NDTV promoters to appeal against SEBI order imposing Rs 27 cr fine
The SEBI contended that certain loan agreements had clauses that have an adversarial effect on NDTV shareholders
Markets regulator SEBI has imposed a penalty of Rs 27 crore on NDTV promoters Dr. Prannoy Roy and Mrs. Radhika Roy and RRPR Holding Pvt Ltd, the promoter company of NDTV, for alleged non-disclosure of certain loan agreements.
The SEBI contended that certain loan agreements had clauses that have an adversarial effect on NDTV shareholders.
In a regulatory filing, the company informed that Dr. Prannoy Roy and Mrs. Radhika Roy, the Founders and Promoters of NDTV, will appeal against the SEBI order.
The SEBI order issued on December 24, 2020, states that the Founders and Promoter Group Company have violated the provisions of Section 12A (a) and (b) of the Securities and Exchange Board of India Act, 1992 (SEBI Act) read with Regulations 3 (a), (b), (c), (d) and 4 (1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.
The order also noted that the founders have violated Clause 49 (1) (D) of the Equity Listing Agreement read with Section 21 of the Securities Contracts (Regulation) Act, 1956.
SEBI imposed a penalty of Rs 25 crores on the Founders and Promoter Group Company under Section 15HA of the SEBI Act, to be paid jointly and severally within 45 days of the receipt of the order. Further, a penalty of Rs. 1 Crore each has been imposed on the Founders under Section 23H of the Securities Contracts (Regulation) Act, 1956, to be paid within 45 days of the receipt of the order.
Dr. Prannoy Roy and Mrs. Radhika Roy, Founders and Promoters of NDTV and RRPR Holding Private Limited (Promoter Group Company), have repeatedly said, including in disclosures to the stock exchanges, that they have never directly or indirectly, through any transactions or agreements, allowed for a transfer of control of NDTV and they continue to own and hold 61.45% of the total paid-up share capital of NDTV.
"They have today informed the Company that an order by the Securities and Exchange Board of India (SEBI), dated December 24, 2020, has found otherwise. They will urgently appeal against this order, which is based on the alleged non-disclosure of the loan agreements entered into in 2008-2010 by the Founders and the Promoter Group Company with Vishvapradhan Commercial Private Limited and ICICI Bank Limited," the company said.
It further added that the core issue of the alleged surrender of control is pending adjudication at the Securities Appellate Tribunal, which, in 2019, granted a stay in favor of the Founders of NDTV, which is still in operation.
"The Founders have informed the Company that their lawyers, led by Ms. Fereshte Sethna, Senior Partner at DMD Advocates, hold that the SEBI order is inter alia based on an inaccurate assessment of facts and will not withstand scrutiny in appeal. The appeal will be filed immediately
Meanwhile, NDTV and its subsidiary NDTV Convergence are collectively selling a 48.44 % stake in their subsidiary Red Pixels Ventures Limited (RPVL) to A R Chadha and Co India Pvt Ltd and its Affiliates for Rs 11,483.18 per equity share.
In a regulatory filing, the company said that the deal is subject to the parties entering into definitive agreements to the satisfaction of the Board. RPVL operates Gadgets360.com, one of the world’s largest tech sites.
The stake sale, as approved by the Board of Directors, will comprise of 1) NDTV divesting its entire holding and 2) NDTV Convergence divesting 11.40% of its current holding. RPVL's turnover in FY20 was Rs 7.28 crore contributing 1.85% of the total turnover of the company. RPVL's net worth stood at Rs 16.95 crore attributing 19.22% of the net worth of the Company for the FY 2019-20.
Following the sale of the 48.44% stake in RPVL, the entity will cease to be a subsidiary of NDTV.
The company also informed that in continuation of the disclosure dated August 2, 2020, the Ministry of Information and Broadcasting (MIB) has approved the appointment of Darius Taraporvala as Non-Executive Non-Independent Director of the Company, and the appointment is effective December 24, 2020.
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Free Dish e-auction: 7 slots of Bucket D sold out for over Rs 79 cr
Zee Chitramandir, Zee Punjabi, Fakt Marathi, Shemaroo MarathiBana, Manoranjan Movies, Sanskar TV and Sun Marathi picked up the slots
By exchange4media Staff | Mar 18, 2023 7:50 AM | 1 min read
Prasar Bharati has mopped up over Rs 79 crore from the sale of seven slots under Bucket D of the DD Free Dish e-auction.
This bucket comprises all other remaining genres of Hindi, Devotional/ Spiritual/Ayush, all genres of Marathi, Punjabi and Urdu channels and news and current affairs (English) channels. The base price was Rs 6 crore.
Sources close to the development confirmed six channels that picked up the slots were Zee Chitramandir (Rs 13.40 crore), Zee Punjabi (Rs 12.45 crore), Fakt Marathi (Rs 12.65 crore), Shemaroo MarathiBana (Rs 13 crore), Manoranjan Movies for Rs (13.4 crore), Sanskar TV (Rs 14.6 crore) and Sun Marathi.
Bucket D has eight slots, out of which seven have been sold out. Bidding for the eighth slot will continue today.
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Free Dish e-auction: ABP News picks up 6th slot for Rs 17 cr
The six slots under Bucket C category have been secured by News18, Republic Bharat, TV9, Zee News, NDTV and ABP News
By exchange4media Staff | Mar 17, 2023 12:23 PM | 1 min read
ABP Network has picked the last slot on DD Free Dish. According to sources, ABP News secured the last slot on DD FreeDish for Rs 17.10 crore.
Under Bucket C, which comprises news and current affairs (Hindi) channels, News18, Republic Bharat, TV9, Zee News, NDTV and ABP News bagged the slots. The base price for the bucket was Rs 7 crore.
Prasar Bharati has now made Rs103.15 crore from the six slots under Bucket C.
The highest price paid in this category was Rs 19.85 crore.
As reported earlier by exchange4media, News18 bought the first slot for Rs 19.85 crore, Republic Bharat secured the second one for Rs 16.55 crore, TV9 took the third slot for Rs 14.55 crore, Zee News bought the fourth slot for Rs 15.5 crore and NDTV bought the slot for Rs 16.55 crore.
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ZEEL likely to settle IndusInd Bank's dues: Reports
News agencies say the media company could pay Rs 83.7 crore to the bank on Friday
By exchange4media Staff | Mar 17, 2023 8:56 AM | 1 min read
ZEEL is likely to repay IndusInd Bank's dues, according to media reports.
The media network is looking to resolve the insolvency proceedings for completing the merger with Sony.
As per media reports, dues amounting to Rs 83.7 crore may be settled on Friday, prompting the bank to withdraw the insolvency proceedings thereafter.
It may be noted that in February the National Company Law Appellate Tribunal stayed the insolvency order against ZEE.
ZEEL CEO Punit Goenka had said that the focus was now on the timely completion of the proposed merger.
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Free Dish Auction Day 4: News channels defy boycott call, buy 5 slots for Rs 83.05 crore
Prasar Bharati collected Rs 116.9 crore from the sale of seven slots
By Sonam Saini | Mar 17, 2023 8:33 AM | 1 min read
On the fourth day of the e-auction for DD Free Dish MPEG-2 slots on Thursday, Prasar Bharati collected Rs 116.9 crore for seven slots. So far, the pubcaster has collected Rs 407.95 crore from the sale of 23 slots.
According to sources, under Bucket B category, which comprises music, sports and Bhojpuri language channels, the last two slots were picked by Zee Ganga for Rs 16.65 crore and Zing for Rs 17.20 crore.
Meanwhile, in an important development, despite the News Broadcasters Federation (NBF) and the News Broadcasters & Digital Association (NBDA) announcing their decision to boycott the auction, News18, Republic Bharat, TV9, Zee News and NDTV bought slots.
As reported earlier by exchange4media, News18 bought the first slot for Rs 19.85 crore, Republic Bharat secured the second one for Rs 16.55 crore, TV9 took the third slot for Rs 14.55 crore, Zee News bought the fourth slot for Rs 15.5 crore and NDTV bought the slot for Rs 16.55 crore. The base price for Bucket C, which comprises news and current affair (Hindi) channels, is Rs 7 crore.
The public broadcaster made Rs191 crore on the second day from 11 slots and Rs 100 crore on the third day from five slots. The first day of the auction was washed out because of a technical glitch.
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Free Dish auction: Despite boycott call, News18, Republic Bharat, TV9, Zee News buy slots
News18, Republic Bharat, TV9 & Zee News paid Rs 19.85 crore, Rs 16.55 crore, Rs 14.55 crore and Rs 15.5 crore respectively, shared sources
By Sonam Saini | Mar 16, 2023 6:16 PM | 1 min read
News18, Republic Bharat, TV9 and Zee News have secured slots on DD Free Dish on the third day of the MPEG-2 e-auction, e4m has learnt from reliable sources. The channels participated in the bidding despite News Broadcasters Federation (NBF) and the News Broadcasters & Digital Association (NBDA) announcing their decision to boycott the process.
According to the sources, News18 bought the first slot for Rs 19.85 crore, Republic Bharat secured the second one for Rs 16.55 crore, TV9 took the third slot for Rs 14.55 crore and Zee News bought the fourth slot for Rs 15.5 crore. The base price for Bucket C, which comprises news and current affair (Hindi) channels, is Rs 7 crore.
On March 14, the NBF and NBDA, which represent almost all national and regional news channels of the country, decided not to participate in the -auction. In a letter written to I&B Minister Anurag Thakur, the NBF and NBDA stated that the auction procedure was skewed against all news and current affairs channels.
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DD Free Dish: News channels bid in e-auction despite broadcaster boycott
The first two slots under Bucket C, for news & current affairs (Hindi) channels, has been picked up for Rs 19.85 crore and Rs 16.55 crore say sources
By Sonam Saini | Mar 16, 2023 4:46 PM | 1 min read
Despite broadcasters' decision to opt out of the DD Free Dish e-auction for the vacant slots of MPEG-2, sources told exchange4media that some news channels have started bidding for them. The first slot under Bucket C, which is for news & current affairs (Hindi) channels, has been picked up for Rs 19.85 crore and the second slot picked up for Rs 16.55 crore. The bidding for the third slot has started.
On March 14, the News Broadcasters Federation (NBF) and the News Broadcasters & Digital Association (NBDA), which represent almost all the national and regional news channels of the country, decided not to participate in the ongoing DD Free Dish MPEG-2 e-auction. In a letter to I&B Minister Anurag Thakur, NBF and NBDA stated that the auction procedure was skewed against all news and current affairs channels.
This is a developing story.
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Free Dish Auction: Prasar Bharati collects Rs 291 cr in two days as 16 channels buy slots
At Rs 24 crore, Zee Anmol Cinema buys the most expensive movie genre slot ever
By Sonam Saini | Mar 16, 2023 8:32 AM | 2 min read
Prasar Bharati collected Rs 291.05 crore in the first two days of the ongoing e-auction for vacant MPEG-2 slots on DD FreeDish. The public broadcaster made Rs191 crore on the second day and Rs 100 crore on the third day. The first day of the auction was washed out because of a technical glitch.
On the third day of the fifth annual 67th e-auction on Wednesday, five channels bagged slots across Movie genre and Music (Hindi) channels, Sports (Hindi) channels and All Channels of Bhojpuri languages. This year, each category has six slots as against 14 slots each in the previous year.
According to industry sources, who were also the part of bidding process, the last slot in Bucket A category (Movies genre) set a record of sorts, with Zee Anmol Cinema paying Rs 24.05 crore for it. This is the highest price ever paid in the history of DD Free Dish for a slot in the genre, claim sources. The amount is more than double the base price of Rs 12 crore set for a slot in the category.
The sources also shared that there was fierce bidding for this slot which went on for almost three hours, which again is a first in the history of Free Dish auction. Never has the bidding for a slot lasted this long.
Meanwhile, under Bucket B, comprising Music (Hindi) channels, Sports (Hindi) channels and All Channels of Bhojpuri languages, four slots were secured on Wednesday. Sports18, MTV Beats, Zee Biskope and Mastii bagged the slots. The highest price, Rs 21.2 crore, in this category was paid by Zee Bsikope so far. The base price of a slot in this category is Rs 10 crore.
The bidding for the remaining slots in the category will take place today.
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