ITV

Tag: Radhika Roy

  • Barkha Dutt to step down as NDTV group editor

    Barkha Dutt to step down as NDTV group editor

    MUMBAI: After a stint spanning two decades, Barkha Dutt is now stepping down from her post as NDTV group editor to set up her own multimedia content company and policy group.

     

    Dutt will continue as consulting editor for the news network and will continue as host of her two on-going shows namely The Buck Stops Here (daily) and We The People (weekly).

     

    In an email to its employees, a copy of which is with Indiantelevision.com, New Delhi Television founders Prannoy and Radhika Roy wrote, “She (Barkha) will also be available as always for analysis and inputs on big news events and stories. While her TV relationship with NDTV remains unchanged, in her new role she will be setting up her own multimedia content company and policy group. We have literally seen Barkha grow from a child to an adult professional and look forward to our close bonds only strengthening further as she embarks on this new venture.”

     

    Having made her name reporting the war in Kargil, Dutt became one of NDTV’s most prominent faces as it went from a content provider for Doordarshan in its early days to being a media conglomerate that it is today.

     

    Dutt was 23 years old when she joined NDTV as a young reporter cum producer. Having won several awards in her 20 year stint with the channel, Dutt has worn several hats like: journalist, anchor and editor.

  • The strange case of NDTV and the taxman

    The strange case of NDTV and the taxman

    MUMBAI: The share price rise, a comment about it always being open to potential partnership, has got the income tax department running to news network NDTV’s doors again. And a war of letters has broken out between the two with the taxman once again reiterating his demand for alleged unpaid taxes from the broadcaster, promoters Prannoy and his wife Radhika Roy, which they have disputed for a long time.

     

    What got the IT department’s attention was the sharp 20 per cent rise in the NDTV share price last month. Speculative reports appeared in the media which hinted that the broadcaster was a takeover target and the stalker was allegedly the Adani group. The company issued a clarification to the Bombay stock exchange stating that it is regularly in discussions with various potential partners to further its business interests. And that it would make the appropriate disclosure when the talks reach a concrete stage or a transaction is happening.

     

    The circle 13 deputy commissioner of income tax (D-CIT) in New Delhi responded to this announcement a few days later by writing to the company,  Prannoy and Radhika Roy, forbidding them from selling or taking a charge against their shareholding in NDTV without taking permission from the assessing IT officer during the pendency of assessment/reassessment of tax demands  proceedings.  He said that section 281 of The Income Tax Act (which prescribes this) is applicable in the broadcaster’s case as it had not met the department’s tax demands against it for the assessment years 2003-2004 (Rs 9.16 crore), 2006-2007 (Rs 4.21 crore), 2007-2008 (Rs 6.80 crore), 2008-2009 (Rs 22.99 crore) and 2009-2010 (Rs 449.24 crore). 

     

    The D-CIT also wrote to Prannoy and Radhika Roy claiming unpaid taxes of Rs 69 lakh (2009-2010) and Rs 22.81 crore (2010-2011) and Rs 68 lakh (2009-2010)and Rs 22.61 crore (2010-2011), respectively.  

     

    NDTV responded to the D-CIT’s order through a notice to the Bombay stock exchange yesterday by stating that section 281 does not have a bearing on NDTV shares held by individual shareholders and could only apply on assets of the company.  The company also stated that the claims by the Tax department prima facie don’t exist or are unsustainable or are stayed by Income Tax Appellate Tribunal. In fact, it has argued in the stock exchange notice that the department owes it Rs 40.84 crore in tax refunds. Hence, there is no case of section 281 being applied in NDTV’s case.

     

    It has “further  prayed that  the records of the department  may kindly be rectified to reflect the correct position of the  amount  of  refunds  due  to  the  company.”

     

    The chartered accountancy firm of RKACA & Associate which is advising both Prannoy and Radhika Roy later informed the tax authorities and the stock exchange that both are aware of the provision of the law referred in D-CIT’s letter and that both will comply with the same in both “letter and spirit.” 

     

    Ever since the media reports about the NDTV takeover broke last month, the company’s shares have been climbing northwards. NDTV got listed on May 2004 at an issue price of Rs 70, and hit an all time high of Rs 511.75 in 2008 and all time low of Rs 24.75 in 2011.  The share closed today at Rs 91.55. It was trading at Rs 66.25 a share on 16 May, the day Narendra Modi was elected prime minister but then recovered to hit Rs 82.95 on 26 May and Rs 89.05 on 6 June 2014.

  • Barkha to head NDTV’s editorial board, Sonia to oversee ethics committee

    Barkha to head NDTV’s editorial board, Sonia to oversee ethics committee

    MUMBAI: Pursuing “independent journalism” and “credible reporting”, NDTV said Friday it has formed two independent groups – NDTV Editorial Board and The Ethics Committee.

    Barkha Dutt has been named as the president of the Editorial Board while Sonia Singh is president of the Ethics committee. Dutt wa earlier designated as NDTV group editor (English channels), while
    Singh was senior managing editor.

    “Both the groups will ensure regular and continuous oversight on all editorial and ethical matters,” NDTV said.
       
    The Editorial Board with Radhika Roy as the chairperson will be responsible for all standards and matters editorial across NDTV.

    “The aim of the Editorial Board is to take regular steps and pre-emptive action on the more complex issues that arise in the editorial direction for NDTV as well as be a focal point for answering
    any queries or complaints on editorial matters raised from within and outside NDTV,” the company said.

    Meanwhile, the Ethics Committee will develop consistent standards and oversee all ethical issues across the organisation. The committee will report into the Compliance Committee chaired by Radhika Roy.

  • 6.4% NDTV shares pledged

    6.4% NDTV shares pledged

    MUMBAI: New Delhi Television Ltd’s (NDTV) promoters have pledged 6.39 per cent of their shares with Indiabulls Financial Services.

    Indiabulls earlier held 8.10 per cent stake in NDTV.

    In a separate development, GS Mace Holdings, Mauritius, has acquired 6.44 per cent stake, taking its total holding in NDTV to 14.6 per cent.

    GS Mace Holdings, in concert with Goldman Sachs Investments, made the purchase of 4.03 million shares in the open market.

    Earlier, NDTV promoters had sold 6.08 per cent stake in the company for Rs 1.7 billion. RRPR Holding (person acting in concert) brought down its holdings to 9.57 per cent after selling 3.8 million shares, or 6.08 per cent, in the open market.

    NDTV promoters had acquired 20.28 per cent for Rs 5.57 billion to up their holding in the company to 71.38 per cent.

    Dr Prannoy Roy and Radhika Roy and RRPR Holding acquired 12.69 million shares (20.28%) in an open offer at Rs 438.98 per share.

  • Roys buy back 7.7% NDTV stake from GA Global Investments for Rs 1.9 billion

    MUMBAI: New Delhi Television Ltd’s founder-promoters Dr Prannoy and Radhika Roy have paid around Rs 1.92 billion to buy 7.73 per cent stake from GA (General Atlantic) Global Investments, increasing their stake in the news media major to 61 per cent.

    Meanwhile, 7.67 per cent of NDTV shares were pledged with Indiabulls Financial Services. “It seems NDTV promoters have pledged their shares while also making a 7.73 per cent (4.8 million equity shares) market purchase from GA Global Investments,” says a source.

    The foreign holding in NDTV has dropped to around three per cent after the purchase of GA Global Investments by the promoters. The government regulation stipulates that news channels uplinking from India can have a maximum of 26 per cent foreign holding.

    “The promoters wanted to increase their stake as it would provide them some space to dilute when they want to. After doling out ESOPs, the promoter holding would have fallen from 53.2 to 51 per cent. The government regulation asks promoters to hold at least 51 per cent in the news venture,” says the source.

    The purchase also allows foreign institutional investors (FIIs) and NRIs to acquire that many shares more in NDTV till the ceiling of 26 per cent is reached.

    The promoters had announced in late 2005 their intent to transfer 15 per cent of their stake to daughter Tara Roy who is a non-resident Indian. But the proposal has still not received regulatory approval.

    “If the proposal to gift 15 per cent still stands, it will limit NDTV’s opportunity to get in a foreign strategic investor. But if that is dropped, then the equations change,” says an analyst with a global broking firm.

    The analyst also points out that NDTV’s general and business news channels are held in the same company. “In case of TV18 Group, it is housed in two separate entities with Global Broadcast News (GBN) holding the general news space,” he adds.

    Following the market purchase, the promoters of NDTV have made an open offer to acquire 20 per cent equity in the company at a price of Rs 438.98 per share. “This is part of the Sebi (Securities and Exchange Board of India) regulation for promoters who increase their stake by over 5 per cent in a financial year. The pricing fixed by the promoters is not aggressive for shareholders to offload. But if they manage to mop up more shares at that price, it will be good,” says the analyst.

    NDTV shares closed on Monday at Rs 462.60 on the BSE, up 0.6 per cent from the previous close.