in your name entitles you to one vote on each of the proposals for the special meeting of public warrantholders. Your one or more proxy cards show the number of shares of Silver Eagle common stock and/or public warrants, as applicable that you own. There are several ways to vote your shares or warrants:

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Revoking Your Proxy

If you give a proxy, you may revoke it at any time before the special meetings, or at either such meeting by doing any one of the following:

No Additional Matters May Be Presented at the Special Meetings

The special meeting of stockholders has been called only to consider the approval of the Business Combination Proposal, the Plan of Dissolution Proposal and the Adjournment Proposal. The special meeting of public warrantholders has been called only to consider the approval of the Warrant Amendment Proposal and the Warrantholder Adjournment Proposal. Under Silver Eagle’s bylaws, other than procedural matters incident to the conduct of the applicable special meeting(s), no other matters may be considered at the special meetings if they are not included in the notice of the special meeting(s).

Who Can Answer Your Questions About Voting

If you have any questions about how to vote or direct a vote in respect of your shares of Silver Eagle common stock or warrants, you may call Morrow & Co., LLC, Silver Eagle’s proxy solicitor, at (800) 662-5200.

Redemption Rights

Pursuant to Silver Eagle’s amended and restated certificate of incorporation, any holders of public shares may demand that such shares be redeemed in exchange for a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the Transaction, including interest, less franchise and income taxes payable, divided by the number of then outstanding public shares, subject to the limitations described herein. If demand is properly made and the Transaction is consummated, these shares, immediately prior to the Transaction, will cease to be outstanding and will represent only the right to receive a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the Transaction, including interest, less franchise and income taxes payable, divided by the number of then outstanding public shares, subject to the limitations described herein. For illustrative purposes, based on funds in the trust account of approximately $324,849,061 on September 30, 2014 and estimated $130,000 in taxes payable, the estimated per share redemption price would have been approximately $9.99.

Redemption rights are not available to holders of warrants in connection with the Transaction.

In order to exercise your redemption rights, you must, prior to 4:30 p.m. Eastern time on [  ], 2015 (two business days before the special meeting), both:

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: Mark Zimkind
E-mail: mzimkind@continentalstock.com

and

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Any demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests and thereafter, with Silver Eagle’s consent, until the vote is taken with respect to the Transaction. If you delivered your shares for redemption to Silver Eagle’s transfer agent and decide within the required timeframe not to exercise your redemption rights, you may request that the transfer agent return the shares (physically or electronically). You may make such request by contacting the transfer agent at the phone number or address listed above.

It is a condition to closing under the Contribution Agreement, however, that the Contribution Amount is at least $200,850,000. Any redemptions of public shares will decrease the amount in the trust account. Therefore, in order to satisfy the condition to closing, the maximum redemption threshold is the amount that would allow the Contribution Amount to be $200,850,000. If, however, redemptions by public stockholders cause Silver Eagle to be unable meet this closing condition, then Videocon d2h will not be required to consummate the Transaction, although it may, in its sole discretion, waive this condition. In the event that Videocon d2h waives this condition, Silver Eagle does not intend to seek additional shareholder approval or to extend the time period in which its public stockholders can exercise their redemption rights. In no event, however, will Silver Eagle redeem public shares in an amount that would cause its net tangible assets to be less than $5,000,001 immediately prior to the Contribution.

Prior to exercising redemption rights, stockholders should verify the market price of Silver Eagle common stock as they may receive higher proceeds from the sale of their common stock in the public market than from exercising their redemption rights if the market price per share is higher than the redemption price. No assurance can be made that you will be able to sell your shares of Silver Eagle common stock in the open market, even if the market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in Silver Eagle common stock when you wish to sell your shares.

If you exercise your redemption rights, your shares of Silver Eagle common stock will cease to be outstanding immediately prior to the Transaction and will only represent the right to receive the per-share redemption price. You will no longer own those shares. You will be entitled to receive cash for these shares only if you properly demand redemption.

If the Transaction is not approved and Silver Eagle does not consummate an initial business combination by April 30, 2015 (or July 30, 2015 if it has entered into a letter of intent, agreement in principle or definitive agreement for an initial business combination by April 30, 2015 but has not completed the initial business combination by that date), Silver Eagle will be required to dissolve and liquidate and its warrants will expire worthless.

Appraisal Rights

Appraisal rights are not available to holders of shares of Silver Eagle common stock or warrants in connection with the Transaction.

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PROPOSAL NO. 1 — APPROVAL OF THE BUSINESS COMBINATION

Silver Eagle is asking its stockholders to approve the Contribution Agreement. Silver Eagle stockholders should read carefully this proxy statement/prospectus in its entirety for more detailed information concerning the Contribution Agreement, which is attached as Annex A to this proxy statement/prospectus and is incorporated by reference herein. Please see the subsection entitled “The Contribution Agreement” below for additional information and a summary of certain terms of the Contribution Agreement. You are urged to read carefully the Contribution Agreement in its entirety before voting on this proposal.

Because Silver Eagle is holding a stockholder vote on the Transaction, its amended and restated certificate of incorporation provides that it may consummate the Transaction only if it is approved by the affirmative vote of the holders of a majority of the shares of Silver Eagle common stock that are voted at the special meeting of stockholders. In addition, under Section 271 of the Delaware General Corporaiton Law (“DGCL”), a transaction that constitutes the sale of all or substantially all the assets of a Delaware corporation requires the affirmative vote of a majority of the outstanding shares of the corporation entitled to vote thereon. Thereofore, in order to be approved under both Silver Eagle’s amended and restated certificate of incorporation and Section 271 of the DGCL, the Business Combination Proposal must be approved by the vote of a majority of the outstanding shares of Silver Eagle common stock.

The Transaction
 

Pursuant to the Contribution Agreement, Silver Eagle will contribute the funds held in the trust account, less transaction expenses, amounts used to pay Silver Eagle stockholders who properly exercise their redemption rights in connection with the vote to approve the Business Combination Proposal, payments to warrantholders (if the Warrant Amendment Proposal is approved) and reserves for liquidation and dissolution expenses, in exchange for equity shares of Videocon d2h. The current shareholders of Videocon d2h will be entitled to be issued additional equity shares of Videocon d2h following the closing representing 3.88% of the post-closing issued share capital of Videocon d2h subject to the achievement of certain ADS price targets for a specified period following the closing. Silver Eagle estimates that the equity shares issued by Videocon d2h will constitute between 33.50% and 38.55% of the issued share capital of Videocon d2h, depending on the number of shares redeemed by Silver Eagle’s public stockholders. See “Proposal No. 1 — Approval of the Business Combination” and “Unaudited Pro Forma Condensed Financial Information” for further information. The Videocon d2h equity shares will be represented by Videocon d2h ADSs, with each ADS representing [  ] Videocon d2h equity shares. As soon as reasonably practicable after the closing of the Transaction, Silver Eagle’s stockholders will receive Videocon d2h ADSs in proportion to their stockholdings in Silver Eagle and Silver Eagle will dissolve and liquidate. In addition, Silver Eagle is proposing to amend the agreement governing its outstanding warrants to provide that each outstanding public warrant of Silver Eagle will be exchanged for cash in the amount of $1.00, as described more fully herein. In addition, the Sponsor and Dennis A. Miller have agreed to forfeit to Silver Eagle for no consideration 15,000,000 private placement warrants held by them. Accordingly, the private placement warrants will not be eligible to be exchanged for cash pursuant to the Warrant Amendment Proposal. A copy of the Contribution Agreement is attached to this proxy statement/prospectus as Annex A.

The Contribution Agreement

The following is a summary of the material provisions of the Contribution Agreement between Videocon d2h and Silver Eagle (which we refer to as the Contribution Agreement). This summary is qualified in its entirety by reference to the Contribution Agreement, a copy of which is included as Annex A to this proxy statement/prospectus and is incorporated into this proxy statement/prospectus by reference. References to the Contribution Agreement include its exhibits and schedules unless the context otherwise requires. You should read the Contribution Agreement in its entirety, as it is the legal document governing this transaction. The Contribution Agreement and this summary of its terms have been included with this proxy statement/prospectus to provide you with information regarding the terms of the Contribution Agreement.

In reviewing the representations and warranties contained in the Contribution Agreement and described in this summary it must be recognized that the parties negotiated the representations and warranties with the principal purpose of establishing the circumstances in which a party to the Contribution Agreement may have

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the right not to close the contribution if the representations and warranties of the other party prove to be untrue due to a change in circumstance or otherwise, and allocating risk between the parties, rather than establishing matters as facts.

Closing and Effective Time of the Contribution

Under the terms of the Contribution Agreement, the closing of the Transaction is to take place two business days following the satisfaction or waiver of the conditions described under the subsection below entitled “Closing Conditions” (other than conditions with respect to actions the parties will take at the closing itself) or such other date as Videocon d2h and Silver Eagle may mutually determine (the “closing date”). Any delay in satisfying any conditions to the Transaction could delay completion of the Transaction. If Silver Eagle and Videocon fail to complete the Transaction on or before the later of (x) March 31, 2015 or (y) if the effective date of this registration statement has occurred (“Effective Date”), 45 business days from such Effective Date, by reason of a failure of any condition precedent of a party, the other party may terminate the Contribution Agreement, unless the failure resulted primarily from breaches of representations, warranties or covenants of the party seeking termination.

Consideration to Be Received by Silver Eagle Stockholders in the Transaction

The Contribution Agreement provides for the purchase by Silver Eagle of newly issued equity shares of Videocon d2h, in the form of Videocon d2h ADSs, in exchange for a cash amount of U.S. Dollars of at least $200,850,000.

The actual number of ADSs to be received by the holders of Silver Eagle shares who do not elect to have all of their shares redeemed is to be determined in accordance with a schedule set out in the Contribution Agreement and depends upon the actual contribution amount contributed by Silver Eagle which may not be less than $200.85 million or more than $273.35 million, which will result in the non-redeeming Silver Eagle holders owning between 33.5% to 38.55% of Videocon d2h's equity upon the closing, subject to the earn-out described below.

The number of ADSs to be issued may be adjusted if the exchange rate between the rupee and the U.S. dollar on the Effective Date has fluctuated by more than 3% since the rate on the date of the Contribution Agreement, subject to a limit (in either direction) of 10% more or less Equity Shares being issued. If the rupee / U.S. dollar exchange rate fluctuates by more than 10% against the rate prevailing on the date of the Contribution Agreement, the parties may terminate or renegotiate the Contribution Agreement.

Shareholder Earn out

The current shareholders of Videocon d2h will be entitled to receive certain earn-out shares consisting of newly issued Equity Shares of Videocon d2h at closing or thereafter, provided that certain share price performance hurdles of the ADSs on the Nasdaq Stock Exchange are satisfied within three years of the initial listing of the shares or if a draft“red herring” prospectus is filed with SEBI for an initial public offering of Videocon d2h's shares in India, subject to the agreement of Videocon d2h and Silver Eagle on certain performance metrics. The maximum shares to be issued under this earn-out is an amount equal to 3.88% of the shares outstanding immediately after the closing of the Transaction (together with the earn out shares), but not including shares issued in any public of private offerings of Equity Shares after the closing or any Equity Shares issued in connection with any equity plan.

Representations and Warranties

The Contribution Agreement contains certain representations and warranties of Videocon d2h and Silver Eagle relating to their respective businesses. The accuracy of each party’s representations and warranties, subject in certain cases to a material adverse effect standard, is a condition to completing the business combination. See “— Conditions to Complete the Transaction.”

Videocon d2h has qualified certain of the representations and warranties by a materiality or a material adverse effect / material adverse change standard. The Contribution Agreement defines “material adverse effect,” or“material adverse change” with respect to Videocon d2h, as any event, change, circumstance, effect or other matter would reasonably be expected to have a material adverse effect on (a) the business, financial

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condition, assets or results of operations of Videocon d2h, taken as a whole, or (b) the ability of Videocon d2h to consummate timely the Transaction; provided, however, that none of the following, either alone or in combination, will constitute, or be considered in determining whether there has been, a Material Adverse Effect: any event, change, circumstance, effect or other matter resulting from or related to (i) any outbreak or escalation of war or major hostilities or any act of terrorism, (ii) changes in laws (including any foreign or domestic federal, state or local law, statute, code, ordinance, regulation, rule, consent agreement, constitution or treaty of any governmental body, and common law), IFRS or enforcement or interpretation thereof, (iii) changes that generally affect the industries and markets in which Videocon d2h operates, (iv) changes in financial markets, general economic conditions (including prevailing interest rates, exchange rates, commodity prices and fuel costs) or political conditions, (v) any failure, in and of itself, of Videocon d2h to meet any published or internally prepared projections, budgets, plans or forecasts of revenues, earnings or other financial performance measures or operating statistics (it being understood that the facts and circumstances underlying any such failure may be considered in determining whether there has been a Material Adverse Effect), (vi) any action taken or failed to be taken pursuant to or in accordance with the Contribution Agreement or at the written request of, or consented to in writing by, Silver Eagle, or (vii) the execution or delivery of the Contribution Agreement, the consummation of the Transaction or the public announcement or other publicity with respect to any of the foregoing; provided, however, that the exceptions in clauses (i) through (iv) above will not apply to the extent that the impact of such event, change, circumstance, effect or other matter is disproportionately adverse to Videocon d2h relative to other companies in any industry in which Videocon d2h operates.

The representations and warranties set forth in the Contribution Agreement:

Each of Videocon d2h and Silver Eagle has made representations and warranties to the other regarding, among other things: corporate matters, including due organization and qualification; legal proceedings; authority relative to each party’s execution and delivery of the Contribution Agreement and the absence of conflicts with, or violations of, organizational documents or other obligations as a result of the business combination; brokers’ fees the parties may have to pay in connection with the business combination; and the accuracy of information provided for inclusion in this proxy statement/prospectus.

In addition, Videocon d2h has made representations and warranties to Silver Eagle regarding, among other things: governmental and third-party filings and consents necessary to complete the Transaction; financial statements and the absence of undisclosed liabilities; the absence of certain changes or events; tax matters; capitalization; compliance with applicable laws; matters relating to certain contracts; intellectual property; employee matters and benefit plans; insurance; matters concerning related party transactions; environmental matters; permits and licenses; compliance with anti-corruption laws; the absence of restrictive agreements with governmental entities; and its properties and assets.

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Conduct of Business Pending the Transaction

Each of Videocon d2h and Silver Eagle has undertaken customary covenants that place restrictions on it until the earlier of the termination of the Contribution Agreement or the effective time of the Transaction.

Each of them has agreed to use all commercially reasonable efforts to take all action and to do all things necessary, proper, or advisable in order to consummate and make effective the Transaction and, in addition each of them has agreed to:

Videocon d2h has further agreed that, with certain exceptions, it will not, among other things, undertake the following actions without Silver Eagle’s prior consent:

Access and Cooperation

Subject to the term of their existing confidentiality agreement, Videocon d2h has agreed to permit Silver Eagle and its representatives to have reasonable access to its premises, personnel and books and records prior to the consummation of the Transaction.

Notice of Developments

Prior to Closing, Videocon d2h is obligated to advise Silver Eagle of any event, fact or condition or nonoccurrence of any event, fact or condition that may constitute a breach of any representation, warranty,

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covenant or agreement of Videocon d2h and to describe such issue in writing. Videocon d2h is also obligated to promptly supplement the information contained in the proxy statement / prospectus and the disclosure schedule to the Contribution Agreement. If Videocon d2h supplements its disclosure (whether in the proxy statement / prospectus or the disclosure schedules) or discloses an event or circumstance that constitutes a breach of any of its representation or warranties in the Contribution Agreement, Silver Eagle may (A) terminate the Contribution Agreement, (B) accept the supplemented or updated disclosure as a cure of the failure to disclose or the breach and continue the Contribution Agreement or (C) negotiate a mutually acceptable amendment to the Contribution Agreement with Videocon.

Bringdown / Update

On the day on which Silver Eagle publicly announces the record date for its Stockholder's Meeting, or such other date as agreed to in writing, Videocon d2h is required to confirm in writing that, as of such date, it believes in good faith after taking into account its actual results for the portion of its fiscal year ending March 31, 2015 (i) there will be no material deviations from the year-end targets in the 2015 Budget for certain agreed metrics and (ii) there is no material change of Videocon d2h’s opinion on the outlook for the fiscal year ending March 31, 2016. Videocon d2h is required to provide Silver Eagle with financial and other information, including updated management accounts, which reasonably support its belief on these points.

If Videocon d2h is unable to issue the requisite confirmations, Silver Eagle may: (A) terminate the Contribution Agreement, (B) proceed with the transactions contemplated by the Contribution Agreement or (C) negotiate a mutually acceptable amendment to the Contribution Agreement with Videocon d2h.

The parties have also agreed to negotiate, in good faith, an amendment to the Contribution Agreement relating to changes in the valuation of Videocon d2h if there are revisions to certain Indian tax laws or any license fees payable to the GOI resulting in a material change in the overall profitability of, or investor outlook for, the industry in which Videocon d2h operates in India due to such change in laws.

Exclusivity

Subject to certain exceptions detailed in the Contribution Agreement, the parties have agreed to exclusivity arrangements pursuant to which neither them will entertain alternative business combination, sale, reorganizations or other organic transactions. This exclusivity agreement ends on March 31, 2015, but will be extended to the date that is forty-five (45) days after the Effective Date if the Effective Date occurs between March 1, 2015 and March 31, 2015.

Other Pre-Closing Covenants

The parties to the Contribution Agreement have also agreed to a number of other pre-closing covenants including:

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Consents; Approvals

The consummation of the Transaction is subject to the receipt of certain notices, approvals, clearances and consents from the MIB, Videocon d2h’s lenders and the effectiveness of Videocon d2h’s registration statement on Form F-4. Under the DTH License Agreement, the MIB must approve the issuance of new Equity Shares contemplated by the Contribution Agreement.

Conditions to Complete the Transaction

Each of Videocon d2h’s and Silver Eagle’s obligations to complete the Transaction is separately subject to the satisfaction or waiver, if waivable, of other conditions, including:

Silver Eagle’s obligation to complete the Transaction is also subject to the satisfaction or waiver, if waivable, of the following conditions:

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Conditions to Obligation of Videocon d2h

The obligation of Videocon d2h to consummate the Transaction is subject to the satisfaction (or waiver by Videocon d2h), at or prior to the closing, of each of the following conditions:

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Post-Closing Covenants of the Parties

Videocon d2h has the following post-closing covenants under the Contribution Agreement:

Silver Eagle made the following covenants under the Contribution Agreement:

Termination

The Contribution Agreement may be terminated as provided below:

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Effect of Termination

If the Contribution Agreement is terminated as described above, all obligations of the parties under he Contribution Agreement will terminate; provided, however, that certain miscellaneous provisions will survive the termination. Nothing in the termination provisions of the Contribution Agreement will release any party from any liability for any willful or intentional breach of any covenant or agreement in the Contribution Agreement. In no event will the liability of any party under the Contribution Agreement after its termination for any reason exceed $1.5 million.

Expenses

Except as otherwise expressly provided in the Contribution Agreement, each of Videocon d2h and Silver Eagle will bear its own costs and expenses (including legal fees and expenses) incurred in connection with the Contribution Agreement and the Transaction.

Videocon d2h will be responsible for payment of (i) any filing fees owed to the SEC or NASDAQ, (ii) any costs and expenses (including premiums) incurred in connection with the procurement of directors’ and officers’ insurance (other than for any“tail” policies to be acquired by Silver Eagle for Silver Eagle's

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directors), (iii) any costs, fees and expenses to its consultants, auditors, accountants, attorneys, brokers or investment bankers and (iv) any application or listing fees related to the Contribution Agreement and the Transaction.

Amendments

The Contribution Amendment may not be amended other than by means of a written instrument signed by Videocon d2h and Silver Eagle. A waiver of any provision of the Contribution Agreement or any default, misrepresentation, or breach of warranty or covenant under the Contribution Agreement will not be valid unless the waiver is in writing and signed by the party making such waiver. Any such waiver will not be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant under the Contribution Agreement or affect in any way any rights arising from such occurrence.

Distribution of ADSs

Videocon d2h will deliver to the depositary the Equity Shares issued by Videocon d2h in exchange for the Contribution by Silver Eagle, which Equity Shares will be registered in the name of the depositary (or its custodian) and will be represented by ADSs to be issued by the depositary to the stockholders of Silver Eagle as of the close of business on a date determined by the Board of Directors of Silver Eagle or, if required by the depositary, to transfer all such ADSs to the distribution agent for further transfer to such stockholders of Silver Eagle (as directed by Silver Eagle).

As soon as reasonably practicable after the closing, but in no event later than the third business day following the closing date, Videocon d2h will cause the depositary to issue and deliver ADSs representing the Equity Shares to such stockholders of Silver Eagle (or credit through direct registration) or, if required by the depositary, to the distribution agent for further transfer to such stockholders of Silver Eagle.

Indemnification

Indemnification between Videocon d2h and Silver Eagle

Videocon d2h will indemnify and hold harmless Silver Eagle, its representatives and the SEAC Distribution Record Holders (as defined in the Contribution Agreement), each of their respective affiliates, and their respective successors and assigns (the “Silver Eagle indemnitees”) from and against the entirety of any adverse consequences that they may suffer or incur resulting from, arising out of, relating to, in the nature of, or caused by (a) any breach or inaccuracy of any representation or warranty made in the Contribution Agreement by Videocon d2h (except if such breach or inaccuracy arises solely from legislative, judicial or other acts of a governmental body following the date of the Contribution Agreement) or (b) any breach of any post-closing covenant or agreement of Videocon d2h in the Contribution Agreement.

Silver Eagle will indemnify and hold harmless Videocon d2h and its representatives, each of their respective affiliates, and their respective successors and assigns (the “Videocon d2h indemnitees”) from and against the entirety of any adverse consequences they may suffer or incur resulting from, arising out of, relating to, in the nature of, or caused by (a) any breach or inaccuracy of any representation or warranty made by Silver Eagle in the Contribution Agreement (except if such breach or inaccuracy arises solely from legislative, judicial or other acts of a governmental body following the date of the Contribution Agreement) or (b) any breach of any covenant or agreement of Silver Eagle in the Contribution Agreement.

No Videocon d2h indemnitee or Silver Eagle indemnitee may sell or otherwise transfer any of its indemnification rights to any third party, including to any person or entity that acquires or otherwise succeeds to any Equity Shares owned by a holder of Equity Shares.

Survival and Time Limitations

All representations, warranties, covenants and agreements of Videocon d2h and Silver Eagle in the Contribution Agreement or any other certificate or document delivered pursuant thereto will survive the closing. Except regarding ongoing notification requirements under the Contribution Agreement, the right to indemnification for adverse consequences based on such representations, warranties, covenants and agreements will not be affected by any investigation conducted with respect to, or any knowledge acquired (or capable of being acquired) by a party at any time, whether before or after the execution and delivery of the Contribution

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Agreement, with respect to the accuracy or inaccuracy of or compliance with, any such representation, warranty, covenant, or obligation, except that a party will not be entitled to indemnification if the party from which it is seeking indemnification proves that the party seeking indemnification obtained knowledge of such inaccuracy or non-compliance from the party from which it is seeking indemnification prior to entering into the Contribution Agreement.

Videocon d2h will have no liability with respect to any indemnity claim by Silver Eagle Indemnitees unless Silver Eagle notifies Videocon d2h of such a claim on or before the date that is 30 days after Videocon d2h has made publicly available its audited financial statements for the full fiscal year ending March 31, 2016 (the“survival date"); provided, however, that any claim related to intentional or fraudulent breaches of the representations and warranties may be made at any time without limitation. Silver Eagle will have no liability with respect to any claim for any breach or inaccuracy of any representation or warranty in the Contribution Agreement unless Videocon d2h notifies Silver Eagle of such a claim on or before the survival date; provided, however, that any claim relating to intentional or fraudulent breaches of the representations and warranties may be made at any time without limitation. If Silver Eagle or Videocon d2h, as applicable, provides proper notice of a claim within the applicable time period set forth above, then liability for such claim will continue until such claim is resolved.

Third Party Claims

If a third party initiates a claim, demand, dispute, lawsuit or arbitration (a “third-party claim”) against any person or entity (the “indemnified party”) with respect to any matter that the indemnified party might make a claim for indemnification against any party (the “indemnifying party”) under the Contribution Agreement, the indemnifying party will have the right to defend the indemnified party against the third-party claim with counsel reasonably satisfactory to the indemnified party, provided, that (i) the indemnifying party notifies the indemnified party in writing within 15 days after the indemnified party has given notice of the third-party claim that the indemnifying party will indemnify the indemnified party from and against the entirety of any adverse consequences the indemnified party may suffer from the third-party claim, (ii) the indemnifying party provides the indemnified party with evidence reasonably acceptable to the indemnified party that the indemnifying party will have the financial resources to defend against the third-party claim and fulfill its indemnification obligations, (iii) the third-party claim involves only money damages, (iv) disposition of the third-party claim is not, in the good faith judgment of the indemnified party, likely to establish a precedent adverse to the continuing business interests or the reputation of the indemnified party, and (v) the indemnifying party conducts the defense of the third-party claim actively and diligently. The indemnifying party will keep the indemnified party apprised of all material developments, including settlement offers, with respect to the third-party claim and permit the indemnified party to participate in the defense of the third-party claim. So long as the indemnifying party is conducting the defense of the third-party claim in accordance with the Contribution Agreement, the indemnifying party will not be responsible for any attorneys’ fees or other expenses incurred by the indemnified party regarding the defense of the third-party claim.

In the event that the indemnifying party fails to conduct the defense of the third-party claim in accordance with the Contribution Agreement, however, (i) the indemnified party may defend against, and consent to the entry of any judgment on or enter into any settlement with respect to, the third-party claim in any manner it may reasonably deem appropriate, (ii) the indemnifying party will reimburse the indemnified party promptly and periodically for the costs of defending against the third-party claim (including reasonable attorneys’ fees and expenses), and (iii) the indemnifying party will remain responsible for any adverse consequences the indemnified party may suffer from the third-party claim to the fullest extent provided in the Contribution Agreement.

Except in the event the indemnifying party fails to conduct the defense of the third-party claim in accordance with the Contribution Agreement, neither the indemnified party nor the indemnifying party will consent to the entry of any judgment or enter into any settlement with respect to the third-party claim without the prior written consent of the other party.

Limitations and Other Matters Regarding Indemnification

All indemnification liabilities under the Contribution Agreement, including third-party claims, will be subject to a basket of the aggregate adverse consequences of 2.0% of the Contribution Amount, under which

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the parties will have no liability to each other, and a maximum liability cap of the aggregate adverse consequences of 12.5% of the Contribution Amount.

For purposes of determining whether there has been any misrepresentation or breach of a representation or warranty, and for purposes of determining the amount of adverse consequences resulting therefrom, all qualifications or exceptions in any representation or warranty relating to or referring to the terms “material”, “materiality”, “in all material respects”, “Material Adverse Effect” or any similar term or phrase will be disregarded, it being the understanding of Videocon d2h and Silver Eagle that for purposes of determining indemnification liability under the Contribution Agreement, the representations and warranties of the parties will be read as if such terms and phrases were not included in them.

Except with respect to claims based on fraud, intentional misconduct or the failure to perform and comply with the covenants and agreements that survive the closing, the indemnification provided pursuant to the Contribution Agreement will be the sole and exclusive remedy for any adverse consequences resulting from, with respect to or arising out of any breach or claim in connection with the Contribution Agreement, any schedule thereto and any certificate delivered in connection therewith, without limiting a party’s right to pursue equitable remedies, including injunctive relief and specific performance.

Agreements Related to the Contribution Agreement

Shareholder Lockup and Voting Agreement

Pursuant to the Shareholder Lockup and Voting Agreement, shareholders of Videocon d2h who are parties to the Shareholder Lockup and Voting Agreement will covenant that during the Lock-up Period (as defined below), subject to certain customary exceptions, they will not (i) sell, offer to sell, contract or agree to contract to sell, hypothecate, pledge, grant any option or purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to any portion of its equity securities in Videocon d2h, (ii) enter into any swap or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any of such securities, whether such transaction is to be settled by delivery of such shares or other securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in (i) or (ii) above. The Lock-up Period is the period beginning on the closing date of the Contribution Agreement and ending on the earlier of the date: (a) that is 12 months following the closing date or earlier if (x) the last sales price of Videocon d2h ADSs on the Nasdaq Stock Market (converted into Indian rupees on each such date at the Indian Rupee/U.S. Dollar Exchange Rate on such day) equals or exceeds 125% of the price per Videocon d2h ADS to be issued to the Silver Eagle stockholders (converted into Indian rupees at the Indian Rupee/U.S. Dollar Exchange Rate prevailing on the closing date of the Contribution Agreement) (as adjusted for splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period within three years following the closing date, after which transfers of 50% of the equity securities will be permitted (pro rata among the shareholders who are parties to the Shareholder Lockup and Voting Agreement), or (y) the last sales price of Videocon d2h ADSs on the Nasdaq Stock Market (converted into Indian rupees on each such date at the Indian Rupee/U.S. Dollar Exchange Rate on such day) equals or exceeds 150% of the price per Videocon d2h ADS issued to be issued to the Silver Eagle stockholders (converted into Indian rupees at the Indian Rupee/U.S. Dollar Exchange Rate prevailing on the closing date of the Contribution Agreement) (as adjusted for splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period within three years following the closing date, after which transfers of the remaining 50% of the equity securities will be permitted (pro rata among the shareholders who are parties to the Shareholder Lockup and Voting Agreement), (b) Videocon d2h consummates a liquidation, merger, stock exchange or other similar transaction that results in all of the equityholders of Videocon d2h (including the holders of the Videocon d2h ADSs) having the right to exchange their equity securities for cash, securities or other property and (c) Videocon d2h consummates an initial public offering of its Equity Shares in India with such shares listed on a recognized stock exchange in India.

If the shareholders who are parties to the Shareholder Lockup and Voting Agreement propose to engage in a transfer of at least 50% (on a fully-diluted basis) of the outstanding share capital of Videocon d2h to a strategic purchaser (a “control sale”), as a condition to such control sale, such selling shareholders will require such strategic purchaser to make a tender offer to purchase, in accordance with applicable securities

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laws, rules and regulations, and at the same price per share underlying the Videocon d2h ADSs from the holders of Videocon d2h ADSs equal to: (i) the number of Equity Shares to be sold by such shareholders to such strategic purchaser divided by the total number of Equity Shares held by such shareholders; multiplied by (ii) the number of outstanding Videocon d2h ADSs. This obligation will terminate upon such shareholders ceasing to own 50% (on a fully-diluted basis) of the outstanding share capital of Videocon d2h.

To the extent permitted by applicable laws, rules and regulations, each of the shareholders who are parties to the Shareholder Lockup and Voting Agreement agrees to vote all Equity Shares owned by such shareholder, or over which such shareholder has voting control, to ensure that each of Harry E. Sloan and Jeff Sagansky: (i) shall be elected to the Board of Directors of Videocon d2h for a period of no less than 3 years following the closing date; (ii) may not be removed other than for cause; and (iii) shall be replaced by such director’s respective alternate director or other designee upon any vacancies created by resignation, removal (other than for cause) or death.

Sponsor Lockup Agreement

Pursuant to the Sponsor Lockup Agreement, the Sponsor will covenant that during the Lock-up Period (as defined below), subject to certain customary exceptions, it will not (i) sell, offer to sell, contract or agree to contract to sell, hypothecate, pledge, grant any option or purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to any portion of its Videocon d2h ADSs issued pursuant to the Contribution Agreement, (ii) enter into any swap or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any of the Videocon d2h ADSs, whether such transaction is to be settled by delivery of Videocon d2h ADSs or other securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in (i) or (ii) above. The Lock-up Period is the period beginning on the closing date of the Contribution Agreement and ending on the earlier of the date: (a) that is 12 months following the closing date or earlier if (x) the last sales price of Videocon d2h ADSs on the Nasdaq Stock Market (converted into Indian rupees on each such date at the Indian Rupee/U.S. Dollar Exchange Rate on such day) equals or exceeds 125% of the price per Videocon d2h ADS to be issued to the Silver Eagle stockholders (converted into Indian rupees at the Indian Rupee/U.S. Dollar Exchange Rate prevailing on the closing date of the Contribution Agreement) (as adjusted for splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period within three years following the closing date, after which transfers of 50% of the Videocon d2h ADSs will be permitted, or (y) the last sales price of Videocon d2h ADSs on the Nasdaq Stock Market (converted into Indian rupees on each such date at the Indian Rupee/U.S. Dollar Exchange Rate on such day) equals or exceeds 150% of the price per Videocon d2h ADS to be issued to the Silver Eagle stockholders (converted into Indian rupees at the Indian Rupee/U.S. Dollar Exchange Rate prevailing on the closing date of the Contribution Agreement) (as adjusted for splits, dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period within three years following the closing date, after which transfers of the remaining 50% of the Videocon d2h ADSs will be permitted), (b) Videocon d2h consummates a liquidation, merger, stock exchange or other similar transaction that results in all of the equityholders of Videocon d2h (including the holders of the Videocon d2h ADSs) having the right to exchange their equity securities for cash, securities or other property and (c) Videocon d2h consummates an initial public offering of its Equity Shares in India with such shares listed on a recognized stock exchange in India. In addition, the Sponsor shall also be permitted to transfer the Videocon d2h ADSs to Videocon d2h in connection with any redemption, repurchase, acquisition, exchange, tender offer or otherwise of Videocon d2h ADSs in the event that the holders of the Videocon d2h ADSs (other than the Sponsor) fail to sell a sufficient number of Videocon d2h ADSs in connection with any such redemption, repurchase, acquisition, exchange, tender offer or other similar transaction.

Treatment of the Founder Shares in the Transaction

Immediately prior to the closing of the Transaction, the Sponsor and Dennis A. Miller will forfeit, in aggregate, 2,945,000 founder shares, 2,013,750 of which will be “founder earnout shares” as described in the prospectus for Silver Eagle’s initial public offering which are subject to forfeiture if certain share price targets are not met following the closing of Silver Eagle’s business combination transaction. This represents forfeiture of all of the founder earnout shares held by the Sponsor and Mr. Miller. Following such forfeiture, the

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Sponsor, Dennis A. Miller and the independent directors of Silver Eagle, James McNamara and Ernest Del, will hold, in aggregate, 5,125,000 founder shares. Under the Contribution Agreement, at the closing of the Transaction, Videocon d2h is required to grant the Sponsor the equivalent of an additional $13 million of shares increasing ratably to a maximum of an additional $20 million of Shares, based on the applicable actual Contribution Amount contributed by Silver Eagle to Videocon d2h, to be represented by ADSs, based on the price per ADS issued to the Silver Eagle stockholders converted into rupees at the prevailing exchange rate on the date of closing (or make such other issuances or cash payments that would result in the Sponsor receiving the same economic rights, benefits and privileges). 50% of such shares will be subject to forfeiture if the last sales price of the Videocon d2h ADSs on NASDAQ (converted into rupees) for any 20 trading days within any 30-trading day period within three years from the closing date (as adjusted for splits, dividends, reorganizations, recapitalizations and the like) does not equal or exceed 125% of the price per ADS issued to the Silver Eagle stockholders in the Transaction (converted into rupees) and the remaining 50% of such shares will be subject to forfeiture the last sales price of the Videocon d2h ADSs on the NASDAQ (converted into rupees) for any 20 trading days within any 30-trading day period within three years from the closing date (as adjusted for splits, dividends, reorganizations, recapitalizations and the like) equals or exceeds 150% of the price per ADS issued to the Silver Eagle stockholders in the Transaction (converted into rupees).

Background of the Transaction

The terms of the Transaction are the result of negotiations between the representatives of Silver Eagle and Videocon d2h. The following is a brief description of the background of these negotiations and the resulting Transaction.

Silver Eagle is a special purpose acquisition company (SPAC) formed in Delaware on April 11, 2013 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Silver Eagle has sought to capitalize on the substantial deal sourcing, investing and operating expertise of its management team to identify and combine with media or entertainment businesses with high growth potential in the United States or internationally.

On July 30, 2013, Silver Eagle consummated its initial public offering, or IPO, of 32,500,000 units, with each unit consisting of one share of our common stock and one warrant to purchase one-half share of our common stock at an exercise price of $11.50 per full share (for each pair of warrants). The units in Silver Eagle's IPO were sold at an offering price of $10.00 per unit, generating total gross proceeds of $325,000,000. Prior to the consummation of Silver Eagle's IPO, the founding shareholders, including Harry E. Sloan, Jeff Sagansky, James Graf (Messrs. Sloan, Sagansky and Graf constituting the Sponsor) and Dennis Miller purchased 8,125,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.003 per share. On July 10, 2013, the Sponsor and Mr. Miller transferred an aggregate of 35,000 founder shares each to James M. McNamara and Ernest Del, each of whom agreed to serve on Silver Eagle’s board of directors upon the closing of its IPO.

Simultaneously with the consummation of its IPO, Silver Eagle consummated the private sale of 15,000,000 sponsor warrants to purchase one-half share of common stock at an exercise price of $5.75 per half share ($11.50 per share per pair of warrants) to the Sponsor at a price of $0.50 per warrant, generating gross proceeds of $7,500,000. After deducting underwriting discounts and commissions and offering expenses, $325,000,000 of the proceeds of Silver Eagle's IPO and the private placement of the sponsor warrants (or approximately $10.00 per unit sold in our IPO) was placed in a trust account with Continental Stock Transfer & Trust Company as trustee. The trust proceeds are invested in U.S. government treasury bills with a maturity of 180 days or less or money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations.

Except for the withdrawal of interest to pay income taxes, if any, and a one-time release of amounts necessary to pay Delaware franchise taxes on a timely basis, none of the funds held in the trust account may be released from the trust account until the earlier of (i) the completion of Silver Eagle’s initial business combination and (ii) the redemption of 100% of Silver Eagle’s public shares if Silver Eagle is unable to complete its initial business combination by April 30, 2015 (or July 30, 2015 if it has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination by April 30, 2015 but has not completed the initial business combination by that date). After the payment of expenses relating to

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Silver Eagle's IPO, approximately $1,000,000 of the net proceeds of the IPO and private placement of the sponsor warrants was retained by Silver Eagle (outside the trust account) for working capital purposes. As of September 30, 2014, $188,970 had been withdrawn from the trust account for taxes and no funds had been withdrawn for working capital purposes. As of September 30, 2014, there was $19,997 held outside the trust account available for working capital purposes.

Prior to the consummation of its IPO, neither Silver Eagle, nor anyone on its behalf, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction with Silver Eagle.

After its IPO, Silver Eagle's officers and directors commenced an active search for prospective businesses or assets to acquire in its initial business combination. Representatives of Silver Eagle were contacted by numerous individuals and entities who offered to present ideas for acquisition opportunities, including financial advisors and other members of the financial, entertainment, media and technology communities. Silver Eagle's officers and directors and their affiliates also brought to its attention target business candidates.

During this search process, Silver Eagle reviewed more than 30 acquisition opportunities and entered into detailed discussions with more than 10 potential target businesses or their representatives. Silver Eagle ultimately determined to abandon each of its other potential acquisition opportunities either because (i) it did not succeed in a competitive auction or (ii) it concluded that the target business or the terms of a potential business combination would not be a suitable acquisition for Silver Eagle, particularly in comparison to Videocon d2h.

The vast majority of the potential targets considered by Silver Eagle were U.S. and international media and entertainment companies. In particular, Silver Eagle evaluated a number of domestic and foreign traditional broadcast and other content-driven media businesses and domestic based new media businesses, among other opportunities.

On or about June 5, 2014, Jay Itzkowitz, who currently serves as General Counsel of Global Eagle Entertainment Inc., contacted Harry E. Sloan and Jeff Sagansky, Silver Eagle’s Chairman/Chief Executive Officer and President, respectively, and who both serve as independent directors of Global Eagle Entertainment Inc., to discuss the potential for Silver Eagle to pursue a business combination with one or more of the six direct-to-home broadcasting (commonly referred to as “DTH”) operators in India, given the potential growth and consolidation opportunities in that market, and offered to introduce Silver Eagle to one or more of the potential targets. An Overseas Citizen of India, Mr. Itzkowitz has over 30 years of experience in India, which included 10 years at News Corporation where he was involved in all of News Corporation’s investments in the Indian media sector, including the initial acquisition of STAR TV and investments in ZEE TV and UTV. Mr. Sloan and Mr. Sagansky indicated that they would be interested in learning more about the general opportunity to acquire an operator in this sector and any specific potential targets for Silver Eagle. Mr. Itzkowitz then suggested an initial target, which was not Videocon d2h but another DTH operator, and introduced a director on the board of directors of that initial target, who met with Mr. Sloan and Mr. Sagansky in New York on June 10, 2014.

On June 23, 2014 Silver Eagle met with bankers from Deutsche Bank Securities Inc., or Deutsche Bank, in New York to get Deutsche Bank’s views on Indian DTH market, various targets and market demand for such a transaction based on publicly available information. On or about that time, Silver Eagle also introduced the director of the initial target to representatives of Deutsche Bank. Silver Eagle did not sign a nondisclosure agreement or receive non-public information about the initial target. In early July 2014, Silver Eagle made the determination that it would be challenging for a SPAC to consummate a transaction with that initial target for a variety of reasons and therefore decided not to pursue the initial target and instead continued to pursue other potential transactions.

Thereafter, at Silver Eagle’s request, Mr. Itzkowitz and his contacts facilitated a meeting in London on July 18, 2014 between a representative of the Videocon Group, and Mr. Sloan and James Graf, Silver Eagle’s Chief Financial Officer. At that meeting, the Videocon Group representative generally described the business of Videocon d2h and prospects in the Indian DTH market, and the Silver Eagle executives described their background, and advantages of taking Videocon d2h public on the NASDAQ market in conjunction with a

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transaction with Silver Eagle over the potential domestic Indian IPO which Videocon d2h had been planning. The Videocon Group representative advised that Mr. Saurabh Pradipkumar Dhoot, Executive Director of Videocon d2h, is the appropriate person to discuss the proposed transaction between Silver Eagle and Videocon d2h.

Based on feedback received during that meeting, a call was arranged on July 28, 2014 between Videocon d2h executives Mr. Saurabh Pradipkumar Dhoot, Executive Director of Videocon d2h, Mr. Rohit Jain, Deputy Chief Executive Officer, and Mr. S.K. Shelgikar, Videocon Group advisor, and Mr. Sagansky, Mr. Graf, to discuss a potential transaction in greater detail, including considerations relating to the planned domestic IPO for the company and the general economics of a transaction with an acquisition company such as Silver Eagle.

On July 29, 2014, Mr. Sloan, Mr. Sagansky and Mr. Graf briefed Deutsche Bank on the situation and asked Deutsche Bank to clear conflicts, as Silver Eagle intended to retain Deutsche Bank to assist in its pursuit of a transaction with Videocon d2h. Silver Eagle signed a formal engagement letter with Deutsche Bank on September 12, 2014, although Deutsche Bank commenced preliminary work as of July.

Silver Eagle and Videocon d2h signed a non-disclosure agreement on August 3, 2014. Videocon d2h began providing information to Silver Eagle on August 12, 2014.

During the remainder of August 2014, Silver Eagle and Videocon d2h executives and advisors from Deutsche Bank had numerous conference calls and exchanged emails to discuss the business plan and a potential transaction. These calls primarily involved Mr. Graf from Silver Eagle and Mr. Rohit Jain from Videocon d2h, but also involved Mr. Sloan, Mr. Sagansky, Mr. Saurabh Pradipkumar Dhoot, Mr. Shelgikar, Mr. Avanti Kanthaliya, Chief Financial Officer of Videocon d2h, and members of the Deutsche Bank team in India, Singapore and elsewhere. At no time during this period was an investment proposal delivered to either party, and discussions remained exploratory in nature.

On September 7, 2014, Mr. Graf traveled to Mumbai, India for three days of preliminary diligence meetings with the company and Deutsche Bank. The purpose of the trip was to collect enough information for Silver Eagle to (i) determine if it wanted to continue evaluating the company and if so (ii) begin to conduct due diligence and develop its own financial model for the company and a view on valuation and deal structure. During this trip, Mr. Graf met with Mr. Saurabh Pradipkumar Dhoot, Mr. Rohit Jain, Mr. Kanthaliya, Mr. Anil Khera, Chief Executive Officer of Videocon d2h, and other members of the management team, as well as Deutsche Bank representatives. On September 9, 2014, Silver Eagle arranged for Ernst & Young, Silver Eagle’s accounting advisor, to meet with Khandelwal Jain & Co., Videocon d2h’s independent auditor, to discuss the financial reporting requirements for the registration of shares under SEC rules. Mr. Graf and Deutsche Bank met several local law firms to discuss transaction structures in the context of local regulations, and it was determined, after considering a wide range of other alternatives, that the structural approach ultimately utilized for this Business Combination was the most likely to succeed from a local tax and regulatory perspective.

Numerous conference calls among the Silver Eagle and Videocon d2h executives and Deutsche Bank were held during remainder of September 2014 through early October 2014 to discuss and clarify proposed terms. In the course of these discussions, the principals decided there was sufficient common ground to meet in London on October 15, 2014 to try to negotiate a deal.

Mr. Sloan, Mr. Sagansky, Mr. Graf, Mr. Dhoot, Mr. Khera, Mr. Jain, Mr. Shelgikar and Deutsche Bank executives met at the offices of Deutsche Bank in London on October 15, 2014 and reached a general understanding on transaction valuation and structure, and agreed that Mr. Graf would travel to Mumbai again on October 27, 2014 to try to work out final details and sign a term sheet between the parties. This would formally “kick-off” the execution of the transaction, including commencement of the re-audit of company financials to comply with SEC requirements.

On October 30, 2014, Mr. Graf, on behalf of Silver Eagle, and Mr. Dhoot, on behalf of Vidoecon d2h, signed a preliminary non-binding term sheet, subject to diligence and ongoing negotiation on several key business points. The parties commenced work on the F-4 and Contribution Agreement, Silver Eagle continued

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its due diligence review with the support of Deutsche Bank, and Khandelwal Jain & Co. commenced work on the re-audit of the company to comply with SEC requirements.

During the week of November 23, 2014, Silver Eagle's counsel circulated an initial draft of the Contribution Agreement and the registration statement on Form F-4, or the F-4.

Mr. Graf returned to Mumbai for 17 days beginning December 4, 2014 to finalize due diligence, business plan modeling, drafting of the F-4 disclosure, negotiating the valuation and final business terms for the proposed transaction and negotiation and drafting of the Contribution Agreement, with daily input from Mr. Sloan and Mr. Sagansky. Deutsche Bank was on site with Mr. Graf throughout this process, providing support. During this time, Silver Eagle conferred with Deutsche Bank generally on the prospective market demand for shares of Videocon d2h and the valuation levels proposed and an overall marketing program, including the potential to exchange Silver Eagle public warrants through a warrant amendment prior to closing, as Videocon d2h was unwilling to issue warrants as part of transaction consideration.

On December 25, 2014, Mr. Dhoot and Mr. Graf exchanged emails to reflect the general agreement of the parties on valuation and structure, based on extensive discussions over the prior weeks.

While no formal meetings of the Silver Eagle Board of Directors were held, other than for consents for certain administrative actions, Silver Eagle executives kept James McNamara, Ernest Del and Eli Baker, the independent directors of Silver Eagle, apprised of the status of the various prospective transactions under consideration, including the Transaction, on a regular basis. Mr. Baker was closely involved through the process, participating in numerous conference calls and being copied on numerous emails.

On December 22, 2014, Silver Eagle held a board meeting to discuss the potential transaction in detail, with all board members present. On December 29, 2014, James Graf sent each member of the board of directors the draft Contribution Agreement and F-4 for their review, and Silver Eagle executives discussed the Contribution Agreement and F-4 with each of the independent directors.

On December 29, 2014, the full Board of Directors unanimously approved the signing of the Contribution Agreement, publicly announcing the transaction and filing the Contribution Agreement with the SEC and confidentially filing the F-4. Thereafter, on December 31, 2014, James Graf, on behalf of Silver Eagle, and Mr. Saurabh Dhoot, on behalf of Videocon d2h, signed the Contribution Agreement, effective as of that date.

Silver Eagle’s Board of Directors’ Reasons for the Approval of the Business Combination

On December 29, 2014, our board of directors unanimously (i) approved the Contribution Agreement and the transactions contemplated thereby, including, without limitation, the Warrant Amendment, and (ii) directed that the Contribution Agreement and Warrant Amendment to be submitted to our stockholders and warrant holders, respectively, for approval and adoption, and recommended that our stockholders and warrant holders approve and adopt Contribution Agreement and Warrant Amendment, respectively. Before reaching its decision, our board of directors reviewed the results of management’s due diligence, which included:

Silver Eagle's board of directors considered a wide variety of factors in connection with its evaluation of the Business Combination. In light of the complexity of those factors, the Silver Eagle board of directors did not consider it practicable to, nor did it attempt to, quantify or otherwise assign relative weights to the specific

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factors it took into account in reaching its decision. Different individual members of its board of directors may have given different weight to different factors in their evaluation of the Transaction.

In the prospectus for Silver Eagle's IPO, Silver Eagle identified the following general criteria and guidelines that its management believed would be important in evaluating prospective target businesses, including the following.

In considering the Business Combination, Silver Eagle’s board of directors concluded that Videocon d2h met all of the above criteria. In particular, the board considered the following positive factors, although not weighted or in any order of significance:

Media and Entertainment Industry.  Videocon d2h is a leading direct-to-home service provider, an acquirer and distributor of entertainment content and works closely with channel distributors. Accordingly, Silver Eagle’s management's significant operating and deal-making experience and relationships with companies in this space would provide Videocon d2h with a number of competitive advantages and may present it with a substantial number of additional business targets and relationships in this space to facilitate growth. Within the media and entertainment sector, Videocon d2h’s growth prospects, competitive dynamics, opportunities for consolidation, limited need for capital investment and barriers to entry in the market were to be compelling compared to other opportunities Silver Eagle evaluated.

High-Growth Markets.  India's economic growth, reflected in higher per capita income and an increasing middle class, with greater disposable incomes, has provided a foundation for the growth of Pay-TV services. In 2013, the industry added 5.4 million net new Pay TV subscribers, taking overall industry subscriber base to 135 million. Much of this growth has been driven by DTH, which had a 66% share of net new additions in 2013. Increasing purchasing power is expected to result in a higher number of TV homes in India. Pay-TV penetration of TV homes will also grow at a rate with increasing incidence of multiple TV set homes. Silver Eagle’s management team has extensive experience operating media businesses and leading transactions in high growth international markets, including India.

Business with Revenue and Earnings Growth Potential.  Silver Eagle believes that Videocon d2h has executed successfully and is one of the fastest growing DTH operators in the world in terms of subscriber additions. While primarily derived through subscription revenue today, Videocon d2h has the potential to expand revenue and earnings by providing differentiated content and other potential revenue streams.

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Companies with Potential for Strong Free Cash Flow Generation.  Silver Eagle believes that Videocon d2h has the potential for strong, stable cash flow now that it has achieved critical mass of subscribers. Now that Videocon d2h has reached this subscriber inflection point, each additional marginal customer added provides greater marginal income growth in additional to greater market scale in content acquisition and pricing strategies.

Experienced and Motivated Management Team.  Videocon d2h’s management team has significant experience, and the management team is expected to continue in their roles.

Based on the minimum Contribution Amount of $200,850,000 and assumed transaction expenses, the Transaction values the current, pre-money equity of Videocon d2h at approximately $603 million, without taking into account the possible earn-out for the benefit of Videocon d2h's current shareholders which would value the pre-money equity at approximately $722 million. This represents a fair market value in excess of 80% of the assets held in Silver Eagle’s trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account), a requirement for an initial business combination under our amended and restated certificate of incorporation.

Although Silver Eagle’s board of directors did not seek a third party valuation, and did not receive any report, valuation or opinion from any third party in connection with the Business Combination, the board of directors relied on Silver Eagle management’s collective experience in the media industry and international and public markets transactions in constructing and evaluating financial models/projections and conducting valuations of businesses, as in the case of Videocon d2h.

The board of directors also gave consideration to the following negative factors described in the “Risk Factors” section of this F-4, including but not limited to the following, although not weighted or in any order of significance:

Videocon d2h may continue to incur losses

The Silver Eagle board of directors considered the fact that Videocon d2h has incurred losses for the past two fiscal years and may continue to incur losses in the future. The board decided that this risk would be mitigated by the cash being contributed by Silver Eagle in the transaction and Videocon d2h's potential to raise additional capital and become cash-flow positive.

The risk that Silver Eagle's public stockholders would vote against the Business Combination Proposal or exercise their redemption rights

The Silver Eagle board of directors considered the risk that some of its public stockholders would vote against the Business Combination Proposal or decide to exercise their redemption rights, thereby depleting the amount of cash available in the trust account to an amount below the minimum required to consummate the Business Combination. The board concluded however, that this risk was substantially mitigated because the Principal Shareholders are not selling any shares in this transaction, which shows their confidence in the ongoing business and the valuation to the market. With respect to the vote, the fact that public stockholders may vote for the Business Combination Proposal while also exercising their redemption rights mitigates incentive for a public shareholder to vote against the Business Combination Proposal, especially to the extent that they hold public warrants which would be worthless if the Business Combination is not completed.

Our management and directors may have different interests in the Business Combination than the public stockholders

The board of directors considered the fact that members of our management and board of directors may have interests that are different from, or are in addition to, the interests of our stockholders generally, including the matters described under “—Certain Benefits of Silver Eagle’s Directors and Officers and Others in the Business Combination” below. However, our board of directors concluded that the potentially disparate interests would be mitigated because (i) these interests were disclosed in the initial public offering prospectus, (ii) these disparate interests would exist with respect to a business combination with any target company, and (iii) the Videocon d2h ADS's held by the Sponsor and our board of directors are locked up for a period of one year from closing of the Transaction.

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Certain Benefits of Silver Eagle’s Directors and Officers and Others in the Business Combination

In considering the recommendation of our board of directors in favor of approval of the Business Combination, it should be noted that our directors and officers have interests in the Business Combination that are different from, or in addition to, your interests as a stockholder. These interests include, among other things:

Potential Purchases of Public Shares or Public Warrants

In connection with the stockholder vote to approve the Transaction or the warrantholder vote to approve the Warrant Amendment Proposal, the Sponsor, Silver Eagle’s directors, officers, or advisors or their respective affiliates may privately negotiate transactions to purchase shares from stockholders who would have otherwise elected to have their shares redeemed in conjunction with a proxy solicitation pursuant to the proxy rules for a per-share pro rata portion of the trust account, or warrants from public warrantholders. None of Silver Eagle’s directors, officers or advisors or their respective affiliates will make any such purchases when they are in possession of any material non-public information not disclosed to the seller. Such a purchase of shares may include a contractual acknowledgement that such stockholder, although still the record holder of Silver Eagle’s public shares is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that the Sponsor, Silver Eagle’s directors, officers or advisors or their affiliates purchase shares in privately negotiated transactions from public stockholders who have already elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to redeem their shares. Any such privately negotiated purchases may be effected at purchase prices that are in excess of the per-share pro rata portion of the trust account. The purpose of such share purchases would be to increase the likelihood of obtaining stockholder approval of the Transaction or, where the purchases are made by the Sponsor, our directors, officers or advisors or their respective affiliates, to satisfy the closing condition in the Contribution Agreement that the Contribution Amount is at least $200,850,000, and the purpose of any such warrant purchases would be to increase the likelihood that the Warrant Amendment Proposal is approved.

Regulatory Approvals Required for the Transaction

In order to consummate the Transaction, Videocon d2h will be required to obtain prior approvals from the MIB for (i) issuance of equity shares underlying the Videocon d2h ADSs; and (ii) security clearances in respect of each of the persons specified under the Consolidated FDI Policy issued by the Government of India (effective from April 17, 2014 and as amended from time to time), including the members of Videocon d2h’s board of directors, its chief executive officer, chief financial officer, chief security officer, chief technical officer, chief operations officer and any shareholder of Videocon d2h who holds 10.0% or more of its paid-up equity share capital and any other category of persons as may be specified by the MIB from time to time, as applicable.

Redemption Rights

Pursuant to Silver Eagle’s amended and restated certificate of incorporation, holders of public shares may elect to have their shares redeemed for cash at the applicable redemption price per share calculated in accordance with its amended and restated certificate of incorporation. As of September 30, 2014, this would have amounted to approximately $9.99 per share assuming estimated $130,000 of taxes payable. If a holder exercises its redemption rights, then such holder will be exchanging its shares of common stock for cash and will no longer own shares of Silver Eagle. Such a holder will be entitled to receive cash for its public shares

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only if it properly demands redemption and delivers its shares (either physically or electronically) to Silver Eagle’s transfer agent in accordance with the procedures described herein. It is a condition to closing under the Contribution Agreement, however, that the Contribution Amount is at least $200,850,000. Each redemption of public shares by public stockholders will decrease the amount in the trust account. Therefore, in order to satisfy the condition to closing, the maximum redemption threshold is the amount that would allow the Contribution Amount to be $200,850,000. If, however, redemptions by public stockholders cause the Contribution Amount to be less than $200,850,000, then Videocon s2h will not be required to consummate the Transaction, although Videocon d2h may, in its sole discretion, choose to waive this condition. In the event that Videocon d2h waives this condition, Silver Eagle does not intend to seek additional shareholder approval or to extend the time period in which its public stockholders can exercise their redemption rights. In no event, however, will Silver Eagle redeem public shares in an amount that would cause its net tangible assets to be less than $5,000,001. See the section entitled “Special Meeting of Silver Eagle Stockholders and Special Meeting of Silver Eagle Public Warrantholders — Redemption Rights” for the procedures to be followed if you wish to redeem your shares for cash.

Appraisal Rights

Appraisal rights are not available to holders of shares of Silver Eagle common stock or warrants in connection with the Transaction.

Listing of Videocon d2h ADSs

Videocon d2h intends to apply to list its ADSs on NASDAQ under the symbol “VDTH.” The listing of Videocon d2h ADSs on NASDAQ is a condition to the closing of the Transaction.

Vote Required for Approval

Approval of this proposal is a condition to the completion of the Transaction. If this proposal is not approved, the Transaction will not occur.

The Contribution Agreement will be approved if the holders of at least a majority of the outstanding shares of Silver Eagle common stock vote “FOR” the Business Combination Proposal.

As of the record date, Silver Eagle’s founders have agreed to vote the founder shares and any other shares held by them in favor of the Business Combination Proposal. The founders have not purchased any public shares.

Recommendation of the Board

SILVER EAGLE’S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT ITS
STOCKHOLDERS VOTE “FOR” THE BUSINESS COMBINATION PROPOSAL.

PROPOSAL NO. 2 — APPROVAL OF THE PLAN OF DISSOLUTION

General

Silver Eagle is seeking stockholder approval of the Plan of Dissolution proposal at the special meeting. The Plan of Dissolution was approved by Silver Eagle’s board of directors on [        ], subject to (i) the consummation of the Transaction and (ii) receipt of stockholder approval. The following summary describes the material provisions of the Plan of Dissolution. This summary does not purport to be complete and may not contain all of the information about the Plan of Dissolution that is important to you. The Plan of Dissolution is attached to this proxy statement/prospectus as Annex D and is incorporated by reference into this proxy statement/prospectus, and Silver Eagle encourages you to read it carefully in its entirety for a more complete understanding of the Plan of Dissolution. By approving the Plan of Dissolution, Silver Eagle’s stockholders will be approving the dissolution of Silver Eagle under Section 275 of the DGCL.

Although Silver Eagle is proposing that its stockholders approve the Plan of Dissolution at the same time as the Business Combination Proposal, the Plan of Dissolution is an entirely separate transaction from the Transaction. Silver Eagle stockholders may approve the Transaction without regard to the Plan of Dissolution; provided, that approval of the Plan of Dissolution proposal is contingent upon approval of the Business Combination Proposal. If Silver Eagle’s stockholders approve the Business Combination Proposal, Silver Eagle may consummate the Transaction even if its stockholders do not approve the Plan of Dissolution. Please review the matters referred to under “Risk Factors” beginning on page 18 for a discussion of the risks related to approving the Business Combination Proposal, but not approving the Plan of Dissolution Proposal.

Videocon d2h will play no role in the Plan of Dissolution and has no responsibility for the Plan of Dissolution. The information contained in this proxy statement/prospectus under the heading “Proposal No. 2 — Approval of the Plan of Dissolution” and all other information in this proxy statement/prospectus relating to the Plan of Dissolution is the responsibility of Silver Eagle. All such information constitutes part of the proxy statement of Silver Eagle but does not constitute part of the prospectus of Videocon d2h.

Principal Provisions of the Plan of Dissolution

Pursuant to the terms of the Contribution Agreement, upon the closing of the Transaction, Silver Eagle will transfer substantially all of its assets to Videocon d2h. At or promptly following the closing of the Transaction, Silver Eagle expects that it will:

In accordance with the Plan of Dissolution, Silver Eagle will commence a formal process whereby it will give notice of its dissolution and allow its creditors an opportunity to come forward to make claims for amounts owed to them. Once Silver Eagle has complied with the applicable statutory requirements and either repaid its creditors or reserved amounts for payment to its creditors, including amounts required to cover as-yet unknown or contingent liabilities, Silver Eagle will distribute any remaining amount of assets less any reserved amounts for the payment of its ongoing expenses, to its stockholders.

If the Plan of Dissolution proposal is approved, Silver Eagle’s board of directors will take such actions as it deems, in its absolute discretion, necessary, appropriate or advisable to effect Silver Eagle’s liquidation and dissolution. This process will likely include the steps set forth below.

A certificate of dissolution will be filed with the Secretary of State of the State of Delaware pursuant to Section 275 of the DGCL, though the timing of such filing is within the absolute discretion of Silver Eagle’s board of directors. Silver Eagle’s dissolution will become effective, in accordance with Section 275 of the DGCL, upon proper filing of the certificate of dissolution with the Secretary of State or upon such later date as may be specified in the certificate of dissolution, which is referred to as the dissolution date, but in no event later than ninety days after the filing. Pursuant to the DGCL, Silver Eagle will continue to exist for at least three years after the dissolution date or for such longer period as the Delaware Court of Chancery shall direct, for the purpose of prosecuting and defending suits, whether civil, criminal or administrative, by or against it, and enabling Silver Eagle to gradually settle and close its business, to dispose of and convey its

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property, to discharge its liabilities and to distribute to its stockholders any remaining assets, but not for the purpose of continuing the business for which Silver Eagle was organized. Moreover, Silver Eagle will continue after such period for the purpose of any then-pending legal actions.

From and after the dissolution date, Silver Eagle will not engage in any business activities except to the extent necessary to preserve the value of its assets, wind-up its business and affairs, and distribute its assets in accordance with the Plan of Dissolution and pursuant to Section 278 of the DGCL.

The Plan of Dissolution provides that Silver Eagle’s board of directors will liquidate Silver Eagle’s remaining assets in accordance with an applicable provision of the DGCL, including Sections 280 or 281. Without limiting the flexibility of the board of directors, the board of directors may, at its option, cause Silver Eagle to follow the procedures set forth in Sections 280 and 281(a) of the DGCL, which provide for Silver Eagle to:

In connection with any such proceedings, the Delaware Court of Chancery may appoint a guardian to protect the interests of unknown future claimants.

Notwithstanding the foregoing, Silver Eagle’s board of directors may elect to liquidate and dissolve Silver Eagle in accordance with the provisions of Section 281(b) of the DGCL.

Silver Eagle may, from time to time, make liquidating distributions of the remaining cash and assets of Silver Eagle not owed or held as security for creditors or held in reserve, if any, in cash or in-kind, to the holders of record of Silver Eagle common stock at the close of business on the dissolution date. Such liquidating distributions, if any, will be made to the holders of Silver Eagle common stock on a pro rata basis. All determinations as to the time for and the amount and kind of distributions will be made by Silver Eagle’s board of directors in its absolute discretion, so long as the board of directors does not distribute amounts owed to creditors or required to be held as security for creditors by the Delaware Court of Chancery. No assurances can be given that available cash will be adequate to provide for Silver Eagle’s obligations, liabilities, expenses and claims, or to make any distributions to stockholders.

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Silver Eagle will close its stock transfer books and discontinue recording transfers of Silver Eagle’s securities on the dissolution date, at which time Silver Eagle’s securities, and certificates evidencing the securities of Silver Eagle, will not be assignable or transferable on Silver Eagle’s books or electronically through DTC.

Under the Plan of Dissolution, Silver Eagle’s board of directors may modify, amend or abandon the Plan of Dissolution, notwithstanding stockholder approval, to the extent permitted by the DGCL. However, any such action may cause Silver Eagle to be in breach of its obligations under the Contribution Agreement and may also significantly alter the tax consequences of the Transaction and subsequent liquidation and dissolution of Silver Eagle to Silver Eagle’s stockholders. Silver Eagle will not amend or modify the Plan of Dissolution under circumstances that would require additional stockholder solicitations under the DGCL or the federal securities laws without complying with the DGCL and the federal securities laws.

Liquidating Trust

Although no decision has been made, if deemed advisable by Silver Eagle’s board of directors for any reason (and in particular in order to effect a dissolution and liquidation for tax purposes within twelve months of the consummation of the Transaction so as to comply with the requirements of Section 368(a)(1)(C) of the Code), Silver Eagle may, following the filing of the certificate of dissolution, transfer its assets to one or more trusts established for the benefit of Silver Eagle’s stockholders, subject to the claims of Silver Eagle’s creditors or directly for the benefit of certain creditors. Thereafter, these assets will be sold or distributed on terms approved by the trustees.

Silver Eagle’s board of directors is authorized to appoint one or more trustees of the liquidating trust and to cause Silver Eagle to enter into a liquidating trust agreement with the trustee(s) on such terms and conditions as may be approved by Silver Eagle’s board of directors. Stockholder approval of the Plan of Dissolution will also constitute approval of any such appointment and any liquidating trust agreement. The formation and use of a liquidating trust may result in tax consequences to Silver Eagle’s stockholders. See “Material U.S. Federal Income Tax Considerations.”

Indemnification and Plan of Dissolution Expenses

Under the Plan of Dissolution, Silver Eagle will continue to indemnify its officers, directors, employees, agents and liquidating trustee, if any, in accordance with its certificate of incorporation, bylaws, any contractual arrangements and applicable law for actions taken in connection with the Plan of Dissolution and the winding up of Silver Eagle’s affairs. Silver Eagle intends to maintain its current directors’ and officers’ insurance policy through the closing of the Transaction and the date of dissolution and to obtain runoff coverage for at least an additional six years after filing the certificate of dissolution. Silver Eagle’s board of directors, in its absolute discretion, is authorized to obtain and maintain insurance as may be necessary, appropriate or advisable to cover such indemnification obligations. See “Proposal No. 2 — Approval of the Plan of Dissolution — Silver Eagle’s Conduct Following the Dissolution Date” for additional information.

In connection with and for the purpose of implementing and assuring completion of the Plan of Dissolution, Silver Eagle may, in the absolute discretion of its board of directors or its liquidating trustee, pay any brokerage, agency, professional and other fees and expenses of persons rendering services to Silver Eagle in connection with the collection, sale, exchange or other disposition of Silver Eagle’s remaining property and assets after the closing of the Transaction and the implementation of the Plan of Dissolution.

Silver Eagle’s Conduct Following the Dissolution Date

Following the dissolution date, Silver Eagle’s activities will be limited to winding up its affairs, taking such actions as may be necessary to preserve the value of its assets and distributing its assets in accordance with the Plan of Dissolution. Silver Eagle will seek to distribute or liquidate all of its assets in such manner and upon such terms as its board of directors determines to be in the best interests of Silver Eagle’s creditors and stockholders.

Silver Eagle’s board of directors and its remaining officers will oversee the dissolution and liquidation for a period of time following the closing of the Transaction. Silver Eagle does not expect its remaining directors and officers to receive salary and benefits during this period.

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Reporting Requirements

Whether or not Silver Eagle’s Plan of Dissolution is approved, Silver Eagle has an obligation to continue to comply with the applicable reporting requirements of the Exchange Act, even if compliance with such reporting requirements is economically burdensome. If the Plan of Dissolution is approved by Silver Eagle’s stockholders, after filing its certificate of dissolution, in order to curtail expenses, Silver Eagle expects to seek relief from the SEC from the reporting requirements under the Exchange Act (other than with respect to the filing of current reports on Form 8-K), but there can be no assurances that such relief will be granted by the SEC.

Trading of Silver Eagle’s Securities

Silver Eagle currently intends to close its securities transfer books on the dissolution date and, at such time, cease recording securities transfers and issuing securities certificates (other than replacement certificates). Accordingly, it is expected that trading in Silver Eagle’s securities will cease on such date.

Silver Eagle’s securities are currently traded on the OTCQB. Silver Eagle will notify the OTCQB to cease quotation of Silver Eagle’s securities on and after the dissolution date; provided that Silver Eagle’s securities continue to be traded on the OTCQB as of such date.

Silver Eagle intends to make a public announcement of the anticipated filing date of the certificate of dissolution at least three business days in advance of the filing.

Regulatory Approvals

No United States federal or state regulatory requirements must be complied with or approvals obtained in connection with the Plan of Dissolution, other than the requirements of the DGCL.

Appraisal Rights

Under Delaware law, Silver Eagle’s stockholders are not entitled to appraisal rights for their securities in connection with the transactions contemplated by the Plan of Dissolution or to any similar rights of dissenters under Delaware law.

Vote Required for Approval

The affirmative vote of holders of a majority of the outstanding shares of Silver Eagle common stock is required to approve the Plan of Dissolution. Broker non-votes, abstentions or the failure to vote on the Plan of Dissolution Proposal will have the same effect as a vote against this proposal.

Recommendation of the Board

SILVER EAGLE’S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT ITS
STOCKHOLDERS VOTE “FOR” THE APPROVAL OF THE PLAN OF DISSOLUTION.

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PROPOSAL NO. 3 — THE ADJOURNMENT PROPOSAL

The Adjournment Proposal, if adopted, will allow Silver Eagle’s board of directors to adjourn the special meeting of stockholders to a later date or dates. The Adjournment Proposal will only be presented to stockholders if the Company determines that there are not sufficient votes to approve one or more proposals presented at the special meeting of stockholders or the special meeting of warrantholders or that one or more closing conditions under the Contribution Agreement will not be satisfied. In no event will Silver Eagle’s board of directors adjourn the special meeting of stockholders or consummate the Transaction beyond the date by which it may properly do so under its amended and restated certificate of incorporation and Delaware law.

Consequences if the Adjournment Proposal is Not Approved

If the Adjournment Proposal is not approved by Silver Eagle stockholders, Silver Eagle’s board of directors may not be able to adjourn the special meeting of stockholders to a later date, if the Company determines that there are not sufficient votes to approve one or more proposals presented at either the special meeting of stockholders or the special meeting of warrantholders or that one or more closing conditions under the Contribution Agreement will not be satisfied.

Required Vote

Adoption of the Adjournment Proposal requires the affirmative vote of a majority of the issued and outstanding shares of Silver Eagle common stock as of the record date represented in person or by proxy at the special meeting of stockholders and entitled to vote thereon. Adoption of the Adjournment Proposal is not conditioned upon the adoption of any of the other proposals.

Recommendation of the Board

SILVER EAGLE’S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT
STOCKHOLDERS VOTE “FOR” THE APPROVAL OF THE ADJOURNMENT PROPOSAL.

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PROPOSALS TO BE CONSIDERED BY THE PUBLIC WARRANTHOLDERS

This section of the proxy statement/prospectus describes the material provisions of the Warrant Amendment, but does not purport to describe all of the terms of the Warrant Amendment. This summary is qualified in its entirety by reference to the Warrant Amendment, a copy of which is attached as Annex E hereto.

THE WARRANT AMENDMENT PROPOSAL

In connection with the proposed Transaction, public warrantholders are being asked to approve and consent to an amendment (the “Warrant Amendment”) to the terms of the warrant agreement (the “Warrant Amendment Proposal”). The approval of the Warrant Amendment Proposal is not a condition to the consummation of the Transaction.

The proposed Warrant Amendment provides that, upon the consummation of the Transaction, each of Silver Eagle’s outstanding warrants, which entitle the holder thereof to purchase one-half of one share of Silver Eagle common stock, will be exchanged for cash in the amount of $1.00.

If the requisite public warrantholders vote in favor of the Warrant Amendment Proposal and Silver Eagle and Videocon d2h complete the Transaction, then the Warrant Amendment will be binding on all warrantholders, including warrantholders that did not vote in favor of the Warrant Amendment Proposal, the warrant agreement will be amended, and each outstanding warrant will be exchanged for cash in the amount of $1.00 upon the consummation of the Transaction. In connection with the consummation of the Transaction, the Sponsor and Dennis A. Miller have agreed to forfeit all of Silver Eagle’s private placement warrants to Silver Eagle for no consideration. Accordingly, the private placement warrants will not be eligible to be exchanged for cash pursuant to the Warrant Amendment.

At the special meeting of warrantholders, public warrantholders will also be asked to approve a proposal to approve the adjournment of the special meeting of warrantholders to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that, based upon the tabulated vote at the time of the special meeting, there are not sufficient votes to approve the Warrant Amendment Proposal. This is referred to herein as the Warrantholder Adjournment Proposal. This proposal will only be presented at the special meeting of warrantholders if there are not sufficient votes to approve the Warrant Amendment Proposal.

Certain Effects of the Approval of the Warrant Amendment Proposal

If the Warrant Amendment Proposal is approved, all warrants will be subject to the terms of the Warrant Amendment whether or not a given holder voted in favor of the Warrant Amendment Proposal.

Public warrantholders should note that there may be income tax consequences in connection with the Warrant Amendment. For a discussion of the tax consequences of the Warrant Amendment, please see the section entitled “Material U.S. Federal Income Tax Considerations.”

Vote Required for Approval

Pursuant to Section 9.8 of the warrant agreement, Silver Eagle and the warrant agent may amend the warrant agreement with the written consent of the registered holders of 65% of the public warrants voting in favor of the Warrant Amendment Proposal. Pursuant to the terms of the warrant agreement, the Sponsor and Dennis A. Miller are not permitted to vote the private placement warrants in favor of the Warrant Amendment Proposal unless the registered holders of 65% of the public warrants vote in favor of the Warrant Amendment Proposal. None of Silver Eagle’s founders own any public warrants. As a result, in order for the Warrant Amendment Proposal to be approved, 16,250,001 public warrants must vote in favor of the Warrant Amendment Proposal.

Recommendation of the Board

SILVER EAGLE’S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT
PUBLIC WARRANTHOLDERS VOTE “FOR” THE APPROVAL OF THE WARRANT AMENDMENT PROPOSAL.

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THE WARRANTHOLDER ADJOURNMENT PROPOSAL

The Warrantholder Adjournment Proposal, if adopted, will allow Silver Eagle’s board of directors to adjourn the special meeting of warrantholders to a later date or dates to permit further solicitation of proxies. The Warrantholder Adjournment Proposal will only be presented to public warrantholders in the event, based on the tabulated votes, there are not sufficient votes at the time of the special meeting of warrantholders to approve the Warrant Amendment Proposal presented at the special meeting of Warrantholders. In no event will Silver Eagle’s board of directors adjourn the special meeting of warrantholders or consummate the Transaction beyond the date by which it may properly do so under its amended and restated certificate of incorporation and Delaware law.

Consequences if the Warrantholder Adjournment Proposal is Not Approved

If the Warrantholder Adjournment Proposal is not approved by Silver Eagle stockholders, Silver Eagle’s board of directors may not be able to adjourn the special meeting of warrantholders to a later date in the event, based on the tabulated votes, there are not sufficient votes at the time of the special meeting of warrantholders to approve the Warrant Amendment Proposal.

Required Vote

Adoption of the Warrantholder Adjournment Proposal requires the affirmative vote of a majority of the public warrants as of the record date represented in person or by proxy at the special meeting of warrantholders and entitled to vote thereon. Adoption of the Warrantholder Adjournment Proposal is not conditioned upon the adoption of any of the other proposals.

Recommendation of the Board

SILVER EAGLE’S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT
WARRANTHOLDERS VOTE “FOR” THE APPROVAL OF THE WARRANTHOLDER
ADJOURNMENT PROPOSAL.

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USE OF PROCEEDS

Videocon d2h estimates that between approximately $200.85 and $273.35 million will be made available to it as a result of the Transaction, or a maximum of approximately Rs.[    ] based on the prevailing dollar to rupee exchange rate of [    ] as of [           ], 2014. The total amount received will depend on, among other things, the total number of Silver Eagle shares to be redeemed as discussed under “Special Meeting of Silver Eagle Stockholders and Special Meeting of Silver Eagle Warrantholders — Redemption Rights.” Videocon d2h expects to use $100,000,000 to repay certain outstanding indebtedness. Information regarding the maturities and interest rates of outstanding indebtedness is detailed in “Videocon d2h Operating and Financial Review and Prospects — Financial Condition, Liquidity and Sources of Capital.” Videocon d2h will use the balance of the proceeds for its general corporate purposes.

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ACCOUNTING TREATMENT

Videocon d2h will issue [•] equity shares, represented by ADSs, for an aggregate purchase price of between US$[•] and [•] in connection with the Transaction. For accounting purposes Videocon d2h will treat the Transaction as the issue of its equity shares for cash.

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UNAUDITED PRO FORMA VIDEOCON D2H FINANCIAL INFORMATION

The following unaudited Videocon d2h pro forma financial information, which is referred to as the pro forma financial information, shows the pro forma effect of the consummation of the Transaction between Videocon d2h and Silver Eagle, for statement of financial position purposes, as if it had occurred on March 31, 2014, and for statement of operations purposes as if it had occurred on April 1, 2013. The pro forma financial information should be read in conjunction with the historical financial statements of Videocon d2h for its fiscal year ended March 31, 2014, which is included elsewhere in this proxy statement/prospectus. The pro forma financial information should also be read in conjunction with the notes set forth under “Notes to Unaudited Pro Forma Financial Information.”

The financial statements of Videocon d2h and the pro forma financial information have been prepared in accordance with IFRS as issued by the IASB, in its reporting currency of Indian rupees (or “INR”).

To effect the Business Combination Proposal, the Contribution Agreement provides for an increase in the share capital of Videocon d2h in exchange for a cash contribution from Silver Eagle. Under the terms of the Contribution Agreement, upon completion of the Transaction, Silver Eagle will exchange cash for newly issued Videocon d2h shares in the form of American Depositary Shares (“ADS”). These will be distributed to Silver Eagle equity holders in accordance with their proportionate share of Silver Eagle prior to the Transaction (but after taking redemptions into consideration).

The principal financial effects shown by the pro forma financial information are the recording of the increase in capital of Videocon d2h and the cash obtained from the Transaction. Videocon d2h is not obtaining a business through the Transaction, as the nature of the Transaction is a cash infusion in exchange for equity interest being issued. The shareholders of Videocon d2h prior to the consummation of the Transaction will retain the largest portion of the voting rights of Videocon d2h, and the ADS holders will not collectively have the ability to elect or appoint a majority of the members of the governing board of Videocon d2h. The makeup of the senior management of Videocon d2h will be dominated by the senior management of Videocon d2h prior to the consummation of the Transaction. As such, there is no change of control of Videocon d2h. No intangible assets or goodwill will be recognized as a result of the accounting for the Transaction.

Videocon d2h intends to use $100 million or Rs. 6,161 million, based on the dollar to rupee exchange rate of 61.6135 as of September 30, 2014, of the proceeds to repay certain outstanding indebtedness. The financial effects for the repayment of debt obligations have not been included in the pro forma adjustments, as no definitive agreement has been reached on facilities to be paid and the timing of those payments. However, as management’s intention is that these funds are to be used for debt repayment, these funds will be reclassified into restricted cash.

Several issuances are being contemplated by Videocon d2h in addition to the issuances in exchange for the Contribution. These include:

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The pro forma financial information solely reflects Videocon d2h’s financial statements in contemplation with the proposed transaction and does not portray Silver Eagle’s financial information. Given that the Transaction will not result in a combined entity, presenting the Transaction in such a manner may be misleading to investors. Silver Eagle will be dissolved in accordance with the Plan of Dissolution Proposal. As of the close of the Transaction, Silver Eagle will no longer have active operations and shareholders of Silver Eagle will have become shareholders of Videocon d2h. For these reasons, no pro forma information for Silver Eagle is reflected. Further, while the financial statements of Silver Eagle have been prepared in accordance with U.S. GAAP, no adjustments to conform U.S. GAAP to IFRS have been necessary, as the operations of Silver Eagle have been limited and no pro forma information of Silver Eagle is reflected within the pro forma financial information for the reasons as described above.

The pro forma financial information is presented for illustrative purposes only and, therefore, does not purport to represent what the actual results of operations or financial condition of the company would have been if the Transaction had occurred on the dates assumed, and it is not necessarily indicative of the company’s future operating results or financial position. In this regard, the pro forma financial information does not give effect to any benefits that may be derived from the company’s growth projects or expansions resulting from the cash proceeds received.

Videocon d2h estimates that between approximately $200.85 million and $273.35 million will be made available to it as a result of the Transaction, or between approximately Rs. 12.4 billion and Rs. 16.8 billion based on the prevailing dollar to rupee exchange rate of 61.6135 as of September 30, 2014. As stated in the terms of the Business Combination Proposal, this represents the transfer of cash from Silver Eagle to Videocon d2h after giving effect to transaction expenses, amounts used to pay Silver Eagle stockholders who properly exercise their redemption rights in connection with the vote to approve the Business Combination Proposal, payments to warrantholders (if the Warrant Amendment Proposal is approved), and reserves for liquidation and dissolution expenses, collectively known as “Transaction Expenses.”

The minimum redemption and maximum redemption scenarios are presented in the following pro forma information as follows:

The $200.85 million estimate represents the results of the maximum redemption, which assumes that the Silver Eagle shareholders have elected to redeem the number of shares that results in the cash transferred to Videocon d2h of $200.85 million necessary for the Transaction to occur in accordance with the terms of the Business Combination Proposal (referred to as the “maximum redemption” scenario). The $273.35 million estimate represents the proposed maximum Contribution, which assumes the minimum redemptions by Silver Eagle shareholders (referred to as the “minimum redemption” scenario). Both the minimum and maximum redemption scenarios include the impacts of the 2014 ESOP plan.

This pro forma information is subject to risks and uncertainties, including those discussed in the section of this proxy statement/prospectus titled “Risk Factors.”

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The following table sets forth the unaudited condensed pro forma statement of financial position at March 31, 2014 (expressed in millions of INR, except share and per share data) giving effect to the Business Combination Proposal as if it had occurred at March 31, 2014.

UNAUDITED PRO FORMA CONDENSED VIDEOCON D2H
STATEMENT OF FINANCIAL POSITION

Unaudited Pro Forma Statement of Financial Position
As of March 31, 2014     (millions of Indian rupees)		(historic)				Pro Forma Adjustments (minimum)				Notes				Pro Forma (minimum)				Pro Forma Adjustments (maximum)				Notes				Pro Forma (maximum)
ASSETS
Non-current Assets
Property, Plant and equipment & Capital Work-in-Progress			22,764												22,764												22,764
Intangible Assets			1,251												1,251												1,251
Other Financial Assets			2,225												2,225												2,225
Deferred Tax Assets			6,505												6,505												6,505
Total non-current assets			32,745				—								32,745				—								32,745
Current Assets
Inventory			317												317												317
Trade Receivables			4												4												4
Other Financial Assets			747												747												747
Other Non-Financial Assets			1,722												1,722												1,722
Cash and cash equivalents			185				16,842				(i)								12,375				(ii)
							(6,161	)			(iii)				10,866				(6,161	)			(iii)				6,399
Restricted cash			—				6,161				(iii)				6,161				6,161				(iii)				6,161
Total current assets			2,975				16,842								19,817				12,375								15,350
Total Assets			35,720				16,842								52,562				12,375								48,095
EQUITY AND LIABILITIES
Equity
Share Capital			2,420				[ ](1)				(i)				[ ]				[ ](2)				(ii)				[ ]
Share Premium			5,840				[ ]				(i)				[ ]				[ ]				(ii)				[ ]
Retained Earnings			(14,498	)											(14,498	)											(14,498	)
Total Equity			(6,238)				16,842								10,604				12,375								6,137
Liabilities
Non-current Liabilities
Long-term borrowings			23,461												23,461												23,461
Other Non-Financial Liabilities			2,669												2,669												2,669
Post employment benefits			30												30												30
Other employment benefits			18												18												18
Total non-current liabilities			26,178				—								26,178				—								26,178
Current Liabilities
Short-term borrowings			2,250												2,250												2,250
Trade Payable			2,204												2,204												2,204
Other Non-Financial Liabilities			5,598												5,598												5,598
Other Financial Liabilities			5,723												5,723												5,723
Post employment benefits			2												2												2
Other employement benefits			3												3												3
Total current liabilities			15,780				—								15,780				—								15,780
Total Liabilities			41,958				—								41,958				—								41,958
Total equity and liabilities			35,720				16,842								52,562				12,375								48,095

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The following table sets forth unaudited condensed pro forma results of operations for the year ended March 31, 2014 (expressed in millions of INR, except share and per share data) giving effect to the proposed transaction as if it had occurred at April 1, 2013.

UNAUDITED PRO FORMA CONDENSED VIDEOCON D2H RESULTS OF
OPERATION THE YEAR ENDED MARCH 31, 2014

Unaudited Pro Forma Results of Operations For the year ended March 31, 2014
(millions of Indian rupees)		(historic)				Pro Forma Adjustments (minimum)				Notes				Pro Forma (minimum)				Pro Forma Adjustments (maximum)				Notes				Pro Forma (maximum)
INCOME
Revenue from operations			17,644												17,644												17,644
EXPENSE
Operating expense			10,715												10,715												10,715
Employee benefits expense			864				1,178				(iv)				2,042				1,178				(iv)				2,042
Administrative and other expenses			538												538												538
Selling and distribution expense			1,606												1,606												1,606
Depreciation, amortisation, and impairment			4,211												4,211												4,211
Total Expenses			17,934												19,112												19,112
Profit/(loss) from operations			(290)												(1,468)												(1,468)
Finance costs/finance income (net)			(4,358	)											(4,358	)											(4,358	)
Other income			17												17												17
Profit (loss) before tax			(4,631)												(5,809)												(5,809)
Income tax expense
Current tax
Deferred tax			1,435												1,435												1,435
Profit (loss) after tax			(3,196)				—								(4,374)				—								(4,374)
Weighted average basic shares outstanding (millions)			242												[   ]												[   ]
Basic and diluted earnings per share			(13.20	)											[      ]												[      ]

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1. Basis of Presentation

Under the terms of the Transaction, Silver Eagle will contribute the funds held in the trust account that holds the proceeds of its initial public offering, less transaction expenses, amounts used to pay Silver Eagle stockholders who properly exercise their redemption rights in connection with the vote to approve the Business Combination Proposal, payments to warrantholders (if the Warrant Amendment Proposal is approved), and reserves for liquidation and dissolution expenses, in exchange for equity shares of Videocon d2h.

The pro forma financial information gives effect to the Transaction as if it had occurred at April 1, 2013 for the purposes of the unaudited condensed Videocon d2h pro forma results of operations for the year ended March 31, 2014 (“pro forma results of operations”) and at March 31, 2014 for the purposes of the unaudited condensed Videocon d2h pro forma statement of financial position (“pro forma statement of financial position”). The unaudited condensed pro forma information has been prepared using Videocon d2h's historical financial statements.

The pro forma financial information is prepared in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board, or “IFRS”. The unaudited condensed pro forma statement of financial position as of March 31, 2014 and the pro forma results of operations for the year ended March 31, 2014 have been prepared using the following information:

The pro forma adjustments reflecting the consummation of the Transaction (“pro forma adjustments”) are based on certain estimates and assumptions. The unaudited condensed pro forma adjustments may be revised as additional information becomes available. The actual adjustments upon consummation of the Transaction will depend on a number of factors, including additional financial information available at such time and changes in exchange rates of this pro forma financial information and the consummation of the Transaction. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments and it is possible the difference may be material. Videocon d2h believes that its assumptions provide a reasonable basis form presenting all of the significant effects of the Transaction contemplated based on information available to Videocon d2h at the time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the pro forma financial information.

Videocon d2h has determined that the Transaction will be treated as a cash infusion and equity issuance based on the facts and circumstances identified within this offer.

The adjustments in the pro forma financial information are presented net of the tax effect of the expenses associated with the Transaction, assuming a statutory tax rate of 30.9%.

The estimated Transaction Expenses are not reflected in the pro forma as all such Transaction Expenses will be paid by Silver Eagle. The Transaction Expenses can be derived by reviewing the historical financial statements of Silver Eagle and the net consideration transferred to Videocon d2h, presented in the Cash Reconciliation table below. Transaction costs would be paid by Silver Eagle prior to any cash transfer to Videocon d2h.

The unaudited condensed pro forma financial information is not intended to reflect the results of operations or the financial position that would have resulted had the Transaction been effected on the dates indicated. The unaudited condensed pro forma financial information should be read in conjunction with the financial statements of Videocon d2h as of March 31, 2014, included in this proxy statement/prospectus.

2. Pro forma Adjustments and Assumptions

The unaudited pro forma condensed financial information has been prepared to illustrate the effect of the Transaction and has been prepared for informational purposes only. The unaudited pro forma condensed

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combined financial information is based upon the historical consolidated financial statements of Videocon d2h and should be read in conjunction with their historical financial statements.

The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed results of operations are based upon the number of Videocon d2h’s shares outstanding, assuming the Transaction occurred on April 1, 2013.

The historical financial information has been adjusted to give effect to pro forma events that are related and/or directly attributable to the Business Combination Proposal, are factually supportable and, in the case of the unaudited pro forma statement of operations data, are expected to have a continuing impact on Videocon d2h results.

As discussed above, these pro forma adjustments are based on certain estimates and assumptions made as of the date or for the period of the unaudited condensed pro forma financial information. The actual adjustments will depend on a number of factors, including changes in the estimated cash consideration and foreign exchange rates at the time of close. These adjustments are likely to be different from the adjustments made to prepare the unaudited condensed pro forma financial information and such differences may be material.

In connection with the Transaction, [    ] million Videocon d2h ADSs, equivalent to [    ] million equity shares, are expected to be issued to Silver Eagle for Rs. 16.8 billion resulting in additional share capital of [    ] and additional share premium of [    ]. These shares were recorded at a par value of [    ] Indian rupees per share. The number of Silver Eagle founder earnout shares outstanding have not been considered in the pro forma balance sheet as such number of shares will be forfeited by the founders. The cash that Videocon d2h receives in the Transaction will vary as a result of foreign exchange ratios and possible fluctuations in the cash held by Silver Eagle from the date of this proxy statement/prospectus and the completion of the Transaction.

In connection with the Transaction, [    ] million Videocon d2h ADSs, equivalent to [    ] million equity shares, are expected to be issued to Silver Eagle for Rs. 12.4 billion resulting in additional share capital of [    ] and additional share premium of [    ]. These shares were recorded at par value of [    ]. The number of Silver Eagle founder earnout shares outstanding have not been considered in the pro forma balance sheet as such number of shares will be forfeited by the founders. The cash that Videocon d2h receives in the Transaction will vary as a result of foreign exchange ratios and possible fluctuations in the cash held by Silver Eagle from the date of this proxy statement/prospectus and the completion of the Transaction.

As stated in the Business Combination Proposal, Videocon d2h has agreed to use $100 million, or Rs. 6.2 billion, of the proceeds to pay off debt. Due to Videocon d2h’s intention to use these funds for debt repayment, the cash will be reclassified to restricted cash.

Pursuant to the ESOP 2014 plan described elsewhere, Videocon d2h is expected to issue 4 million stock options to its employees upon the closing of the Transaction to retain and incentivize such employees following the Transaction. Subject to consummation of the Transaction, the stock options will be time based awards and will vest over a period of 18 months to 4 years in accordance with the vesting schedule set out in the ESOP 2014 plan. Where parts of certain plans vest at different time periods, each vesting period has been considered a separate tranche for purpose of calculating the period expense. The fair value of each option was calculated to be between Rs. 68 and 78, and 3.5 million of the options are expected to vest. The stock compensation in the first year of the plan is expected to be Rs. 1,178 million.

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The tables below present the share reconciliation and pro forma earnings per share (EPS) for the minimum and maximum redemption scenarios. Basic and diluted EPS are the same as no potential dilutive effects identified.

Videocon d2h March 31, 2014 pro forma share reconciliation

Minimum

Maximum

(in millions of shares, except conversion ratios)

Equity share equivalent

% ownership

Equity share equivalent

% ownership

Weighted average shares of existing Videocon shareholders

242

[    ]

242

[    ]

ADSs issued to public SEAC shareholders

[  ]

[  ]

Conversion ratio from ADS to equity shares

[    ]

[    ]

Equivalent equity shares issued through ADS to SEAC shareholders

[   ]

[    ]

[   ]

[    ]

Weighted average shares outstanding of Videocon after the transaction – basic

[   ]

100.0%

[   ]

100.0%

Videocon d2h March 31, 2014 pro forma EPS		Minimum				Maximum
Net loss attributable to Videocon (Rs. millions)			(4,374	)			(4,374	)
Basic weighted average ordinary shares outstanding (in millions)			[   ]				[   ]
Basic loss per ordinary share (no dilution due to net loss) (Rs. per share)			[    ]				[    ]

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3. Cash Reconciliation

The share prices for Silver Eagle used in determining the preliminary estimated transaction price are based on the cash available after taking transaction expenses, amounts used to pay Silver Eagle stockholders who properly exercise their redemption rights in connection with the vote to approve the Business Combination Proposal, payments to warrantholders (if the Warrant Amendment Proposal is approved), and reserves for liquidation and dissolution expenses into consideration. The preliminary total purchase price is calculated as follows:

Cash reconciliation of cash held by Silver Eagle to net transaction proceeds		Minimum								Maximum
(in millions)		(USD)				(INR)				(USD)				(INR)
Silver Eagle cash prior to transfer			325.00				20,024				251.20				15,477
Cash expenses
Transaction expenses and payment of deferred expenses (paid by Silver Eagle)			19.15				1,180				17.85				1,100
Cash paid to warrantholders			32.50				2,002				32.50				2,002
Cash available after transaction costs			273.35				16,842				200.85				12,375

4. Book Value per Share

Videocon d2h calculates diluted book value per share using the treasury stock method, where notional proceeds received upon exercise of options and vesting of other dilutive instruments are assumed to have been used to purchase treasury stock and would reduce the number of shares issued. For the purposes of the pro forma condensed consolidated financial statements and notes thereto, diluted book value per share has been calculated based on the treasury stock method.

The following table sets forth the computation of book value and diluted book value per share adjusted for the exchange offer as of March 31, 2014:

Videocon d2h March 31, 2014 Book Value per Equity Share

Historical

pro forma Minimum

pro forma Maximum

Total equity (Rs. millions)

(6,238

)

10,604

6,137

Shares (millions)

242

[    ]

[    ]

Book value per equity share (Rs.)

(25.78)

[    ]

[    ]