ITV

Tag: BSE

  • J Ravindran resigns from board of Sun TV

    J Ravindran resigns from board of Sun TV

    Mumbai: J Ravindran has resigned as independent director of Sun TV Network board, according to a company filing with the BSE. 

    He submitted his resignation at the closing of business hours on 24 September. 

    “At present he is unable to devote time to the company and there is no material reason for his resignation,” said a statement from the company. 

    The company’s board of directors comprise Desmond Hemanth Theodore, K Vijaykumar, Kalanithi Maran, C Praveen, V C Unnikrishnan, R Ravi, Kavery Kalanithi, Kaviya Kalanithi Maran, MK Harinarayan, Mathipoorna Ramakrishnan, Nicholas Martin Paul, R Mahesh Kumar, R Ravivenkatesh, S Selvam and Sridhar Venkatesh. 

  • No such transaction being undertaken, Zeel refutes reports of merger

    New Delhi: Putting speculation to rest, the entertainment giant Zee Entertainment Enterprises Ltd (Zeel) on Monday said, there are no merger talks underway with Viacom18, as reported by a leading English daily.

    “We herewith confirm that there is no such transaction being undertaken and the matter is speculative in nature. This is for your information and records,” Subhash Chandra’s Essel group owned media company posted on the Bombay Stock Exchange (BSE) on Monday.

    The statement comes in the wake of a report published by Livemint, about a potential merger between Viacom18 Media Pvt Ltd and Zee Entertainment Enterprises Ltd (Zeel) through a share swap deal.

    According to the report, the merger was proposed to be done through a share swap deal. “The talks started a few weeks ago, and the deal is unlikely to involve any cash transaction,” reported the publication.

    Founded by Essel Group’s Subhash Chandra, Zee Entertainment Enterprises Ltd is majority-owned by foreign institutional investors – Investco Oppenheimer Developing Markets Fund and Ofi Global Fund China LLC. The company is run by Chandra’s son and CEO & managing director Punit Goenka.

    Earlier in the day, Zeel spokesperson had also refused to confirm or deny the speculative news item. Said a Zeel corporate official:“The company does not comment on speculation and rumours.” 

  • TV18 beats pandemic blues, consolidated profit leaps 77% in Q4

    TV18 beats pandemic blues, consolidated profit leaps 77% in Q4

    NEW DELHI: In the fourth quarter of the financial year that ended on 31 March 2021, TV18, a listed subsidiary of Network 18, has reported a 77 per cent increase in consolidated profit at Rs 251 crores. In a regulatory filing, TV18 revealed that the profit in the corresponding period was Rs 142 crores. 

    In a press statement, the company said strong recovery in TV ad growth to the high single digits in Q4 has helped TV18 to stay afloat. The profit growth was also driven by lower operating expenses including operating cost, finance cost, and depreciation. The 41 per cent year-over-year (YoY) fall in tax expenses at Rs 20 crores also added up to the profitability of the company. 

    TV18's total expenses for Q4 were at Rs 1,113 crores, 11.3 per cent down when compared to the expenses in the same period of the previous fiscal year which stands at Rs 1,254 crores. However, the company's consolidated revenue from operations was down by 5.4 per cent to Rs 1,347 crores in Q4 as against Rs 1,424 crores of the corresponding quarter in the previous fiscal year. 

    "Broad-based cost controls helped offset Covid impact and sharpened operating leverage. Q4 Opex was down 10 per cent YoY despite full resumption of programming and calibrated investments into marketing/distribution in tandem with monetization opportunities," said TV18 in a BSE filing. 

    TV18 Broadcast revealed that television viewership has settled higher above pre-pandemic levels due to the rising number of households that possess televisions. 

    "TV households have increased to 210 million vs 197 million in 2018 as per BARC, and penetration is still at 66 per cent. TV in India, therefore, is a growing medium with further headroom," the company added. 

    According to the filing, digital engagement continued to grow which is linked to the volume of high-quality content and key events. Industry sources indicate a 10 per cent YoY increase in OTT video consumption. 

    Group debt of the company was also reduced to Rs 893 crores in March 2021 from Rs 1,775 crores last year. 

    The report also noted that Viacom18’s OTT platform Voot has also succeeded in drawing new subscriptions in an already competitive market. 

    "Subscriber base continues to grow led by its quality of content, before-TV delivery of shows, attractive pricing, and smart bundling. The app posted 11 per cent QoQ growth in overall watch time. 50 per cent of our active paying subs were watching Bigg Boss every week," stated the report. 

    TV18 chairman Adil Zainulbhai said that the company has successfully dealt with challenges posed by the pandemic, and has posted much-improved profitability in a difficult year. 

    "Our brands have continued to grow in strength and salience during this period. Our plans to invest in digital growth and our resolve to excel in the television remain constants amidst a dynamic business environment," added Zainulbhai, Money Control reports.

  • Dish TV granted in-principle approval for 20-year DTH licence

    Dish TV granted in-principle approval for 20-year DTH licence

    KOLKATA: Popular direct-to-home (DTH) operator Dish TV has renewed its DTH license for 20 years, subject to completion of necessary formalities.

    Dish TV informed the stock exchange in a regulatory filing that it has received in-principle approval from the ministry of information and broadcasting (MIB) for grant of provisional licence to provide DTH broadcasting service in India with effect from 1 April 2021.

    The DTH operator has to enter into an agreement with MIB, containing terms and conditions of the amended DTH guidelines, obtain and provide to the ministry other necessary clearances as envisaged under the guidelines, and provide the bank guarantee.

    Dish TV had first received DTH licence in October 2003.

    After resolving the long standing impasse on the DTH license policy, the government announced in December 2020 that DTH licences will now be issued for a period of 20 years. Under the new rules, licence fee will be collected quarterly instead of annually.

    Changes had been approved for 100 per cent foreign direct investment (FDI) in the DTH sector which was limited to 49 per cent.

    According to the new guidelines, the licensee will need to pay an annual fee equivalent to eight per cent of its adjusted gross revenue, calculated by excluding GST from gross revenue (GR) as reflected in the audited accounts of the company for that particular financial. 

  • Future Lifestyle Fashion’s CFO Saurabh Bhudolia resigns

    Future Lifestyle Fashion’s CFO Saurabh Bhudolia resigns

    New Delhi: Saurabh Bhudolia has resigned from his position as chief financial officer and key management person of Future Lifestyle Fashion. He took on this role in May 2020.

    The company informed about the development to the BSE in a listing.

    He has been associated with the brand since 2016 where he was spearheading the finance and accounts segment since 2016.

    Bhudolia has over 13 years of industry experience and has worked across multiple brands such as Tata Steel, Cadbury, Sula Vineyards and Future Lifestyle Fashions.

  • Dish TV asks Yes Bank to get MIB go-ahead on its share acquisition

    Dish TV asks Yes Bank to get MIB go-ahead on its share acquisition

    MUMBAI: Last Friday, YES Bank informed the stock exchanges that it had acquired 24.19 per cent stake in direct-to-home (DTH) operator Dish TV India Ltd. The latter said on Monday that the disclosure filed by the bank regarding the acquisition contains certain incorrect facts.

    Moreover, it has highlighted another important aspect as per DTH License guidelines which clearly prohibit any change in equity structures of licensee company without prior approval from the ministry of information & broadcasting (MIB). Hence, it has stated that the acquisition of shares by Yes Bank without the ministry’s consent is against the DTH guidelines and has requested Yes Bank to obtain the green signal from the MIB prior to effecting their transfer.

    "We would like to mention that your statement, ‘shares acquired on invocation of pledge subsequent to default/breach of terms of loan to Dish TV India Limited’ is an incorrect statement," Dish TV said in a filing to the BSE.

    It also clarified that as on the date of the communication, the DTH platform was not in default of any payment obligations to Yes Bank under the financing facility availed from the lender.

    “Further, you are also well aware that ‘no shares have been pledged by the promoters of Dish TV or any other entity for the loans availed by Dish TV from Yes Bank Ltd. Therefore, there cannot be any question of invocation of any pledged shares in relation to the loans availed by Dish TV from Yes Bank,”’ the DTH company's official added in the note filed with the BSE yesterday.

    The bank had earlier in a note to the exchange informed that it  had acquired 44,53,48,990 equity shares having a nominal value of Re 1 per share.  “Shares have been acquired pursuant to invocation of pledge of the shares subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to Essel Business Excellence Services Ltd, Essel Corporate Resources Private Ltd, Living Entertainment Enterprises Private Ltd, Last Mile Online Ltd, Pan India Network Infravest Ltd, RPW Projects Private Ltd, Mumbai WTR Private Ltd,” Yes Bank had said.

    Dish TV has also requested Yes Bank to issue corrigendum to its earlier statement and inform the stock exchanges of the same.

  • Sun TV Network rejigs top level management

    Sun TV Network rejigs top level management

    MUMBAI: Sun TV Network has been witnessing a top-level rejig, according to reports. R Mahesh Kumar, who currently serves as president, has been elevated as MD of the company, following the resignation of the network’s MD and CEO K Vijaykumar which is effective 31 March 2019.

    However, K Vijaykumar will continue as the executive director of the board with effect from 1 April 2019. Additionally, the network’s chairman Kalanithi Maran’s daughter, Kaviya Kalanithi Maran, will be joining the board as additional director and she will remain on the board for five years starting 1 April.  

    The company said in a filing to the BSE, “This is to inform you that the Board of Directors of the Company in its meeting held on 20th March, 2019 has appointed Mr. R. Mahesh Kumar as an Additional Director as well as Managing Director, Ms. Kaviya Kalanithi Maran as an Additional Director and Executive Director, Mr. Sridhar Venkatesh and Mr. Desmond Hemanth Theodore as an Additional Directors (Independent) with effect from 1st April, 2019 for a period of five years, subject to the approval of shareholders of the Company.”

    The company added, “We affirm that Mr. R. Mahesh Kumar, Kaviya Kalanithi Maran, Sridhar Venkatesh, and Desmond Hemanth Theodore are not debarred from holding the office of director by virtue of any order of Securities and Exchange Board of India or any other authorities.”

    It further stated, “Further, Mr. K. Vijaykumar, managing director and chief executive officer of the Company has resigned from the post of managing director and chief executive officer with effect from closing hours of 31 March 2019, however, shall continue as an executive director with effect from 1 April 2019.”

  • Bharti Airtel board’s special committee recommends Rs 32,000 cr rights issue

    Bharti Airtel board’s special committee recommends Rs 32,000 cr rights issue

    BENGALURU: The Sunil Mittal-headed Indian telecom major Bharti Airtel Ltd (Airtel) has informed the bourses that its board of directors (the board) in its meeting held on. Thursday, February 28, 2019, has considered the recommendations of 'Special Committee of Directors for Fund Raising' and thereby approved the fund raising of up to Rs 32,000 crore through rights issuance of upto Rs 25,000 crore; and Perpetual Bond with equity credit up to Rs 7000 crore.

    The Perpetual bond of will be up to USD 1 billion (approximately Rs 7000 crore) denominated in foreign currency subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and subject to all applicable laws including under ECB Regulations.

    Further, the Board approved the following terms of the Rights Issue:

    a) Rights Issue Price: Rs 220 per fully paid equity share (including a premium of Rs 215 per fully paid equity share over face value of Rs 5 per share); and

    b) Rights entitlement ratio: 19 shares for every 67 shares held by eligible shareholders as on the record date.

    Airtel has not been very effective in countering what it termed in one of its media releases Mukesh Dhirubhai Ambani’s Reliance Jio Infocomm’s ‘predatory pricing’. The company has lost subscribers, wireless as well as wireless broad subscribers in the month of December 2018 as per Telecom Regulatory Authority of India (TRAI) latest monthly Telecom Reports. The company has not fared as well as in the past as per its quarterly report for the third quarter (Quarter ended December 31, 2018, Q3 2019).

  • Ortel CFO Satyanarayan Jena steps down

    Ortel CFO Satyanarayan Jena steps down

    MUMBAI: Satyanarayan Jena, the chief financial officer of the MSO Ortel Communications has stepped down. The resignation of the executive was effective from yesterday.

    “We hereby inform you that Satyanarayan Jena, has resigned from the post of chief financial officer of the company. The company has accepted his resignation and he will be relieved of his responsibilities effective from close of business hours on 28 February 2019,”  the company said in a BSE filing. Jena was elevated as CFO back in 2017 when Manoj Kumar Patra resigned from his position. He was associated with the company since 12 November 2015.  

    Ortel Communications is undergoing corporate insolvency resolution process (CIRP) and as on 27 November 2018, the National Company Law Tribunal passed an order for comencement of CIRP in last November. Sony Pictures Networks India( SPNI), an operational creditor of Ortel filed the application.

  • Bharti Airtel to sell 32% stake in Bharti Infratel

    Bharti Airtel to sell 32% stake in Bharti Infratel

    MUMBAI: On Thursday’s Bharti Airtel board meeting, the telecom company decided to take some vital steps in order to remain in competition of the Jio dominated telecom industry. Bharti Airtel has decided to sell a 32 per cent stake in Bharti Infratel. With this happening, the telco may raise over Rs 15,500 crore.

    Furthermore, the company has also appointed Badal Bagri as its new CFO and KMP which will be effective from 1 March. He will replace the company’s current  global CFO and KMP Nilanjan Roy whose resignation was approved in the BOD meeting. The outcome of the meeting was announced in a regulatory filing on the Bombay Stock Exchange (BSE).

    Exploring fund raising options, the company board agreed to sell stakes to cut the ridden debt and boost its struggling business in the country.

    Confirming its decisions in a regulatory filing, the telco wrote that the board has authorised and, “approved the sale/transfer of up to 591.87 million equity shares (32 per cent) of Bharti Infratel, to its wholly-owned subsidiary, Nettle Infrastructure Investments Ltd, to explore a potential monetisation of its (Bharti) Infratel stake, subject to the approval of shareholders.”

    Additionally, in a separate filing concluding the meeting, it informed that the company “has formed and authorised a ‘special committee of directors for fund raising’ to comprehensively explore/evaluate various options of fund-raising for the company to strengthen its capital structure and balance sheet.”