Tag: BSE

  • Zee incorporates Ez-Mall to complement TV-based e-comm

    MUMBAI: Zee Media Corporation has established a wholly-owned subsidiary in the name and style of Ez-Mall Online Ltd.

    The company has informed the Bombay Stock Exchange (BSE) that the company has subscribed to 700 Equity Shares of Re. 1 each therein.

    This subsidiary shall engage in web-based e-commerce business, to complement TV-based e-commerce business currently housed under company’s 49 per cent Associate entities viz., Today Merchandise Pvt Ltd and Today Retail Network Pvt Ltd.

    Also Read :

    Zee plans channel in north-east, Vaishnava gets additional charge of 3 regional channels

    ZEEL gets NCLT approval for restructuring acquired Anil Ambani GEC business

  • Proposed stake sale: Provision for IT dept to file civil suit, says NDTV

    MUMBAI: NDTV, in reply to an email from the NSE and the BSE, says there is no power vested with the Income Tax Department to issue advisories/letters under Section 281 or 281B of the Income Tax Act. If the Income Tax Department is of the view that provisions of Section 281 have been violated, then the recourse is to file a Civil Suit with the Civil Court and not to issue advisory or letters.

    Accordingly, the letter dated 16.6.2017 issued by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi has no relevance or applicability in the proposed transaction.

    NDTV refers to a letter dated 16.6.2017 issued by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi, to New Delhi Television Ltd. in respect of the proposed sale of equity interest by certain subsidiaries of M/s NDTV Ltd.,a copy of which was also marked to the BSE and NSE.

    The NDTV reply signed by the company secretary Navneet Raghuvanshi, says it is pertinent to point out that an order under Section 281B of the Income-tax Act, 1961 (“Act”) was passed in the case of NDTV Ltd. (not the subsidiaries of NDTV Ltd. which are separate taxable entities) on 14.9.2015 whereby the following three genre of assets of NDTV Ltd. were provisionally attached by the Deputy Commissioner of Income Tax.

    A. All rights in respect of all the immoveable properties including land and building as reflected in the Balance Sheet of NDTV Ltd. as on 31.03.2015 declared at Rs. 6.83 crore.
    B. All non-current investments made by NDTV Ltd. as appearing in the Balance Sheet and reflected at Rs. 299.03 crore.
    C. The refund of Rs. 19.88 crore determined after giving appeal effect for the assessment year 2008-09.

    This order was challenged before the Delhi High Court wherein the Court, on 23.09.2015 passed, inter alia, the following Order: “In the meanwhile, there shall be stay of operation of the impugned order dated 14.09.2015 subject to the petitioner’s undertaking that the petitioner will not alienate any asset or create any third party rights without the leave of the court except in the ordinary course of business.”

    The subject matter of the writ petition and the order passed by the Delhi High Court extends to only those assets which were provisionally attached by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi vide its order dated 14.09.2015 and nothing beyond that. Admittedly, the shares being transferred by the subsidiaries of the NDTV Ltd. do not fall in the aforesaid three genre of assets, which were subject matter of attachment by the Deputy Commissioner of Income Tax, Circle 18(1), New Delhi vide its order dated 14.09.2015. The assets held by the subsidiaries of NDTV Ltd., in the form of investment in downstream subsidiaries which are subject matter of the present sale are clearly not assets which were either part of provisional attachment order of 14.09.2015 or the High Court’s order of 23.09.2015. Therefore, there is no violation of any order by NDTV Ltd. in the present transaction.

    That apart, the present transaction contemplated by the subsidiaries of NDTV Ltd. is being done at a price which represents the fair value of the shares which has been certified by M/s. Duff & Phelps, a SEBI Registered Category I Merchant Banker Therefore, , there is no loss to the revenue from the said transaction and hence, Section 281 of the Act has no application.

  • NDTV Lifestyle: Board decides not to purchase Astro’s 49% stake

    MUMBAI: The NDTV board has decided not to buy 49 per cent stake held by South Asia Creative Assets Limited in NDTV Lifestyle Holdings Limited.

    The parent company of South Asia Creative Assets, Astro Malaysia, was in news recently for reportedly doing the due diligence of Anil Ambani’s Reliance Digital TV, the DTH business of the listed Reliance Communications for working out a suitable valuation, to which an RCom spokesperson denied comment.

    NDTV has now informed the BSE Limited and the National Stock Exchange of India Limited that the Company board has approved the decision by NDTV Networks Li mited (“Networks”), a material subsidiary of the Company, not to exercise the option to purchase 49% stake held by South Asia Creative Assets Limited (“Astro”) in NDTV Lifestyle Holdings L imited (“LS Holdco”).

    The said offer was made by Astro vide transfer notice dated 2 June, 2017, pursuant to the.terms of the Subscription and Shareholders Agreement earlier entered amongst the Company, Networks, LS Holdco, N DTV Lifestyle Limited, Astro, Astro Overseas Limited and Astro Al l Asia Entertain ment Networks Limi ted.

  • ZEEL consolidates digital biz, buys remainder in India Webportal for Rs 1.97 bn

    MUMBAI: Zee Entertainment Enterprises Limited (ZEEL) will be acquiring the remainder 49 per cent equity stake in India Webportal Pvt Ltd Rs 1.97 billion to consolidate the digital business. India Webportal distributes media content on digital platforms through websites such as Bollywoodlife.com, India.com, and Cricketcountry.com.

    The company will also be acquiring 12.5 per cent stake in Tagos Design Innovations for Rs 160 million, PTI reported.

    ZEEL said in a BSE filing: “In line with the strategy to consolidate digital businesses, the Board of Directors of the company…approved acquisition of balance 49 per cent equity stake in India Webportal, a 51 per cent subsidiary of the company.”

    Zee agreed to buy the 49% holding from existing investors Ashok Kurien (5%) and MMC Investments (44%).

  • NDTV Profit to be shut down, to move business & finance segments on NDTV 24×7

    MUMBAI: Its woes don’t seem to be going away. Tax litigation, mounting losses, viewership decline, however, don’t seem to be flagging the spirit at the Prannoy Roy-helmed NDTV. The show must go on is the motto. And to keep it going, the news network has announced plans that it will trim costs by shutting down its English business news channel NDTV Profit, come 5 June.

    In a statement to the BSE, NDTV stated: NDTV has decided to transfer its business programming from Profit to regular business and finance segments on NDTV 24×7. This will mean suspending the current trading hours programming on Profit while Prime will continue as a channel.

    The statement further read: “NDTV does not rule out reviving a business channel when the circumstances were appropriate. “For now, there will be high quality business and finance segments on NDTV 24×7 which will enhance viewer experience on NDTV 24×7 during daytime trading hours,” the company stated added.

    NDTV, in a separate earlier communique to the BSE, stated that it has approved sale of stake in NDTV Ethnic Retail held by units — NDTV Lifestyle Holdings, NDTV Convergence, NDTV Worldwide.

    In the note, it says: “This is to inform you that the Board of Directors of the Company (NDTV), at its meeting held on 5 May, 201 7, inter-alia, considered and approved the following:

    Subject to the approval of the shareholders of the Company to be obtained through passing of special resolution(s), sale/disposal of the entire equity stake owned and held by NDTV Lifestyle Holdings Limited, NDTV Convergence Limited and NDTV Worldwide Limited, each a material subsidiary of the Company in NDTV Ethnic Retail Limited, another material subsidiary of the Company, constituting approx. 99.92% of the total issued, subscribed and paid-up equity share capital of Ethnic, for INR 3.6518 per equity share to Nameh Hotels & Resorts Private Limited , a company incorporated in India under the provisions of the Companies Act, 1956.

  • NDTV Lifestyle & Ethnic stake sale approved

    MUMBAI: NDTV, in a communique to the BSE, says it has approved sale of stake in NDTV Ethnic Retail held by units — NDTV Lifestyle Holdings, NDTV Convergence, NDTV Worldwide. It says it has approved the sale of a part of stake in Lifestyle Holdco held by unit NDTV Networks for INR 17.72 per share.

    In the note, it says: This is to inform you that the Board of Directors of the Company (NDTV), at its meeting held on 5 May, 201 7, inter-alia, considered and approved the following:

    Subject to the approval of the shareholders of the Com pa n y to be obtained th roug h passing of special  resolution(s), sale/disposal of the entire equi ty stake owned and held by NDTV Lifestyle  Holdin gs   Limited, NDTV   Convergence  Limited and  NDTV  Worldwide  Limited, each  a  material subsidiary of the Company in NDTV Ethnic Retail Limited, another material subsidiary of the Company, constituting approx. 99.92% of the total issued, subscribed and paid-up equity share capital of Ethnic, for INR 3.6518 per equity share to Nameh Hotels & Resorts  Private  Limited , a company  incorporated  in  India  under  the provisions of the Companies Act, 1956.

    Pursuant  to  the  completion  of  the  aforementioned  stake  sale  by  Lifestyle Holdco, Convergence and  Worldwide  to the  purchaser,  complete  business  of  Ethnic  and  its subsidiary i.e. lndianroots Retail Private Limited, will be transferred to the Purchaser.

    Subject to the approval of the shareholders of the Company to be obtained through passing of a special  resolution, sale/disposal  of part of equity stake owned  and held by NDTV Networks, a material subsidiary of the  Company, constituting 2°/o (two per cent)  of the total  issued, subscribed  and fully paid-up equity share  capital  of Lifestyle Holdco for INR 1 7.7247 per equity share, to the Purchaser.  

    Pursuant to the completion of the aforementi oned stake sale by Networks to the Purchaser, the Company will cease to exercise control on Lifestyle and its subsidiary i.e. NDTV Lifestyle.

    Also Read :

    NDTV considering sale of assets

    NDTV’s revenue improves further in third quarter

  • 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.

    Also Read:

    Drop in news viewership rating, Aaj Tak & Times Now retain respective leads

    Govt tells SC NDTV note on ‘violation’ unacceptable, agrees to hearing

    Depute law officer to probe NDTV tax case, Swamy urges FM

  • Zee Media to seek shareholder nod to demerge DNA print business

    MUMBAI: Print and TV news. For some that would make for a heady combination. But, not for the Essel group-promoted Zee Media Corp Ltd (ZMCL) which runs the Zee News channels as well as the newspaper DNA through a clutch of unlisted subsidiaries. DNA has a print edition in Mumbai and has launched in Delhi recently.

    ZMCL is seeking shareholder approval (on 27 March in Mumbai) to demerge its DNA business (which is operated under Digital Media Corp Ltd – DMCL, MediaVest India Pvt Ltd and Pri-Media Services) from itself even as it merges another company Maurya TV (which runs the current affairs channel Zee Purvaiya) with itself. The scheme got ZMCL board approval earlier.

    The carving out of the print media assets from ZMCL will result in its shareholders getting one DMCL share (face value of Re 1) for every four ZMCL shares (face value Re 1). The date for the demerger and amalgamation has been noted as 1 April 2017.

    What’s compelling ZMCL and DMCL to take this step? According to its notice filing with the BSE over the weekend, the print and media businesses are run and managed differently and can attract a different set of investors, strategic partners, lenders and other stakeholders. This apart, FDI regulations permit 26 per cent foreign investment in print and 49 per cent in news TV after government approvals.

    While ZMCL had revenues of around Rs 394 crore in the year to 31 March 2016, DMCL reported a topline of around Rs 110 crore in the same period, according to the filing with the BSE. The latter had a loss of Rs 8.72 crore for the same period while the former had a net profit of Rs 18.75 crore.

    The group is proposing to list DMCL on the stock exchanges on getting shareholder and other regulatory and listing approvals.

    AlsO Read :

    http://www.indiantelevision.com/television/tv-channels/news-broadcasting/zee-media-ad-revenue-up-in-q3-17-170206

    http://www.indiantelevision.com/regulators/ib-ministry/zee-medias-49-stake-in-927-big-fm-gets-it-59-radio-channels-161123

    http://www.indiantelevision.com/television/tv-channels/news-broadcasting/big-fm-india-today-deals-zee-media-seeks-shareholder-nod-for-loans-161223

    http://www.indiantelevision.com/television/tv-channels/people/the-key-is-to-consolidate-zeel-zmcl-zee-digital-and-dna-business-ashish-sehgal-160404

  • Over 35,000 PoIs provided to Jio by Airtel

    Over 35,000 PoIs provided to Jio by Airtel

    MUMBAI:  Bharti Airtel has informed the BSE that it has provided a total of over 35,000 points of interconnect (Pols) to Reliance Jio in record time of five months. Of these 27, 719 Pols – 79 per cent  of the total – have been dedicated for incoming calls from Jio customers, which is the highest amongst all operators.

    The Pols have been provided well above the customer growth projection provided by Jio to Airtel. The capacity provided is ideal for serving over 190 million customers on the Jio network and is more than double of the 72.5 million total customers currently claimed by Jio.

    More importantly, the above mentioned capacity has been released at a staggering pace, something not seen before in the Indian telecom industry and is much more than comparable capacity provided by Airtel to other operators.

    • Vodafone with 202 million customers has been provided a total of approx. 40,600 Pols by Airtel over a period of 21 years. Of these 23, 950 Pols are for incoming calls- much less than what has been provided to Jio.

    • Idea with 185 million customers has been provided a total of approx. 38,130 Pols by Airtel over a period of 21 years. Of these 23, 694 Pols are for incoming calls- again much less than what has been provided to Jio.

    • Reliance Communications with 86 million customers has been provided a total of approx.
    13,400 Pols by Airtel over 13 years. Of these 8415 Pols are for incoming calls -less than one third of what has been provided to Jio.

    • Telenor with 58 million customers has been provided a total of approx. 9000 POls over seven years. Of these 6510 Pols are for incoming calls – less than one fourth of what has been provided to Jio.

    Ever since the commercial launch of services by Jio in September 2016, Airtel has honoured its regulatory obligations and ensured that there are no capacity constraints from its end and customers are not inconvenienced. In fact, Airtel has been providing Pols to Jio, well ahead of the commencement of its commercial operations.

    It, therefore, appears that the constant rhetoric by Jio with regard to Pols is aimed at covering up technical issues in their own network or their inability to activate the Pols given.

    On the contrary, due to continued non-compliance of TRAI’s tariff orders by Jio by providing free services for the past 5-6 months, there is a tsunami of incoming voice traffic on the Airtel network, thereby, impacting the service experience of our customers.

    The huge asymmetry in traffic due to Jio’s free offers has also resulted complete failure of the present IUC regime, which assumes nearly symmetric traffic while fixing the below cost termination charge. The present termination charge of 14 paise is less than half of the actual cost of terminating calls on the network, resulting in huge loss to the company.

    Allocation of Pols to operators by Airtel

    http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/large/public/jio%20%281%29.jpg?itok=zz-Qq-RM

  • GTPL Hathway files listing prospectus

    GTPL Hathway files listing prospectus

    MUMBAI: GTPL Hathway Limited, a material subsidiary of Hathway Cable & Datacom Limited, has intimated the BSE and the NSE of filing of Draft Red Herring Prospectus by GTPL.

    In the communique, Hathway Cable and Datacom head legal, company secretary & chief compliance officer Ajay Singh has stated: “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that GTPL Hathway Limited, a material subsidiary of the Company, has filed Draft Red Herring Prospectus with the Securities and Exchange Board of India as well as with both the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited.

    As reported by indiantelevision.com earlier, the Hathway board had approved an initial public offering (IPO) proposal which seeks to raise funds for GTPL through a fresh issue of equity shares while giving an option to existing GTPL shareholders to sell their holdings. Hathway holds around 90 lakh shares in GTPL, according to a filing with the Bombay Stock Exchange, over the weekend.

    Among the largest cable television operators in India, the listed Hathway Cable and Datacom Limited (Hathway) has a number of subsidiaries and partnership in the television signal carriage and broadband ecosystems in the company. The company has various levels of investments in these associations. One of its most profitable associations, and probably one of the largest contributors (besides Hathway itself) to Hathway’s consolidated numbers across major financial and operational parameters is GTPL Hathway Limited (GTPL), a material subsidiary, in which Hathway owns a 50 per cent stake.

    Besides Hathway, another major shareholder of GTPL is its co-founder, Aniruddhasinhji Jadeja, who directly owns 14.6 per cent and controls another 29.1 per cent through another shareholding entity Gujarat Digi Com Private Limited which is majority owned by him. The other co-founder Kanaksinh Rana owns 5.2 per cent shares of GTPL.

    Also Read:

    Hathway Cable files GTPL details with BSE