MUMBAI: Network18 Media & Investment’s shareholders have approved a proposal to raise up to Rs 1,000 crore.
In its annual general meeting held on 28 September, the company has put forth special resolution for the same.
The shareholders have now approved the proposal to raise funds via issuance of non-convertible debentures (NCDs), foreign currency convertible bonds and/or bond with share warrants in one or more tranches.
MUMBAI: News channel New Delhi Television Limited (NDTV) has denied violating any law while covering the news of Yakub Memon’s execution.
The statement comes in the wake of the show cause notice sent to the channel earlier this week by the Information and Broadcasting (I&B) Ministry for alleged violation of Cable Television Networks (Regulation) Act, 1995, regarding the broadcast of news related to coverage of Memon’s execution.
“The company firmly believes that it has not violated any law while covering the said news and is in the process of seeking legal opinion before responding to the said notice,” the channel said in an official statement.
Meanwhile, as was reported by Indiantelevision.com earlier, both the News Broadcasters Association (NBA) and the Broadcasters Editors Association (BEA) have expressed concern over the show cause notice sent to NDTV, ABP News and Aaj Tak by the I&B Ministry pertaining to their coverage of stories linked to Memon’s hanging.
MUMBAI: The “Star” has finally moved out of the Balaji Telefilms household. Rupert Murdoch owned Star Group has offloaded its entire stake of 25.99 per cent in Balaji Telefilms through a block deal on the Metropolitan Stock Exchange of India (MSEI).
As of 30 June, 2015, Murdoch’s company Star Middle East FZ-LLC held 1,69,48,194 shares in the television and film production powerhouse helmed by Ekta Kapoor, which was equivalent to a 25.99 per cent stake. The deal was done at an average price Rs 63.60 per share, which values the transaction at approximately Rs 107.80 crore. The buyer of the shares remains hitherto unknown.
Ekta Kapoor and her family comprising Shobha, Jeetendra and Tusshar Kapoor jointly hold 42.93 per cent stake in the company with a total of 2,79,92,938 shares to their name.
Riding on the back of this news, Balaji Telefilms’ shares rallied on the Bombay Stock Exchange (BSE) on Wednesday 5 August, 2015. The company’s shares were quoting at Rs 95.25, up by Rs 15.85, or 19.96 per cent on the BSE. The stock also hit its 52-week high and there were only buyers and no sellers after the Star Group’s exit block sale.
Star India’s Hong Kong-based parent company Star Group Ltd, had bought a 21 per cent stake in Balaji in 2004 for Rs 123 crore through its Dubai-based affiliate Asian Broadcasting FZ-LLC (now known as Star Middle East FZ-LLC). The stake acquisition was then followed by an open offer, after which Star’s shareholding increased to 25.99 per cent.
Pertinent to note here is that Star has been keen on divesting its stake in Balaji Telefilms since 2008 when relations between the once thick friends went sour over low ratings of Balaji’s shows on Star Plus in the wake of intense competition. Rumors were rife in 2008 and then subsequently every other year that Star was planning to sell its entire stake in Balaji.
Throughout 2004, Balaji Telefilms’ shares were trading in the price range of Rs 92 – Rs 105 on the BSE. While the shares touched a high of approximately Rs 188 in early 2006, it was in late 2007 when the company was at its peak with share price of Rs 350+ per piece. In December 2007, Star’s 25.99 per cent stake was worth a whopping Rs 597 crore based on Balaji’s stock price of Rs 352.40 on the BSE.
While Star has finally made the much-vied exit in 2015, it seems as if this deal brought about a negative return for the company as far as valuation is concerned in the face of the investment that was pumped into Balaji Telefilms by the media behemoth more than a decade ago. However, it must be kept in mind, that over the years Star also earned sizeable amount of dividends from the company. Additionally, Star also enjoyed the fruits of intangible benefits such as the exclusive content agreement with the production house for its TRP-raking soaps. That said, it’s simple math that the price tag of Rs 108 crore for 25.99 per cent stake in 2015, is less than Star’s buying price of Rs 123 crore for 21 per cent stake way back in 2004.
MUMBAI: The board of TV Today Network has approved the increase in foreign investment limit by Foreign Portfolio Investors (FPI) and Foreign Institutional Investors (FII) up to 26 per cent and by non-resident Indian (NRI) up to 24 per cent of the paid-up capital of the company.
However, this will be subject to the maximum permissible limit of 26 per cent of the paid-up capital of the company, under the Portfolio Investment Scheme pursuant to FEMA (Transfer or issue of Security by a person resident outside India) Regulations, 2000 (‘FEMA Regulations’) and approval of Foreign Investment Promotion Board (FIPB).
Additionally, the FIBP approval should be in accordance with the revised uplinking guidelines for news and current affairs channel by the Ministry of Information & Broadcasting, Government of India and other applicable laws.
The network informed the same to the Bombay Stock Exchange (BSE), saying that the infusion of foreign investment would be subject to the shareholders’ approval.
MUMBAI: Times Now and ET Now president news and editor-in-chief Arnab Goswami has become the first journalist in the 140 year history of the Bombay Stock Exchange (BSE) to be ringing the opening bell, thus marking the opening of proceedings at the exchange.
He was accompanied by BSE MD & CEO Ashishkumar Chauhan, along with other officials of the exchange.
Chauhan said, “We are pleased to have Arnab Goswami at the Bombay Stock Exchange for the opening bell-ringing ceremony. This event marks another significant milestone for Asia’s oldest stock exchange as it celebrates its 140th anniversary, and Goswami’s presence has enhanced the celebrations.”
Goswami added, “I am happy that someone from the media has been given the honour to ring the opening bell at this august institution, and I am humbled to have been chosen for it. This is the most important financial institution in the business capital of India, and is a place where great capital and wealth are generated for the nation. This year, BSE is celebrating 140 eventful years, and on behalf of the entire media fraternity, I wish it all the best.”
MUMBAI: Kalanithi Maran can breathe a sigh of relief, at least for now. This after the Attorney General of India Mukul Rohatgi has asked the Information and Broadcasting (I&B) Ministry to give security clearance to the 33 channels of Sun TV Network.
After the I&B Ministry sought his opinion on the matter, Rohatgi said that denial of security clearance to Sun TV by MHA was wrong.
It can be noted that the Home Ministry had denied the proposal to grant security clearance to the network on grounds that its promoter – Kalanithi Maran – was being investigated for criminal cases by the Enforcement Directorate and the Central Bureau of Investigation (CBI).
As is known, the CBI had alleged Dayanidhi Maran of misusing his office as Union Telecom Minister to engineer the sale of Aircel to Malaysia’s Maxis Group in 2006. Maran was accused of corruption and illegal gratification worth more than Rs 700 crore, which allegedly was invested in a media company that is part of the Sun Group, owned by Dayanidhi Maran’s brother Kalanithi Maran.
It can be noted that in April, the ED had issued an order to both the Maran brothers to attach properties and assets worth Rs 742.58 crore belonging to them.
Kalanithi Maran in his argument had said that while most TV companies have criminal cases pending against them or against their directors or promoters, only his company was singled out and security clearance refused.
Earlier this week the MHA had said that it had no plans to reply to the letter written by Maran where he had said that his company was never involved in any anti-national or criminal activity and that there was no justification for refusal of the clearance to his television channels.
Buoyed by the reports of this development, the Sun TV stock on the Bombay Stock Exchange (BSE) shot up by 7.86 per cent at the end of the day’s trade on Friday. The stock, which opened at Rs 309.25 touched an intra-day high of Rs 342.30 and closed at Rs 333.55 at the end of the day’s trade.
MUMBAI: News broadcaster New Delhi Television Ltd (NDTV) has not just been breaking news lately but has also been making headlines. The company has been asked to answer questions by the stock exchange regarding an article published by Moneylife on 9 June, 2015.
The said article titled “Who Really Owns NDTV” has put the spotlight on the company with the matter even trending on Twitter after the news came out. So much so that it also caught the attention of the Bombay Stock Exchange (BSE), which sought clarification from the publicly listed company on the same.
According to the report by Moneylife, a Mukesh Ambani group entity had taken control of NDTV on the pretext of a loan agreement, way back in 2009.
Speaking to Indiantelevision.com, NDTV executive vice chairperson KVL Narayan Rao refuted all allegations saying, “The promoters, i.e. Dr. Prannoy Roy, Radhika Roy and RRPR Private Limited (“RRPR”), continue to hold the majority shareholding of NDTV, which amounts to 61.45 per cent of the total shareholding of NDTV. There has been no change in the above shareholding since August 2008. Further, Dr. Prannoy Roy and Radhika Roy continue to hold the entire shareholding of RRPR since its incorporation.”
Rao also added that there has been no change in the exercise of voting rights by the promoters with respect to their shareholding in NDTV. According to the records of NDTV, the voting rights in connection with the shares have throughout been exercised by the promoters in the case of Dr. Prannoy Roy, Radhika Roy and RRPR.
“Therefore, NDTV would like to clarify that the allegations raised in the article with respect to a change in the control/ ownership of NDTV are entirely without any merit. NDTV is mindful of its obligations under Clause 36 of the Listing Agreement,” he said.
It may be recalled that just last year Ambani’s Reliance Industries bought over Raghav Bahl’s Network 18 Media and Investments Ltd, which has under its belt TV news channels namely CNBC TV18, CNN-IBN and CNN Awaz amongst a host of other businesses. NDTV, on the other hand, competes with Network 18 with its own bouquet of news channels namely NDTV 24×7, NDTV India and NDTV Profit.
A source from the channel further said, “If NDTV has to take any loan, we have to inform the BSE. We do not give importance to every news piece.”
MUMBAI: Siti Cable Network chief financial officer (CFO), Sanjay Goyal has called it a day at the company. Goyal resigned with effect from 8 June, 2015.
An B.SC.ICAI,ICSI,ICWAI an LLB, he joined Siti Cable as VP – finance and accounts in 2009 and later got promoted as CFO in 2012.
When contacted by Indiantelevision.com, a senior official from Siti Cable informed, “It was a mutually decided procedure between Goyal and the company and there were no unusual circumstances that forced the resignation. Goyal probably took the decision to explore something new which the company is not aware of yet. The CFO’s position will be taken care of by someone from the group itself. However, for the time being someone from the group will take care of the position.”
With over 17 years experience including entrepreneurship, Goyal served as VP – F&A/CFO at Vishal Retail Limited prior to joining Siti Cable. He started his career with Dharampal Satyapal Limited where he was the head F&A for more than nine years.
MUMBAI: TV Today Network (TVTN) and Entertainment Network (India) Limited (ENIL) have decided to appeal against the recent decision of the Information & Broadcasting (I&B) Ministry barring TVTN to sell its radio FM business to ENIL.
On 8 May, 2015, the Information and Broadcasting Ministry refused to green light TVTN’s proposal of selling its radio FM business – Oye FM – to ENIL on the grounds that the proposal sale did not conform with the FM Radio Guidelines.
In its notice to the Bombay Stock Exchange (BSE), ENIL said, “With reference to the earlier announcement dated 13 February, 2015 regarding the non-binding memorandum of understanding with TV Today Network Limited (TVTN) for the proposed purchase of seven radio stations from TVTN. The proposed purchase was subject to relevant regulatory approval(s), Entertainment Network (India) Ltd has now informed BSE that the Ministry of Information and Broadcasting (MIB), Government of India, vide their letter dated 1 May, 2015, which was received by the Company on 8 May, 2015, has declined its approval on the grounds that the proposed sale by TVTN and proposed purchase by the Company is not in conformity with the FM Radio Guidelines. However, both the Company and TVTN have decided to appeal against the MIB decision.”
It now remains to be seen whether Oye FM, which operates in seven cities across India, continues to stay under TVTN’s umbrella or moves to ENIL.
MUMBAI: Close on the heels of multi system operator (MSO) Hathway Cable and Datacom’s decision to increase the foreign investment limit in its company, DEN Networks has now followed suit.
It may be recalled that in January this year Hathway decided to increase the foreign investment limit from 49 per cent to 74 per cent.
DEN Networks, which is currently building its broadband base and also working towards digitisation in phase III and IV, is looking at attracting overseas capital into the company.
DEN Networks has got the approval from the board of directors to increase the foreign investment limit in the company by Foreign Institutional Investors (FII) and Foreign Portfolio Investors etc. from the current 49 per cent to 74 per cent. This, subject to approval of the shareholders, Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) among others.
In an announcement to the BSE, DEN Networks said, “The board of directors of the company has approved through circulation, increase in foreign investment limit in the company by Foreign Institutional Investors, Foreign Portfolio Investors etc., under the Portfolio Investment Scheme in accordance with Schedules 2 and 2A of Foreign Exchange Management Act (Transfer or Issue of Security by a person Resident Outside India) Regulations, 2000 (FEMA 20) from existing 49 per cent to 74 per cent of the issued and fully paid-up share capital of the company, subject to the approval of the Shareholders, Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) and all other applicable acts, laws, rules, regulations, circulars, directions, notifications, press notes guidelines and statutory approvals, if any.”
The approval of shareholders for aforesaid resolution will be taken through Postal Ballot in accordance with section 110 of the Companies Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2014, the release further added.