ITV

Tag: Mauritius

  • Lemma ropes in Puneet Biyani as company president

    Lemma ropes in Puneet Biyani as company president

    Mumbai: Lemma, an independent supply-side platform for digital out-of-home, announced the appointment of Puneet Biyani as company president. He will take on his new role immediately and be a key contributor to enhancing Lemma’s global footprint.

    Biyani joins Lemma with over two decades of experience in business operations, finance, international marketing, and strategy. His most recent stint was with Times OOH, a subsidiary of Bennett Coleman & Co. Ltd.

    As president, Biyani will work closely with the board and the leadership team across APAC and other regions to craft the company’s business growth vision and expansion strategy into global markets. He will also oversee finance, business planning, process automation, fundraising, & business operations for Lemma across all markets.

    Having spent the larger part of his career with The Times of India Group, Biyani has extensive out-of-home advertising experience. He held the position of chief financial officer for Times Innovative Media Ltd. (Times OOH) while also leading their Mauritius business.

    Biyani has worked with global organisations like Price Waterhouse and Goldman Sachs. On the academic front, he is a gold-medal-winning chartered accountant and Harvard Business School alumnus.

    Lemma has become the go-to platform for enabling programmatic buying of out-of-home (OOH) media by a wide range of clients, including top digital media agencies, advertising giants, and major brands around the world today.

    On joining Lemma, Biyani said, “I am really excited to be part of this amazing team. Lemma has been a pioneer in the digital advertising segment. I look forward to working closely with the team on the exciting journey ahead. The space is bound to expand rapidly, and on the technology front, Lemma is well positioned to lead and shape the development.”

    “Having Biyani onboard as company president at Lemma will inject a new level of energy and innovative thinking to help accelerate the company’s growth and attain our vision of transforming DOOH into mainstream digital as we enter a new phase of scaling business,” said Lemma founder & CEO Gulab Patil.

    Patil adds, “His expertise aligns perfectly with our business expansion plan as we continue to strengthen our technology and team globally and enhance our programmatic DOOH presence.”

    Biyani will be based out of Lemma’s Delhi office and will serve as the liaison between all teams and markets from the capital city.

  • Govt claims it invoked security considerations, says it is studying PCA order against Antrix in Davos case

    Govt claims it invoked security considerations, says it is studying PCA order against Antrix in Davos case

    NEW DELHI: The Permanent Court of Arbitration (PCA) in The Hague has said that the annulment of the agreement between Devas and Indian Space Research Organization’s commercial arm Antrix in 2011 which resulted in denying Devas commercial use of S-band spectrum constituted an expropriation.

    PCA administers cases under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL).

    In a reaction, the Government of India reiterated that it had invoked the essential security interests through a well reasoned, valid and proper CCS decision. The award of the Tribunal is being examined and legal recourse, as deemed fit, will be taken.” We also remain committed to pursue our larger national interests including sovereign strategic security interests in this matter”, it said.

    This ongoing case with Mauritius-based Devas Corporation over sharing of spectrum on satellites may result in huge payments as compensation to Devas.

    The order said by this action, the Indian Government expropriated the investments of Devas’s foreign shareholders and also acted unfairly and inequitably, thus making it liable to pay financial compensation.

    (In a statement, the Government of India said The Tribunal had said it’s essential security interest provisions of the Treaty do apply in this case to an extent. The limited liability of compensation shall be limited to 40% of the value of the investment. The precise quantum has not been determined as yet. The Tribunal has dismissed the Claims as regards violation of other provisions of the Treaty viz., (i) unreasonable or discriminatory measures; as also (ii) Most Favoured Nation treatment, it said.

    In 2005 Antrix and Devas entered into an agreement for the long-term lease of two ISRO satellites operating in the S-band. The deal was for 70 MHz of S-Band frequency used to provide multimedia services by leasing most of the transponders on the GSAT-6 and GSAT-6A satellites for 12 years. Devas was to pay $300 million over the said period.

    However, the government annulled the contract after reports of unilateral process and presumptive loss to exchequer due to the deal. Following this the US investors in Devas moved a case against Antrix.

    In 2015 the International Chamber of Commerce (ICC) tribunal ruled that the Antrix’s annulation was unlawful and awarded Devas damages and pre-award interest of approximately $672 million, plus post-award annual interest accruing at 18 per cent until the award is paid in full.

    Devas Multimedia, based in Bangalore, was set up by former ISRO scientists and some U.S. investors. According to Devas website investors included Deutsche Telekom AG, Columbia Capital LLC, and Telcom Ventures LLC.

    Meanwhile, the Enforcement Directorate, has issued a show cause notice to Devas for violation of Foreign Exchange Management Act 1999 and are further investigating the case under Prevention of Money Laundering Act 2002. The Directorate has issued show cause notice to Devas for contravention to the provisions of FEMA 1999.

    The CBI has filed an FIR against, inter-alia, M/s Devas Multimedia Pvt. Ltd, Bangalore; and other unknown public servants of M/s Antrix/ISRO/DOS. This case is presently under investigation.

  • Govt claims it invoked security considerations, says it is studying PCA order against Antrix in Davos case

    Govt claims it invoked security considerations, says it is studying PCA order against Antrix in Davos case

    NEW DELHI: The Permanent Court of Arbitration (PCA) in The Hague has said that the annulment of the agreement between Devas and Indian Space Research Organization’s commercial arm Antrix in 2011 which resulted in denying Devas commercial use of S-band spectrum constituted an expropriation.

    PCA administers cases under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL).

    In a reaction, the Government of India reiterated that it had invoked the essential security interests through a well reasoned, valid and proper CCS decision. The award of the Tribunal is being examined and legal recourse, as deemed fit, will be taken.” We also remain committed to pursue our larger national interests including sovereign strategic security interests in this matter”, it said.

    This ongoing case with Mauritius-based Devas Corporation over sharing of spectrum on satellites may result in huge payments as compensation to Devas.

    The order said by this action, the Indian Government expropriated the investments of Devas’s foreign shareholders and also acted unfairly and inequitably, thus making it liable to pay financial compensation.

    (In a statement, the Government of India said The Tribunal had said it’s essential security interest provisions of the Treaty do apply in this case to an extent. The limited liability of compensation shall be limited to 40% of the value of the investment. The precise quantum has not been determined as yet. The Tribunal has dismissed the Claims as regards violation of other provisions of the Treaty viz., (i) unreasonable or discriminatory measures; as also (ii) Most Favoured Nation treatment, it said.

    In 2005 Antrix and Devas entered into an agreement for the long-term lease of two ISRO satellites operating in the S-band. The deal was for 70 MHz of S-Band frequency used to provide multimedia services by leasing most of the transponders on the GSAT-6 and GSAT-6A satellites for 12 years. Devas was to pay $300 million over the said period.

    However, the government annulled the contract after reports of unilateral process and presumptive loss to exchequer due to the deal. Following this the US investors in Devas moved a case against Antrix.

    In 2015 the International Chamber of Commerce (ICC) tribunal ruled that the Antrix’s annulation was unlawful and awarded Devas damages and pre-award interest of approximately $672 million, plus post-award annual interest accruing at 18 per cent until the award is paid in full.

    Devas Multimedia, based in Bangalore, was set up by former ISRO scientists and some U.S. investors. According to Devas website investors included Deutsche Telekom AG, Columbia Capital LLC, and Telcom Ventures LLC.

    Meanwhile, the Enforcement Directorate, has issued a show cause notice to Devas for violation of Foreign Exchange Management Act 1999 and are further investigating the case under Prevention of Money Laundering Act 2002. The Directorate has issued show cause notice to Devas for contravention to the provisions of FEMA 1999.

    The CBI has filed an FIR against, inter-alia, M/s Devas Multimedia Pvt. Ltd, Bangalore; and other unknown public servants of M/s Antrix/ISRO/DOS. This case is presently under investigation.

  • ZEEL seeks shareholder nod for Amit Goenka as Asia Today CEO

    ZEEL seeks shareholder nod for Amit Goenka as Asia Today CEO

    BENGALURU: Zee Entertainment Enterprises Limited’s (ZEEL) has sought shareholder approval for appointing Subhash Chandra’s son Amit Goenka as chief executive officer of international broadcasting business and as a director of Asia Today Limited, Mauritius.

     

    Goenka’s term will be for a period of three years with effect from 1 March, 2016. The shareholder approval has been sought through postal ballot/e-voting.

     

    ZEEL’s international broadcasting business constituted about 17.4 per cent of the company’s consolidated revenue. It comprises content creation, broadcasting and distribution of 37 television channels in overseas territories including five sports channels, which are managed by direct and in-direct overseas subsidiaries of the company. The company said that in order to facilitate clear strategic alignment for accelerating decision making and more focused growth of International Broadcasting Business, the Board had approved consolidation of general entertainment broadcasting channels in various international territories under Asia Today Limited, Mauritius (erstwhile Zee Multimedia (Maurice) Limited) a step-down wholly owned overseas subsidiary of the company.

     

    As was previously reported by Indiantelevision.com, in a bid to provide focused attention on the operations of these channels, the company’s board had, in October 2015, approved in-principle the appointment of Goenka as CEO of International Broadcasting Business and as a director of Asia Today Limited, Mauritius.

     

    According to ZEEL, Goenka will be eligible for annual salary of $540,000 (equivalent to Rs 3.5 crore), with the authority to the board of Asia Today Limited to determine any merit based increase in the salary from time to time as applicable to other executives of the company, provided that the annual salary payable to Goenka during the tenure shall not exceed $700,000.

     

    Voting period will commence on and from 26 January, 2016, at 10 am and end on 24 February, 2016 at 6 pm.

  • ZEEL seeks shareholder nod for Amit Goenka as Asia Today CEO

    ZEEL seeks shareholder nod for Amit Goenka as Asia Today CEO

    BENGALURU: Zee Entertainment Enterprises Limited’s (ZEEL) has sought shareholder approval for appointing Subhash Chandra’s son Amit Goenka as chief executive officer of international broadcasting business and as a director of Asia Today Limited, Mauritius.

     

    Goenka’s term will be for a period of three years with effect from 1 March, 2016. The shareholder approval has been sought through postal ballot/e-voting.

     

    ZEEL’s international broadcasting business constituted about 17.4 per cent of the company’s consolidated revenue. It comprises content creation, broadcasting and distribution of 37 television channels in overseas territories including five sports channels, which are managed by direct and in-direct overseas subsidiaries of the company. The company said that in order to facilitate clear strategic alignment for accelerating decision making and more focused growth of International Broadcasting Business, the Board had approved consolidation of general entertainment broadcasting channels in various international territories under Asia Today Limited, Mauritius (erstwhile Zee Multimedia (Maurice) Limited) a step-down wholly owned overseas subsidiary of the company.

     

    As was previously reported by Indiantelevision.com, in a bid to provide focused attention on the operations of these channels, the company’s board had, in October 2015, approved in-principle the appointment of Goenka as CEO of International Broadcasting Business and as a director of Asia Today Limited, Mauritius.

     

    According to ZEEL, Goenka will be eligible for annual salary of $540,000 (equivalent to Rs 3.5 crore), with the authority to the board of Asia Today Limited to determine any merit based increase in the salary from time to time as applicable to other executives of the company, provided that the annual salary payable to Goenka during the tenure shall not exceed $700,000.

     

    Voting period will commence on and from 26 January, 2016, at 10 am and end on 24 February, 2016 at 6 pm.

  • FIPB rejects Irish animation firm’s proposal to set shop in India

    FIPB rejects Irish animation firm’s proposal to set shop in India

    NEW DELHI: The Foreign Investments Promotion Board (FIPB) has rejected the proposal by Irish animation firm DW Animation Ireland Limited for setting up of an LLP in India.

     

    The proposed FDI (foreign direct investment) was of a mere Rs 99,980 amounting to $1,587 contributing 99.98 per cent of the capital of LLP by DW Animation Ireland Limited; and Rs 10 amounting to $0.16 contributing 0.01 per cent of the capital of LLP by Robert Alan Kelly.

     

    The FIBP also rejected the proposal by Atria Convergence Technologies for 100 per cent transfer of shares from existing shareholders to new Foreign Investors Argan (Mauritius) Limited and TA FVCI Investors Limited. 

     

    On the other hand, the Finance Ministry on the recommendation of the FIPB accepted a proposal by International Trade and Exhibitions India for proposed expansion of the scope of its business activities in printing, publishing and circulating or otherwise, dealing in all types of books, scientific and technical magazines, specialty journals, periodicals and other publications but not in any manner dealing with news and current affairs. However, this proposal does not involve any FDI.

  • Mauritius launches 30 per cent film rebate scheme to attract film industry

    Mauritius launches 30 per cent film rebate scheme to attract film industry

    NEW DELHI: Mauritius has launched a new Film Rebate Scheme allowing for a 30 per cent refund on all the Qualifying Production Expenditures (QPE) incurred by film producers in respect of their projects in Mauritius.

     

    The scheme was officially launched at a gala event by the Vice Prime Minister and Minister of Finance & Economic Development Xavier-Luc Duval in the presence of Minister of Arts and Culture Mookhesswur Choonee and Bollywood actor Jackie Shroff.

     

    Some 250 professionals including directors, producers, filmmakers, artists and representatives of production houses, modelling agencies and training schools attended the launch.

     

    In his address, Duval, the architect of the Rebate Scheme, highlighted the size and importance of the film industry and its business potential for Mauritius. He said the industry is expected to generate some MUR 500 million in 2014 while it is estimated that it will bring about MUR 1 billion annually in foreign exchange.

     

    In its endeavour to develop new sectors of activity within the creative arts industry, the Mauritian Government through the Board of Investment elaborated a framework to attract film shooting and post-production activities in Mauritius. This was implemented in the wake of an announcement in the 2012 National Budget.

     

    The Industry is seen as a serious and viable addition to the economy. This scheme puts Mauritius at-par with other destinations like Malaysia and Abu-Dhabi which offer a 30 per cent rebate.

     

    Duval stated that the Government will intensify the marketing of the scheme through the Board of Investment. The industry is expected to generate employment for SMEs, designers, artists, hoteliers, with significant beneficial spillover effects on other sectors like tourism, trade, travel, transport and retail.

     

    Furthermore, the industry will provide great exposure and visibility to the Mauritian tourism industry in various source markets such as India, China and Europe. The Board of Investment has recorded an increasing number of potential interests from local producers as well as production houses from China, South Africa and India. So far, expressions of interest have been received mostly by Indian producers.

     

    Choonee emphasized the strong relationship and special sense of belonging and brotherhood between India and Mauritius. The country has nurtured this special bond over decades. Minister Choonee stressed the government’s vision to develop the film industry as another pillar of the economy.

     

    Special guest Jackie Shroff firmly believes that Mauritius should start producing movies. The actor underlined the importance of having a specialised school offering courses on script-writing and editing as well as crash courses on film-making.

     

    He praised Mauritius and said he was overwhelmed by the hospitality of Mauritians. He commended VPM Duval’s initiative for the development and promotion of the new film industry.

  • Finance Ministry defers three proposals related to FDI in broadcasting sector

    Finance Ministry defers three proposals related to FDI in broadcasting sector

    New Delhi: The Finance Ministry today deferred decision on a proposal by non-resident company P5 Asia Holding Investments, Mauritius, to purchase 50 per cent of the shares in an existing broadcasting company with 100 per cent FDI, from another existing NR investor.

    On the advice of the Foreign Investments Promotion Board, the ministry also deferred decision on a proposal by HBO India, New Delhi, to engage in the activities of down-linking non-news and current affairs television channels.

    A proposal by INX Music, Mumbai, was also deferred.

    INX Music, a company which aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment proposes to undertake the additional activity of broadcasting of non-news and current affairs channels.

  • Prime Focus: 77% rise in q-o-q profit from operations for Q1-2014; lower net profit

    Prime Focus: 77% rise in q-o-q profit from operations for Q1-2014; lower net profit

    BENGALURU: Indian visual effect and 3-D conversion player Prime Focus Limited (Prime Focus) reported consolidated profit from operations for Q1-2014 at Rs 34.26 crore which was 76.72 per cent higher than the Rs 19.39 crore for the previous quarter Q4-2013 but was 5.85 per cent lower than the Rs 36.39 crore for Q1-2013.

    However, consolidated net profit after tax and minority interest for Q1-2014 at Rs 8.53 crore was 31.4 per cent lower than the Rs 12.44 crore for Q4-2013 and just 40.6 per cent of the Rs 20.98 crore for Q1-2013.

    Let us look at Prime Focus’ other figures for Q1-2014

    Net Sales/Income from operations on a consolidated basis for Q1-2014 at Rs 188.47 crore was almost flat (0.14 per cent higher) as compared to the Rs 188.21 crore for Q1-2013 and 4.3 per cent lower than the Rs 193.87 crore for Q4-2013.

    Prime Focus reported an exchange gain of Rs 14.06 crore in Q1-2014 which was 12.05 per cent more than the exchange gain of Rs 12.54 crore in Q1-2013. In Q4-2013 the company incurred an exchange loss of Rs 3.01 crore.

    Neglecting the exchange gain or loss, Prime Focus reported consolidated expenditure of Rs 168.26 crore which was 2.37 per cent higher than the Rs 164.36 crore in Q1-2013 and 3.6 per cent lower than the Rs 17.45 crore in Q4-2013.

    Depreciation and amortisation cost of Rs 22.47 crore for Q1-2014 was 8.2 per cent higher than the Rs 20.77 crore in Q1-2013 and 36.4 per cent lower than the Rs 35.32 crore for Q4-2013.

    Personnel cost for Q1-2014 at Rs 88.35 crore was higher by 1.2 per cent as compared to the Rs 87.29 crore in Q1-2013, but 6.1 per cent lower than the Rs 94.12 crore for Q4-2013.

    Other expenditure for Q1-2014 at Rs 51.67 crore was 24.8 per cent higher than the Rs 41.42 crore for Q1-2013 and almost flat (0.4 per cent lower) as against the Rs 51.88 crore for Q4-2014.

    Finance cost at Rs 13.05 crore for Q1-2014 was 67.5 per cent higher than the Rs 7.79 crore for Q1-2013 and 19.3 per cent more than the Rs 10.94 crore for Q4-2013.

    Exceptional Item:

    Exceptional item includes revaluation loss of Rs 82.28 crore on redemption of FCCBs of $55 million on 13 December, 2012 and also includes provision and write off of debtors amounting to Rs 25.38 crore.

    As a part of reorganisation of businesses of the group under common control, Prime Focus Technologies acquired the New York based post-production business from Prime Focus World on 1 April, 2013. As a result of this there is a write-down in the value of assets by Rs 721.68 lakh ($1.3 million) during Q1-2014.

    Notes:

    (1)  The Company has informed BSE that the Board of Directors of the Company at its meeting held on 21 June, 2013, inter alia, has transacted the following:
    a) Took on record principal terms and conditions on which Prime Focus World, N.V. proposes to raise $38,000,000 from Macquarie (UK) Group Services Limited at an Enterprise Valuation of USD 300 million.

    b) Considered and approved to provide a corporate guarantee for an amount not exceeding $44,650,000 in favour of Macquarie (UK) Group Services Limited to secure the obligations of Prime Focus World Limited, Mauritius, a wholly owned subsidiary of Prime Focus.

    (2)  The Board of Directors of Prime Focus at its meeting held on 5 August, 2013, inter-alia, has considered and approved to sell, transfer, and/or otherwise dispose of its ‘Backend Business’, which includes (a) business of providing the services of conversion of 2D audio visual/moving images to stereo 3D audio visual/moving images provided by the Company to Prime Focus World N.V., a company incorporated and operating under the laws of Netherlands (“PFW”) (‘Conversion Business’); and (b) the business of providing the services of computer generated film visual special effects by the Company to PFW (“VFX Business”),to Prime Focus World Creative Services Pvt. Ltd.’, a company incorporated in India and an indirect controlled subsidiary of the Company on a going concern basis by way of slump sale for a total consideration not less than INR equivalent of $38 million subject to the approval of the shareholders of the Company through a postal ballot and on receipt of requisite/regulatory approvals.

    Click here for Prime Focus – Financial Result

  • FDI nod for Sun’s DTH

    FDI nod for Sun’s DTH

    MUMBAI: Kalanithi Maran’s Sun Direct TV has secured government approval to induct 20 per cent foreign equity worth $150 million. Malaysia-based Astro is making the investment in the direct-to-home (DTH) venture through its wholly owned subsidiary company South Asia Entertainment Holdings Ltd (SAHEL) of Mauritius.

    The cabinet committee on economic affairs gave its nod today to Sun Direct to issue equity shares to SAHEL. The approval is subject to guidelines issued by the ministry of information and broadcasting.

    Sun, which was waiting for a satellite and regulatory approvals, can be ready to kick off its services after Insat-4B launches on 10 March.