ITV

Tag: Bombay Stock Exchange

  • Vikram Chandra steps down; KVL Narayan Rao is new NDTV group CEO

    Vikram Chandra steps down; KVL Narayan Rao is new NDTV group CEO

    MUMBAI: The rumours that were making rounds of Vikram Chandra stepping down from his post at NDTV have now been put to rest.

    The NDTV informed the Bombay Stock Exchange (BSE) that the company Board of Directors has approved the decision of Chandra to step down from the position of the group chief executive officer (CEO) and executive director of NDTV with immediate effect.

    Chandra was appointed the group CEO in 2011 for a term of three years which was further extended by another two years. Chandra has expressed the wish to return to full time journalism within NDTV and focus on the TV shows of the Group. Chandra will continue with the Company as Consulting Editor.

    The Board while accepting the decision of Chandra placed on record its appreciation of his valuable contribution as CEO. The Board on the recommendation of the Nomination and Remuneration Committee today approved that the executive vice-chairperson KVL Narayan Rao take over additional responsibilities as the Group CEO of NDTV with immediate effect.

    Rao has been associated with the Company for nearly 22 years in various capacities including Group CEO and has been a key factor in the creation of NDTV.

    Rao has served three terms as the president of the News Broadcasters Association (NBA). He has also been on the Board of Indian Broadcasting Foundation (IBF) and V ice President of the Commonwealth Broadcasting Association. He continues to be on the Board of both the NBA and the IBF.

    Rao is one of the most respected leaders of the news broadcasting fraternity where he has often played a critical role.

  • Vikram Chandra steps down; KVL Narayan Rao is new NDTV group CEO

    Vikram Chandra steps down; KVL Narayan Rao is new NDTV group CEO

    MUMBAI: The rumours that were making rounds of Vikram Chandra stepping down from his post at NDTV have now been put to rest.

    The NDTV informed the Bombay Stock Exchange (BSE) that the company Board of Directors has approved the decision of Chandra to step down from the position of the group chief executive officer (CEO) and executive director of NDTV with immediate effect.

    Chandra was appointed the group CEO in 2011 for a term of three years which was further extended by another two years. Chandra has expressed the wish to return to full time journalism within NDTV and focus on the TV shows of the Group. Chandra will continue with the Company as Consulting Editor.

    The Board while accepting the decision of Chandra placed on record its appreciation of his valuable contribution as CEO. The Board on the recommendation of the Nomination and Remuneration Committee today approved that the executive vice-chairperson KVL Narayan Rao take over additional responsibilities as the Group CEO of NDTV with immediate effect.

    Rao has been associated with the Company for nearly 22 years in various capacities including Group CEO and has been a key factor in the creation of NDTV.

    Rao has served three terms as the president of the News Broadcasters Association (NBA). He has also been on the Board of Indian Broadcasting Foundation (IBF) and V ice President of the Commonwealth Broadcasting Association. He continues to be on the Board of both the NBA and the IBF.

    Rao is one of the most respected leaders of the news broadcasting fraternity where he has often played a critical role.

  • ZEEL clarifies on UAE Hum 106.2 FM radio biz foray

    ZEEL clarifies on UAE Hum 106.2 FM radio biz foray

    MUMBAI: Last week, the media was abuzz about Zee Entertainment Enterprises Ltd (Zeel) acquisition of the UAE’s first Hindi/Urdu radio station, Hum 106.2 FM. The move signaled the entertainment major’s foray into the radio business, something which has been speculated about for some time.

    However, the company has clarified to the Bombay stock exchange, saying that the Hum 106.2 FM deal is not a takeover.

    In a notice issued the BSE over the weekend, ZEEL states that it has set up a step-down subsidiary in Dubai to be in the FM radio business in the name of Zee FM. And, under the agreement it has signed, the radio frequency owned by the emirate of Umm Al Quwain has been leased to the Zee subsidiary effective January 2017 for its radio business.

    Umm Al Quwain Broadcasting Network (UBN) which operate Hum 106.2 used the frequency to serve Hindi and Urdu programming to listeners. It redefined drive time and boasted of many celebrity Radio Jockeys. It also went on to popularize live cricket commentary on radio and has a lot of pioneering firsts in the radio business.

  • ZEEL clarifies on UAE Hum 106.2 FM radio biz foray

    ZEEL clarifies on UAE Hum 106.2 FM radio biz foray

    MUMBAI: Last week, the media was abuzz about Zee Entertainment Enterprises Ltd (Zeel) acquisition of the UAE’s first Hindi/Urdu radio station, Hum 106.2 FM. The move signaled the entertainment major’s foray into the radio business, something which has been speculated about for some time.

    However, the company has clarified to the Bombay stock exchange, saying that the Hum 106.2 FM deal is not a takeover.

    In a notice issued the BSE over the weekend, ZEEL states that it has set up a step-down subsidiary in Dubai to be in the FM radio business in the name of Zee FM. And, under the agreement it has signed, the radio frequency owned by the emirate of Umm Al Quwain has been leased to the Zee subsidiary effective January 2017 for its radio business.

    Umm Al Quwain Broadcasting Network (UBN) which operate Hum 106.2 used the frequency to serve Hindi and Urdu programming to listeners. It redefined drive time and boasted of many celebrity Radio Jockeys. It also went on to popularize live cricket commentary on radio and has a lot of pioneering firsts in the radio business.

  • NDTV gets slapped with higher tax dues notice

    NDTV gets slapped with higher tax dues notice

    MUMBAI: NDTV India’s tax woes continue. The news network which has been under the taxman’s scanner, received another order from the department raising the alleged tax dues from it. The income tax department had issued an order earlier this year claiming Rs 47.27 crore in unpaid taxes on an investment by Fuse + Media Holding (in the assessment year 2007-2008), calling it a sham transaction. On 20 September, NDTV received a revised order from the tax folks saying that it had mistakenly under-computed tax to the tune of Rs 12.71 crore under section 234 B for a lesser period for the same financial year and transaction.

    Hence, the dues claimable by the tax department stand enhanced by that amount, it says.

    NDTV today informed the Bombay stock exchange about this development but added that it strongly believes that the Order under section 147/143(3) is untenable and misconceived and it has already filed an appeal against it before Commissioner of Income Tax (Appeals).

    Moreover, the company says it believes that even the tax demand after the revised order will go down substantially since it had already won the appeal in the ITAT against the original assessment order (“original prder”), effect of which is yet to be given by the department, pending official receipt of the original order from the ITAT.

  • NDTV gets slapped with higher tax dues notice

    NDTV gets slapped with higher tax dues notice

    MUMBAI: NDTV India’s tax woes continue. The news network which has been under the taxman’s scanner, received another order from the department raising the alleged tax dues from it. The income tax department had issued an order earlier this year claiming Rs 47.27 crore in unpaid taxes on an investment by Fuse + Media Holding (in the assessment year 2007-2008), calling it a sham transaction. On 20 September, NDTV received a revised order from the tax folks saying that it had mistakenly under-computed tax to the tune of Rs 12.71 crore under section 234 B for a lesser period for the same financial year and transaction.

    Hence, the dues claimable by the tax department stand enhanced by that amount, it says.

    NDTV today informed the Bombay stock exchange about this development but added that it strongly believes that the Order under section 147/143(3) is untenable and misconceived and it has already filed an appeal against it before Commissioner of Income Tax (Appeals).

    Moreover, the company says it believes that even the tax demand after the revised order will go down substantially since it had already won the appeal in the ITAT against the original assessment order (“original prder”), effect of which is yet to be given by the department, pending official receipt of the original order from the ITAT.

  • ZEEL files Ten Sports sale details with BSE

    ZEEL files Ten Sports sale details with BSE

    MUMBAI: Further to the announcement of the acquisition of its Ten Sports Network by Sony Pictures Networks India, Zee Entertainment Enterprises, issued a disclosure report to the Bombay Stock Exchange (BSE) giving further details of the deal.

    ZEEL stated that the sports broadcasting is housed under two companies: Taj TV Ltd, Mauritius and Taj Television (India) Pvt Ltd. The first is a step down foreign subsidiary which is involved in the broadcasting and distribution of sports content through the TEN brand of TV channels owned by it and has broadcasting rights to various sports events, including those from five cricket boards. Taj Television, a domestic wholly owned subsidiary, acts as an exclusive agent in India for down-linking, marketing, distributing and ad sales of the channels owned by Taj TV.

    It further elaborated that the sports broadcasting business contributed Rs 631 crore (net of inter company transactions), constituting 10.79 per cent of the consolidated revenue and a loss of Rs 37.20 crore in FY2015-2016.

    The sale deed involves SPN India, picking up ZEEL’s entire stake in the Indian subsidiary. Taj TV Mauritius would on a slump sale basis be selling its sports broadcasting business to Aqua Holdings Investments, Mauritius and MSM Asia Ltd, UK –affiliates of Sony Pictures Networks.

    The company states that the entire transaction would take four to five months to be completed and is subject to regulatory approvals and also certain precedent conditions being fulfilled.

  • ZEEL files Ten Sports sale details with BSE

    ZEEL files Ten Sports sale details with BSE

    MUMBAI: Further to the announcement of the acquisition of its Ten Sports Network by Sony Pictures Networks India, Zee Entertainment Enterprises, issued a disclosure report to the Bombay Stock Exchange (BSE) giving further details of the deal.

    ZEEL stated that the sports broadcasting is housed under two companies: Taj TV Ltd, Mauritius and Taj Television (India) Pvt Ltd. The first is a step down foreign subsidiary which is involved in the broadcasting and distribution of sports content through the TEN brand of TV channels owned by it and has broadcasting rights to various sports events, including those from five cricket boards. Taj Television, a domestic wholly owned subsidiary, acts as an exclusive agent in India for down-linking, marketing, distributing and ad sales of the channels owned by Taj TV.

    It further elaborated that the sports broadcasting business contributed Rs 631 crore (net of inter company transactions), constituting 10.79 per cent of the consolidated revenue and a loss of Rs 37.20 crore in FY2015-2016.

    The sale deed involves SPN India, picking up ZEEL’s entire stake in the Indian subsidiary. Taj TV Mauritius would on a slump sale basis be selling its sports broadcasting business to Aqua Holdings Investments, Mauritius and MSM Asia Ltd, UK –affiliates of Sony Pictures Networks.

    The company states that the entire transaction would take four to five months to be completed and is subject to regulatory approvals and also certain precedent conditions being fulfilled.

  • BSE seeks & gets clarification on Eros Now-RelianceJio deal

    BSE seeks & gets clarification on Eros Now-RelianceJio deal

    MUMBAI: The Bombay Stock Exchange (BSE), which had sought clarification from Eros International Media Ltd on a partnership with Reliance Jio, has been told that the deal pertains to US-based parent Eros International Plc and not the India-listed entity.

    On 25 August, Eros International had announced a deal between its over-the -top (OTT) platform Eros Now and Mukesh Ambani-led Reliance Jio, which is slated to launch its telecom services soon offering subscribers high- speed broadband and other related services.

    The Eros Now service with its huge library of Bollywood movies, including recent blockbusters such asBajrangi Bhaijaan, Bajirao Mastaani, Tanu Weds Manu Returns, Prem Ratan Dhan Payo, will power Jio’s on-demand entertainment offering.

    The company in its announcement yesterday claimed the “game changing partnership” with Reliance Jio will allow consumers to access high quality Eros Now service within the Jio ecosystem. Jio will provide Eros Now with an opportunity to acquire new subscribers throughout urban and rural India, the company had stated.

    Eros International group CEO and MD Jyoti Deshpande was quoted in an official statement as saying , “As a market leader in the film business, Eros has always strived to bring our users the best of Indian entertainment, offering them the same unified experience across screens and networks. Eros Now’s philosophy is to be platform agnostic and embrace the very best in technology as we continuously enhance our content offering. With the broadband and 4G stage set to explode, our alliance with Jio is part of our philosophy to provide consumers entertainment whenever and wherever they want it.”

    Eros Now has over 44 million registered users across Web, WAP and APP globally and is available across 135 countries with a vast majority of users from India. Currently it’s focused on monetization and achieving a target of one million paying subscribers by the end of fiscal year 2017.

    With a pricing of Rs. 49 ($0.73) per month for a streaming service and Rs. 99 ($1.47) per month, which has additional features such as offline viewing, high definition, subtitles and progressive viewing, the Eros Now service is competitively priced in India compared to other OTT services offering Indian language and international content, the company had claimed.

  • BSE seeks & gets clarification on Eros Now-RelianceJio deal

    BSE seeks & gets clarification on Eros Now-RelianceJio deal

    MUMBAI: The Bombay Stock Exchange (BSE), which had sought clarification from Eros International Media Ltd on a partnership with Reliance Jio, has been told that the deal pertains to US-based parent Eros International Plc and not the India-listed entity.

    On 25 August, Eros International had announced a deal between its over-the -top (OTT) platform Eros Now and Mukesh Ambani-led Reliance Jio, which is slated to launch its telecom services soon offering subscribers high- speed broadband and other related services.

    The Eros Now service with its huge library of Bollywood movies, including recent blockbusters such asBajrangi Bhaijaan, Bajirao Mastaani, Tanu Weds Manu Returns, Prem Ratan Dhan Payo, will power Jio’s on-demand entertainment offering.

    The company in its announcement yesterday claimed the “game changing partnership” with Reliance Jio will allow consumers to access high quality Eros Now service within the Jio ecosystem. Jio will provide Eros Now with an opportunity to acquire new subscribers throughout urban and rural India, the company had stated.

    Eros International group CEO and MD Jyoti Deshpande was quoted in an official statement as saying , “As a market leader in the film business, Eros has always strived to bring our users the best of Indian entertainment, offering them the same unified experience across screens and networks. Eros Now’s philosophy is to be platform agnostic and embrace the very best in technology as we continuously enhance our content offering. With the broadband and 4G stage set to explode, our alliance with Jio is part of our philosophy to provide consumers entertainment whenever and wherever they want it.”

    Eros Now has over 44 million registered users across Web, WAP and APP globally and is available across 135 countries with a vast majority of users from India. Currently it’s focused on monetization and achieving a target of one million paying subscribers by the end of fiscal year 2017.

    With a pricing of Rs. 49 ($0.73) per month for a streaming service and Rs. 99 ($1.47) per month, which has additional features such as offline viewing, high definition, subtitles and progressive viewing, the Eros Now service is competitively priced in India compared to other OTT services offering Indian language and international content, the company had claimed.