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Tag: assets

  • Betting racket whacked for Rs 307 crore as ED strikes in Dubai

    Betting racket whacked for Rs 307 crore as ED strikes in Dubai

    NEW DELHI: India’s financial crimes enforcers have seized Dubai property and domestic bank deposits worth Rs 307 crore in a crackdown on an online betting operation centred around the Fairplay platform, according to a PTI report. 

    The Enforcement Directorate froze land, villas and flats in the Gulf emirate alongside Indian bank accounts under anti-money laundering laws, the agency said on Monday. The haul represents one of the largest asset seizures in India’s escalating war against illegal online gambling.

    The probe stems from a complaint filed by Viacom18 Media with Mumbai Police’s cyber wing, alleging the betting platform had inflicted revenue losses exceeding Rs 100 crore through violations of information technology and copyright laws.

    Investigators subsequently bundled together multiple cases against Fairplay and its associates for illegal online betting operations. The web of connected entities suggests a sophisticated money-laundering network spanning domestic and international jurisdictions.

    The seizures underscore how Indian authorities are pursuing betting operators’ offshore assets with increasing vigour. Dubai has emerged as a favoured destination for parking proceeds from India’s booming but largely illegal online gambling sector.

    The Fairplay case highlights the complex interplay between broadcasting rights violations and betting operations, with platforms allegedly using pirated content to drive traffic to gambling sites.
    India’s regulatory crackdown on online betting has intensified as authorities grapple with the sector’s explosive growth and its links to money laundering and tax evasion.

  • Signpost India’s profits fall; revenue grows sharply

    Signpost India’s profits fall; revenue grows sharply

    MUMBAI: Signpost India’s shareholders will have mixed feelings after the Mumbai-based advertising agency delivered a tale of two halves for the year ended March 31st, 2025. Whilst revenue from operations climbed a respectable 17 per cent to Rs 453.2 crore, net profit took a detour in the wrong direction, falling 23 per cent to Rs 33.7 crore from Rs 44 crore the previous year—suggesting this signpost may need recalibrating.

    The numbers paint a picture of growth without the corresponding profit punch. Total income, including other revenues, reached Rs 458.4 crore, up from Rs 395.5 crore the previous year. However, the company’s profit margins compressed, with costs rising faster than revenues—a classic case of losing one’s way despite knowing the destination.

    Managing director Shailesh Ashtekar and his team appear to have hit some speed bumps in their cost management. Total expenses surged 25 per cent to Rs 413 crore, outpacing the revenue growth. Employee benefit expenses climbed to Rs 42.7 crore from Rs 33.5 crore, reflecting both expansion and India’s competitive talent market—though the returns on this investment remain to be seen.

    The balance sheet still shows a company with solid foundations. Total assets grew to Rs 555 crore from Rs 475.6 crore, whilst shareholders’ equity reached Rs 223.4 crore. Cash and equivalents stood at Rs 22.2 crore, providing reasonable liquidity though down from previous levels.

    In a curious show of optimism despite the profit decline, the board has recommended maintaining a dividend of Rs 0.50 per share—a gesture that suggests confidence in weathering current headwinds. With earnings per share falling to Rs 6.34 from Rs 8.24 the previous year, Signpost will need to find its bearings quickly to restore investor confidence.

    The advertising industry’s fortunes often mirror broader economic sentiment, and whilst Signpost’s revenue growth suggests Indian businesses are still spending on marketing, the margin compression indicates fiercer competition and rising costs. For a company whose business revolves around pointing others in the right direction, Signpost India appears to have lost its way somewhat—though management clearly believes this detour is temporary.

  • NDTV considering sale of assets

    MUMBAI: NDTV is considering sale of assets, according to a BSE filing signed by Navneet Raghuvanshi on behalf of New Delhi Television Limited.

    NDTV, based out of 207, Okhla Ph-III, New Delhi, on 17 April wrote to the the Secretary, BSE Limited in Mumbai, and the asst. vice president, of the Listing Department of the National Stock Exchange of India, in Mumbai that as per the Company’s Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the securities of the Company will remain closed from 17 April till the conclusion of 48 hours from the date of Board meeting of the Company that is being convened to consider, inter alia, potential sale of certain strategic assets by certain material subsidiary(ies) of the Company.

    In BARC India’s recent ratings report, NDTV 24×7 grabbed the third place with 328 Impressions (000s). In the English Business News genre, NDTV Profit and NDTV Prime were at the third position with 76 Impressions (000s).

    In a separate case, the central government had told the Supreme Court that NDTV India has not apologised but only sent a note over the alleged violation of telecast norms during the Pathankot attack, which is not acceptable. New Delhi Television Ltd earlier told apex court that it will not tender an apology for the coverage on 2 January 2016. On 3 November, 2016, the ministry of information & broadcasting (MIB) asked NDTV India to go off-air for a day for revealing sensitive details on the Pathankot attack.

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