Sun TV Network clarifies Rs 450 crore investment in buying movie rights
Sun TV Network shared a clarification stating that the news item is about a routine activity and does not constitute something new or extra ordinary
The Bombay Stock Exchange sought clarification from Sun TV Network with reference to the news article appeared in Business Standard as on August 01, 2015 captioned "Sun TV to invest Rs 450 Crs in buying movie rights" today.
Sun TV Network shared a clarification stating, “The Company has always been buying satellite broadcast rights from film producers to provide content for our various programming initiatives for the past several years. In that sense, the above news item is about a routine activity and does not constitute something new or extra ordinary. The amounts spent on purchase of satellite broadcast rights have been around the same ball park for the past couple of years and appropriately disclosed in annual accounts.”
“Since we believed bona fide that any disclosures about the amount allocated for purchase of movie broadcast rights are routine in nature, it does not qualify under clause 36 of the Listing Agreement,” the statement added.
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