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Tag: SEBI

  • NDTV’s Prannoy & Radhika Roy get SEBI notice for insider trading

    NDTV’s Prannoy & Radhika Roy get SEBI notice for insider trading

    MUMBAI: Market regulator Securities and Exchange Board of India (SEBI) has issued a show cause notice to Dr Prannoy Roy and his wife Radhika, both promoters of New Delhi Television Ltd (NDTV) for alleged insider trading.

    “Prannoy Roy and Radhika Roy, have informed that on 10 September 2018, they have received a show cause notice dated 31 August 2018, by the Securities and Exchange Board of India,” NDTV said in a regulatory filing.

    NDTV said the notice has been issued alleging violation of provisions of Section 12A (d) and (e) of the SEBI Act read with Regulation 3(i) and Regulation 4 of SEBI(Prohibition of lnsider Trading) Regulations, 1992.

    It further stated, “The promoters of NDTV are in the process of seeking legal advice to take appropriate action in the said matter. Since the company is not a party to the show cause notice, there will not be any financial implications of the show cause notice on the company”.

    NDTV closed Tuesday 3 per cent down at Rs 34.30 on the BSE, while the 30-share Sensex ended the day 1.34 per cent down at 37,413.

  • CCI approves merger of Bharti Infratel, Indus Towers

    CCI approves merger of Bharti Infratel, Indus Towers

    MUMBAI: The Competition Commission of India (CCI) has finally approved the proposed merger of Bharti Infratel and Indus Towers, two large infrastructure providers. The merger will create a $14.6 billion company that will be among the largest mobile tower entities worldwide with 1.63 lakh towers.

    The Securities and Exchange Board of India (Sebi), National Company Law Tribunal (NCLT) and Department of Telecommunications also need to give the green signal for the merger.

    “We are pleased to inform you that approval of CCI has been received for the proposed merger of Bharti Infratel Limited and Indus Towers Ltd,” said the tower arm of India’s largest telco Bharti Airtel in a regulatory filing to the exchanges as quoted by The Hindu.

    Another stakeholder in Indus Towers is Vodafone and will be issued with 783.1 million new shares in the combined company, in exchange for its 42 per cent shareholding in Indus Towers. The transaction values Vodafone’s shareholding at Rs 284 billion ($4.3 billion).

    A report by Medianama stated that the providence can choose to either receive cash or new shares in exchange for 3.35 per cent stake. The remainder from the total 4.85 per cent shareholding will be exchanged for shares. Bharti Airtel’s shareholding will be diluted from 53.5 per cent in Bharti Infratel today to 37.2 per cent in the combined company.

    Bharti Airtel and Vodafone will jointly control the combined company. The merger is expected to close before the end of the financial year 2018-2019. 

    Also Read :

    Bharti Airtel gets board nod to raise Rs 16,500 cr 

    Bharti Airtel to acquire Millicom’s Rwanda operations

    Bharti Airtel partners ErosNow for Wynk Movies

  • VCPL to contest SEBI order on NDTV share acquisition

    VCPL to contest SEBI order on NDTV share acquisition

    MUMBAI: Following the Securities and Exchange Board of India (SEBI)’s directive to make an open offer for acquiring NDTV shares, Vishvapradhan Commercial Pvt Ltd (VCPL) has decided to appeal against the order with the Securities Appellate Tribunal.

    Markets regulator SEBI had directed few days back VCPL to make an open offer within 45 days to acquire 52 per cent stake in the financially beleaguered NDTV Ltd, considered a nursery for many of today’s news television stalwarts.

    A report in Business Standard yesterday quoted unnamed sources confirming the move to appeal against the SEBI order in the appellate tribunal.

    VCPL had indirectly acquired controlling stake of up to 52 per cent stake of the media company without making an open offer, according to SEBI, which ordered VCPL to pay an interest of 10 per cent along with the offer price for allegedly violating the takeover norms of the SEBI Act.

    “The elaborate mechanism adopted by the noticee (VCPL) and its associates appear to be solely to deflect attention from this acquisition and thus covetously overcome the obligations imposed by the takeover regulations,” SEBI had earlier observed while passing strictures against VCPL.

    NDTV, one of the earliest private sector broadcasting company, was founded by Prannoy Roy and family along with close associates. However, in the last few years, fortunes of NDTV, which owns and runs a couple of news channels, has dipped with the arrival of more aggressive news channels. A contentious and lengthy fight with government agencies over disputed tax claims too has eroded the media company’s brand and financial value.

    A market listed company, NDTV’s share prices have appreciated over the last few days after SEBI’s initial order relating to VCPL.

    Also Read :

    Regulator Sebi orders open offer for NDTV within 45 days

    Retail, e-com biz eat into NDTV’s TV media profits for Q3

     

  • Paytm appoints Ex- RBI deputy governor as advisor

    Paytm appoints Ex- RBI deputy governor as advisor

    MUMBAI: Indian e-commerce payment system and digital wallet company, Paytm has appointed former RBI deputy governor Rama Subramaniam Gandhi as an advisor to the company.

    In a blog post, the company said it would benefit from Gandhi’s knowledge and experience on payment systems, regulations, compliance and corporate governance. 

    Paytm founder and CEO Vijay Shekhar Sharma is excited about having Gandhi on board. He says, “Since the beginning of our journey, we have focused on building an organisation that has the culture and the resources of serving our customers responsibly. Mr. Gandhi joins our family, which now includes some of the most distinguished Indian and global leaders in the fields of finance, law, technology and business, all working together to help us achieve this goal.”

    Gandhi adds, “I am delighted to join Paytm as an advisor in its journey to bring digital and financial inclusion to half a billion Indians. I have dedicated my whole life to formulate policy and strengthen institutions in the financial services space. I will be happy to share my insights and guide Paytm in the creation of innovative financial services.”

    Before holding the position of the deputy governor, Gandhi worked with the central bank and was a member of the first Monetary Policy Committee. 

    He had a three-year secondment to the Securities and Exchange Board of India (SEBI) and has also been the head of two regional offices of the Reserve Bank. 

    Besides holding strategic roles in RBI, he had also piloted several innovative projects on IT, payment systems, financial literacy, financial inclusion and other developmental initiatives.

  • Hathway CFO Vineet Garg resigns

    Hathway CFO Vineet Garg resigns

    MUMBAI: Hathway Cable and Datacom chief financial officer (CFO) Vineet Garg has resigned effective 15 May 2018. He has also resigned as a director from the board of Hathway Bhawani Cabletel and Datacom.

    “We wish to inform you that Vineet Garg, director, has tendered his resignation with immediate effect i.e. from 30 March 2018,” Hathway Bhawani said in a filing to the BSE.

    Hathway’s release to the BSE stated: “Pursuant to Regulation 30 (6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Part A of Schedule III, we wish to inform your kind office that Vineet Garg-chief financial officer (key managerial personnel) of the company has tendered his resignation and his resignation shall be effective from 15 May 2018.”

    Garg had joined Hathway in June 2014. He was promoted to CFO in February 2016 following the exit of G Subramaniam. Prior to Hathway, Garg was with Reliance Communications as national head lifecycle management – wireless operations. His career spans more than 21 years in the telecom and media industry.

    Also Read:

    Hathway reports improved standalone Q3 results

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  • NDTV promoters get clean chit from SEBI in disclosure case

    NDTV promoters get clean chit from SEBI in disclosure case

    MUMBAI: NDTV promoters Prannoy Roy, Radhika Roy and firm RRPR Holdings can breath a sigh of relief as the Securities and Exchange Board of India (SEBI) has cleared them of charges related to delayed disclosure of company details at the end of the financial year 2011-12. Proceedings against the company have been disposed.

    At the end of every financial year, promoters need to disclose shareholding and voting rights details within 7 working days after 31 March. NDTV was alleged to have delayed this by 64 days to the BSE and one day to the NSE for the FY 2011-12.

    SEBI stated that after investigation, it found them to have made the requisite disclosures to both the trading bodies within the stipulated time. While the BSE admitted that it had reported an incorrect receipt date while the NSE clarified that it got the details in time.

  • $23 bn Voda-Idea merger approved, 407 mn combined subs

    MUMBAI: Consolidation in the telecom sector seems to be progressing well, especially in the backdrop of big leaps by the new entrant Reliance Jio.

    The Competition Commission of India reportedly approved US$23 billion Vodafone-Idea merger unconditionally, with no additional scrutiny. Idea and Vodafone had, in March 2017, decided to join hands to take on intense competition, eventually creating India’s largest telecoms operator.

    Vodafone India advisor Shardul Amarchand Mangaldas, in a statement, said the regulator had approved the merger. Idea advisor Trilegal stated that the merger would create significant efficiencies and synergies.

    The combined entity would become the largest in terms of subscribers (over 407 million), revenue market share (41 per cent), subscriber market share (almost 34.50 per cent) and spectrum holdings (1850 Mhz). Market leader Bharti has over 278.60 million subscribers, around 35.6 per cent revenue market share (RMS), 23.59 per cent subscriber market share (SMS) and 1489 Mhz of spectrum holdings.

    The regulator has sent the letters of approval to Idea and Vodafone. NCLT is the agency which will ensure the merger is in accordance with DoT and M&A guidelines.

    Now, Idea and Vodafone will have to move to SEBI for required approvals.  Other regulatory approvals for the merger are reportedly anticipated in six months. Idea and Vodafone have assured the government they would return spectrum in whichever circle mandated.

    ALSO READ :

    Idea-Vodafone India merger creates leader with 42% market share

    Four telcos will emerge from India consolidation, predicts CCS Insight

     

  • Airtel-Telenor India merger approved by CCI

    MUMBAI: The Competition Commission of India (CCI), vide its letter of 5 June 2017, has approved the proposed merger of Telenor (India) Communications Private Limited with Bharti Airtel Limited.

    Telenor India and Airtel had on 1 June filed the joint company application before the New Delhi bench of the National Company Law Tribunal for approval of the proposed scheme of merger.

    Airtel recently stated that it has received the merger approval from Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange (BSE).

    The Sunil Bharthi Mittal owned company entered into a deal with Telenor South Asia Investments to buy Telenor India’s operations in Andhra Pradesh, Maharashtra, Gujarat, Bihar, UP (East), Assam, and UP (West). These seven circles provide about 35 per cent to Airtel’s total revenue. Airtel will also get on some of the Nordic telco’s political liabilities.

  • GTPL Hathway gets SEBI nod for Rs 600-cr June IPO, to repay loans, expand cable & b’band with new tech

    MUMBAI: GTPL Hathway, a part of Hathway Cable and Datacom which offers cable TV and broadband services, is preparing to raise around Rs 600 crore through an initial public offer (IPO) in June.

    Proceeds from the IPO will be utilised towards repayment of loan and other general corporate purpose, PTI reported.

    A company statement stated that they had received capital markets’ regulator SEBI approval to float the IPO.

    According to the Draft Red Herring Prospectus (DRHP), the company’s public issue comprises fresh issuance of equity shares worth Rs 300 crore and offer for sale of 1.8 crore scrips by the existing shareholders.

    BNP Paribas, JM Financial Institutional Securities, Motilal Oswal Investment Advisors Pvt Ltd and Yes Securities will manage the public issue.

    By 30 September last year, GTPL Hathway’s digital cable TV services reached 169 towns across India, including towns in Gujarat, Maharashtra, Bihar, West Bengal, Assam, Jharkhand, Madhya Pradesh, Telangana, Rajasthan and Andhra Pradesh.

    With around 5.41 million active digital cable subscribers, the company is now preparing to expand both its cable TV and broadband services with newer technology.

    The company is gradually phasing out analogue services so as to comply with the government’s policy on digitisation, which will provide it an opportunity to expand products with broadband services and additional high definition channels.

  • Idea-Vodafone India merger creates leader with 42% market share

    MUMBAI: Britain’s Vodafone Group’s Indian subsidiary and Aditya Birla Group’s Idea Cellular, after eight months of discussion, have merged to create a new market leader better able to contest a brutal price war. The merger, expected to be completed in 2018, was necessitated due to the launch of Jio Infocomm that shook the Indian wireless telephony market with its low rates.

    Idea Cellular on Monday approved the merger with Vodafone Mobile Services Limited and Vodafone. According to a statement, promoters of Idea and Vodafone will have the right to nominate three directors each.

    The combined company would have almost 400 million customers, 35 per cent customer market share and 42 per cent revenue market share.

    According to reports, Idea Cellular will hold 25% stake in the merged company. Vodafone will hold 45.1 per cent stake, and will transfer 4.9 per cent stake to Idea founders. The merger will require regulatory approval.

    The equity value of the companies was estimated at Rs 40,000 crore each while the combined entity would have debt of around Rs 89,000 crore.

    In a BSE filing, Idea Celluar announced its approval of amalgamation of Vodafone India Ltd (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMSL) with the company subject to receipt of necessary approvals of shareholders, creditors, SEBI, RBI and other governmental authorities.

    Idea release stated the proposed amalgamation may result in: Creation of the largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint. Sufficient spectrum to complete with major operators in the market while offering innovative priced mobile services to customers and acceleration of expansion of wireless broadband networks.

    “The combination of Vodafone India and Idea will create a new champion of Digital India founded with a long-term commitment and vision to bring world-class 4G networks to villages, towns and cities across India,” said Vodafone Group CEO Vittorio Colao.