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Tag: Manthan

  • Sony welcomes NCLT order to start Manthan’s liquidation process

    Sony welcomes NCLT order to start Manthan’s liquidation process

    MUMBAI : The television distribution landscape is getting treacherous day by day with the rapid evolution of video consumption and the yo-yoing of pricing regulations by the Telecom Regulatory Authority of India (Trai). Carcasses of the leaders in the Cable TV distribution are lining the streets of India’s television land. A leader in Kolkata for many years, Manthan has been facing challenges with its mounting debts and dues that have forced its managers to give up the ghost as well as a nudge from the regulators.

    The corporate debtor, Manthan Broadband Services has been facing a financial crunch, bankruptcy, and challenges in repaying its debts to the creditors. Therefore, the liquidation of the Manthan is becoming a growing concern currently. Since the financial year 2019, there have been no business operations of the corporate debtor and no regular employees are working in the firm.

    Sony Pictures Networks India moves high court

    Sony Pictures Networks moved to the Kolkata high court and in January, it obtained an order directing National Company Law Tribunal (NCLT) to hear Manthan’s corporate insolvency resolution matter and pass an appropriate order within three months. An attempt to submit a resolution plan to revive Manthan was persistently opposed by Sony along with Alliance Broadband (another creditor of Manthan) and Kuldeep Verma (the appointed liquidator of Manthan currently). The long-pending Manthan matter finally was put to rest with NCLT passing an order on 6 April 2022 directing the liquidation of Manthan.

    Further, Sony Pictures is the only broadcaster that got the title deeds of three acres of land as collateral from Manthan under a watertight memorandum of understanding (MoU). It is the first time that any broadcaster used such a method to secure their dues. Incidentally, it is probably the first time that an Indian broadcaster had thought of such an idea of using real estate as collateral for securing outstanding financial dues.

    This could be described as a positive development for the broadcaster since it can now deal with the said portion of Manthan’s land parcel under the relevant provisions of the Insolvency and Bankruptcy Code (IBC).

    The collateral will help the broadcaster to gain the ‘Secured Operational Creditor’ status which was granted by the NCLT in January 2021. The first of its kind judgement in the entire broadcasting industry. The operational creditors are not given secured creditor status due to lack of collateral; no other broadcaster has ever taken any collateral in this industry.

    The Manthan case chronology

    On 8 March 2021, an order was first passed by the NCLT that Manthan should be liquidated. The decision to liquidate the Distribution Platform Operator (DPO) was taken by NCTL after various opportunities given to the company for producing a resolution plan. Manthan has undergone the insolvency proceedings on 18 September 2019 and the corporate insolvency resolution process (CIRP) was initiated after the financial creditor, Alliance Broadband Services had filed a petition in the court for claiming a defaulted loan amount of more than Rs 10.20 crore.

    In addition, there were two parties Atria Convergence Technologies Ltd (ACTL) and India Cable Network Company Ltd (ICNCL) who expressed their interest in submitting the resolution plan for the corporate debtor. However, both the bidders withdrew from CIRP after submitting a resolution plan.

    The committee of creditors (CoC) passed a resolution for winding up Manthan and Kuldeep Verma, the resolution professional had accordingly filed appropriate applications before the NCLT. The issue was further discussed during the 10th CoC meeting in March 2021 and ultimately, in the 11th CoC meeting, the decision to liquidate Manthan was approved after casting 100 per cent votes from the creditors.

    The industry spokesperson said that they have waited for a long time for the smooth running of the CIRP of Manthan. However, even after best efforts, the revival plan for Manthan could not happen within the timelines, including seeking extension and exclusion.

    So now, with the passing of the order by the tribunal for Manthan’s liquidation process, the creditors expect that it will streamline everything and facilitate recovering the pending dues from the corporate debtor.

  • Arnab’s Republic ready for news battle

    MUMBAI: It seems to be one of those rare media projects that is launching with a battery of advertisers and sponsors. Also, it is an exceptional new television channel that had little or no difficulty in reaching out to the right audience through myriad platforms — linear TV, through cable and MSOs, and OTT.

    Arnab Goswami’s Republic TV, which is being launched at 10am on 6 May as www.indiantelevision.com reported weeks ago, will have a strong digital presence through Reliance Jio‘s over-the-top (OTT) platform Jio TV and Star India’s video-on-demand (VoD) platform Hotstar.

    Star and Jio happen to be among the eight original sponsors of Republic TV. Others advertisers include Renault, Vivo, Hike Messenger, Ola, Yes Bank, Microsoft and Future Group. Vivo is also the presenting sponsor of the 9-pm show, while Microsoft is the technology partner. 

    It appears as if it is having a near-perfect launch. With a high decibel marketing campaign – online, outdoors, on ground – which has made almost everyone in the major metros sit up and take note.

    Republic TV will be available  on cable TV, direct-to-home (DTH) and OTT platforms, its digital avataar being republicworld.com. Amongst the DTH platforms which have given it carriage, according to reports,  include: Videocon2h, Tata Sky and some say even Airtel has hopped on board. The MSOs which have reportedly signed on the dotted line include: DEN, Hathway, Manthan, and Ortel. However, some cable and DTH operators may not offer the channel for free or it would be made a part of a bouquet.

    Goswami’s ‘pro-military and nationalistic’ and may be pro-establishment, will have the biggest OTT advantage with Hotstar 135 million downloads. The free-to-air (FTA) channel will bridge the Indian national news vacuum in Hotstar’s portfolio. Hotstar, which offers premium, free and original content across genres, live-streams Sky News and Fox News owned by 21st Century Fox, its parent company. Star earlier exited from the news business as regulation does not allow foreign holding of 51% in television news franchises.

    Goswami believes (being on Hotstar) was the first step as news produced in India goes digital, and then global, since the non-FTA paid VoD platform would take news to  90 million-plus viewers every month. 

    The former Times Now editor had teamed up with Kerala NDA vice-chairman and Rajya Sabha MP Rajeev Chandrasekhar in launching Republic TV. Other investors in ARG Outlier include DEN Networks promoter Sameer Manchanda, senior investment banker Hemendra Kothari, Aarin Capital’s Ranjan Ramdas Pai, Asian Heart Institute’s Ramakanta Panda and TVS Tyres’ R Naresh etc.

    Headed by an idealistic journalist and master-presenter, a near-perfect launch of a nationalistic channel in  times of nationalist dispensation notwithstanding, it remains to be seen how it performs in the jungle of warring news channels. As a senior executive  of a long standing English news broadcaster says: “Republic TV has made the right kind of noises at launch phase. Its key challenge will be sustainibility and that too over the long run. Rivals have deeper pockets and clout; they have not really reacted aggressively against it. When they do, it will have to put up its best, and that will determine its road ahead.”

    Also Read:

    Of Arnab’s Republic, nationalism, need for opinionated media & ‘outdated’ BBC

    Republic TV buzzing with pre-launch teasers featuring ‘soft’ targets, issues

  • Bengal Broadband to offer cable TV & broadband services in W Bengal

    Bengal Broadband to offer cable TV & broadband services in W Bengal

    MUMBAI: Here’s another cable TV consortium looking to provide digital cable TV and broadband services to eastern state of Kolkata. Under the umbrella of Bengal Broadband & Cable TV Services, the MSO is focusing its operations on Kolkata, North and South 24 Parganas, Burdwan, Birbhum, Nadia and Murshidabad markets.

    Promoted by four cable operators as its directors Surendra Kumar Sancheti, Mrinal Chatterjee, Avit Sinha and Sagar Sengupta, the company launched its services in Kolkata last week. Said managing director Mrinal Chatterjee at the time of the launch: “DTH operators have been capturing the market bypassing us. Other MSOs have also making it hard for local cable operators to function. Our business has suffered after digitisation and therefore to secure our future we are launching our digital services.”

    Bengal Broadband will come head-to-head in competition with well-established national and regional MSOs such as Siti Networks, GTPL, Manthan and Hathway.

    Chatterjee however believes there is opportunity for more players as Phase IV digitization has been progressing very slowly and a huge number of set top boxes are needed to move it forward. And the deadline of 31 March 2017 does not perturb the new MSO at all. Said he: “Within March, we will capture a sizable market share.”

    The MSO will be targeting Phase I, II, III and IV areas of the state and will offer both analogue and digital services including HD channels. The plan is to also migrate to broadband delivery in the not too distant future.
    Bengal Broadband has been signing on both subscribers and other local cable TV operators as its partners.

  • Bengal Broadband to offer cable TV & broadband services in W Bengal

    Bengal Broadband to offer cable TV & broadband services in W Bengal

    MUMBAI: Here’s another cable TV consortium looking to provide digital cable TV and broadband services to eastern state of Kolkata. Under the umbrella of Bengal Broadband & Cable TV Services, the MSO is focusing its operations on Kolkata, North and South 24 Parganas, Burdwan, Birbhum, Nadia and Murshidabad markets.

    Promoted by four cable operators as its directors Surendra Kumar Sancheti, Mrinal Chatterjee, Avit Sinha and Sagar Sengupta, the company launched its services in Kolkata last week. Said managing director Mrinal Chatterjee at the time of the launch: “DTH operators have been capturing the market bypassing us. Other MSOs have also making it hard for local cable operators to function. Our business has suffered after digitisation and therefore to secure our future we are launching our digital services.”

    Bengal Broadband will come head-to-head in competition with well-established national and regional MSOs such as Siti Networks, GTPL, Manthan and Hathway.

    Chatterjee however believes there is opportunity for more players as Phase IV digitization has been progressing very slowly and a huge number of set top boxes are needed to move it forward. And the deadline of 31 March 2017 does not perturb the new MSO at all. Said he: “Within March, we will capture a sizable market share.”

    The MSO will be targeting Phase I, II, III and IV areas of the state and will offer both analogue and digital services including HD channels. The plan is to also migrate to broadband delivery in the not too distant future.
    Bengal Broadband has been signing on both subscribers and other local cable TV operators as its partners.

  • TDSAT asks MSM not to disconnect signals to Manthan if dues paid

    TDSAT asks MSM not to disconnect signals to Manthan if dues paid

     
    NEW DELHI: MSM Media Distribution Pvt. Ltd has been directed not to disconnect the signals to Manthan Broadband Services Pvt. Ltd if the latter makes payments under a formula worked out by the Telecom Disputes Settlement and Appellate Tribunal (TDSAT).
                                   
    TDSAT asked Manthan to make the payment to the respondent for the outstanding dues as under: 
    (a) Rs 1.5 crore by 25 December
    (b) Rs 1.5 crore – 15 days thereafter
    (c) The balance amount after adjusting TDS amount by 31 January, 2016. 
     
    TDSAT members Kuldip Singh and B B Srivastava in their judgment said in terms of the regulations, three months period after expiry of the existing agreement is permitted to enable the parties to negotiate and arrive at a fresh agreement. During this period, the terms of the old agreement are applicable but when the fresh agreement is signed, the same have to abide by the terms of the new agreement. 
     
    Since the parties have not been able to come to any agreement even after three months, the Tribunal felt that Manthan must clear the outstanding amount of subscription dues as per old agreement if it wishes to continue with the signals of MSM. 
     
    With regard to the credit period, the Tribunal noted that not only is the agreement not in subsistence but dues have also accumulated over a period of time. 
     
    Further, since the subscription fee and placement charges are governed by two separate agreements, which are not even subsisting as on date, the Tribunal said Manthan cannot insist on adjustment of placement fees against the dues of license fee. 
     
     
    It had been submitted during the hearing that in terms of the notices issued under regulation 6(i) of DAS Regulations 2012, Manthan has to pay MSM for subscription fees as under: 
    MSM O/s for Kolkata as per notice dated 29.10.2015 Rs 4,04,53,536/- 
    MSM O/s for Ranchi as per notice dated 5.11.2015 Rs 55,60,609/- 
    TV Today O/s for Ranchi as per notice dated 5.11.2015 Rs 1,12,395/-
    TV Today O/s for Kolkata as per invoice dated 1.10.2015 Rs 8,20,680/-
     
    Manthan counsel Navin Chawla submitted that under the understanding between the parties, his client was getting a credit period of two months for payment of subscription dues. He further submitted that under the invoices issued by Manthan, MSM owes a sum of Rs 4.73 crore as on October 2015 towards placement charges of the channels of the respondent. After netting off the placement charges, Chawla had claimed that it was MSM who had to pay an amount of Rs 1.58 crore to Manthan. 
     
    Chawla referred to minutes of meeting between the parties held on 11 – 13 August in which MSM admitted placement charges of Rs 2.97 crore till July, 2015. However, MSM counsel Ramji Srinivasan submitted that there is no netting off clause in the subscription agreement for adjusting subscription fees against placement charges and in any case the agreement for placement had expired on 31 March, 2015 and therefore, Manthan cannot claim any placement charges in the absence of any such agreement. He further submitted that the minutes of meeting of August was part of a negotiation process and cannot be relied upon in the absence of a concluded agreement. 
     
    The Tribunal noted that the subscription agreement between the parties expired on 31 March, 2015 by efflux of time and no fresh agreement has been signed till date. 
  • TDSAT orders INX News to pay Manthan’s Rs 96 lakh outstanding due

    TDSAT orders INX News to pay Manthan’s Rs 96 lakh outstanding due

    NEW DELHI: INX Media Pvt Ltd has been directed by the Telecom Disputes Settlement and Arbitration Tribunal (TDSAT) to pay to Kolkata’s Manthan Broadband Services Pvt Ltd outstanding dues of Rs 95.76 lakh.

     

    According to the judgment by TDSAT chairman Justice Aftab Alam and members Kuldip Singh and B B Srivastava, INX will have to pay the amount after deducting TDS, if any, deposited by it with the income tax authorities for which it will provide the TDS certificates.

     

    The amount is to be paid within six weeks from the date of the order. The sum so payable will also carry interest at the rate of eight per cent from 17 May 2013, which is the date of filling of the petition and till the same is paid to Manthan.

     

    The cost of litigation was assessed as Rs 25,000.

     

    According to Manthan, Fifth Avenue Media of Mumbai acting on behalf of INX News had agreed to pay a sum of Rs 1.15 crore for the placement of the channel for the period 1 June, 2011 to 31 May, 2012. Though the channel was placed as per the agreement, INX News made a payment of Rs 31.07 lakh only and has not made any further payment to Manthan.

     

    The Tribunal said after considering the facts of the case, rival submissions and evidence on record as well as the law in this regard, it was convinced that Fifth Avenue Media was acting on behalf of INX News and there was an agreement between the parties for placement of the INX News channel on the network of Manthan.

     

    The Tribunal was informed that it had been agreed that Manthan would be paid this amount in advance in three equal instalments.

     

    However, INX News had denied any such agreement or that it had approached Manthan through Fifth Avenue Media.

     

    Nevertheless, Manthan had produced evidence before the Tribunal, which noted that though the initial e-mails exchanged were between Gurmeet Singh representing Manthan and Gaurav Kohli of Fifth Avenue Media, an e-mail was written by INX News’ Anuj on 29 June, 2011 to Kohli enclosing a soft copy of the distribution agreement for Manthan. The same was forwarded by Kohli to Singh on 30 June, 2011, with a copy to Anuj.

  • Forensic lab to verify individual’s signatures to decide on MSO-LCO dispute

    Forensic lab to verify individual’s signatures to decide on MSO-LCO dispute

    NEW DELHI: In a rare order, the Telecom Disputes Settlement and Arbitration Tribunal (TDSAT) has sent to the Central Forensic Science Laboratory (CFSL), New Delhi, two samples of the signatures of an individual to verify whether one is forged as alleged.

     

    Even as a case by Manthan Broadband Services for recovery of certain amounts from Rajarhat Cable Broadband Services was at the threshold stage, the latter produced a purported reconciliation statement dated 12 March, 2015 under which it owed Manthan only a sum of Rs 39,16,407. This statement was contested by Manthan, which also said that the signatures of one Sajal Mistry were forged. As proof, it presented the passport of Mistry.

     

    TDSAT chairman Aftab Alam and members Kuldip Singh and B B Srivastava said they “hoped and expected that the report will be received within one month.”

     

    The matter has now been put up for hearing on 29 September and Manthan has been asked to file its rejoinder to the reply filed by Rajarhat and reply to the counter-claim filed by Rajarhat.

     

    Manthan denied there was any joint reconciliation of accounts. It took the stand that the so-called reconciliation statement was a fake document and the purported signature of Mistry on it was not genuine.

     

    Despite the above statement made on behalf of Manthan, Rajarhat continued to insist that the reconciliation statement was drawn up after a joint exercise and it bore Mistry’s signature working as senior manager with Manthan. 

     

    The Tribunal noted that the two sides were taking diametrically opposite positions on a simple issue of fact and it was clear that one of them is making incorrect statements willfully on oath. 

     

    “In these circumstances, it becomes necessary to find out the genuineness or otherwise of the purported signature of Sajal Mistry on the reconciliation statement dated 12 March, 2015 through a scientific process,” TDSAT said.

     

    Manthan’s counsel produced Mistry’s passport, which “naturally bears his signature that cannot be disputed on any count.”

     

    The Tribunal accordingly decided to have the signatures on the agreement and the passport verified by the CFSL. 

  • DD to telecast film ‘Manthan’ on National Milk Day

    DD to telecast film ‘Manthan’ on National Milk Day

    NEW DELHI: The National award-winning feature film ‘Manthan’ by Shyam Benegal based will be telecast by Doordarshan National on 26 November at 9:30 am to celebrate ‘National Milk Day’.

     
    The 1976 Hindi film, jointly written by Verghese Kurien and Benegal, is set amidst the backdrop of the White Revolution of India which started in 1970.

     
    The title track of the film Mero gaam kathaparey has been popularly used as the soundtrack for the television commercial for Amul.

     
    This day is being observed across the country to commemorate the birth anniversary of Verghese Kurien, also known as the father of White Revolution in India.

     

  • MSOs to put Star India channels on a la carte

    MSOs to put Star India channels on a la carte

    MUMBAI: The multi system operators (MSOs) are gearing up for the big change. In order to meet the deadline given by the Telecom Disputes Settlement Appellate Tribunal (TDSAT), the leading MSOs under the umbrella of All India Digital Cable Federation (AIDCF) met in New Delhi today.

     

    “The main agenda of the meeting was to discuss how we will implement the order passed by the Tribunal,” says AIDCF president and Siti Cable CEO VD Wadhwa speaking to indiantelevision.com.

     

    During the meeting, the MSOs discussed the modus operandi for implementation of RIO by 10 November and also the challenges.

     

    “There are three major challenges: at the consumer level, at the local cable operator level and thirdly at the technology level,” adds Wadhwa.

     

    Every MSO, according to Wadhwa has different subscriber numbers. “All the packages have to be upgraded or downgraded. We will have to see if the system can support the changes for millions of subscribers,” he says.

     

    AIDCF has decided to put all the Star India channels on a la carte. “We cannot carry all the Star channels, since it is coming up to be very expensive. So we have decided to put all the Star channels on a la carte and will let the consumer decide which channels they want,” he informs.

     

    Wadhwa says that even after the incentives that Star is offering, the cost for the MSO has doubled. “Even if we take the maximum discounts, the channel prices are going up by 100 per cent,” he says.

     

    Not only this, AIDCF is forming a sub-committee which will be meeting Star India officials early next week. “The committee will meet the officials to explain to them the challenges we are facing. This system is viable for none,” he adds.

     

    All the MSOs will be signing the RIO deals with Star before 10 November and in the meanwhile start working on creating new packages. “We will decide the pricing of the channel based on the consumer demand for the channel,” he concludes.

     

    The MSOs will inform the consumers of the changes at individual level.

     

    The meeting was attended by Siti Cable, Hathway Cable & Datacom, Den Networks, Manthan, GTPL amongst others. 

  • AIDCF to hold a meeting to discuss Star’s RIO deal implementation

    AIDCF to hold a meeting to discuss Star’s RIO deal implementation

    MUMBAI: Just 10 days after its formation, the All India Digital Cable Federation (AIDCF) under the presidentship of Siti Cable CEO VD Wadhwa is all set meet for the second time on 31 October in New Delhi. The meeting will be attended by the leading multi system operators (MSOs) and has a set agenda for the day.

     

    The meeting which is being held just a day after the Telecom Disputes Settlement Appellate Tribunal (TDSAT) accepted Star India’s 10 November deadline for implementation of the RIO deal by MSOs is not co-incidental.

     

    “The platform operators are meeting in Delhi in order to decide on the modus operandi for implementation of the RIO deal, the deadline for which is 10 November,” says a MSO, who is likely to be a participant of the meeting.

     

    The TDSAT in its order has asked the MSOs to sign the RIO deals with Star before 10 November, failing which the broadcaster can disconnect its signals.

     

    The meeting is likely to be attended by Manthan, Siti Cable, GTPL, Hathway among others.