Page 2 - Network 18

Top Headlines: Wilful defaulters revealed, IOC may not bid for BPCL & more

Here are the top headlines of the day

Network18 case: Sebi says no open offer needed on investments involving IMT

Markets regulator Sebi on Friday said that no open offer needs to be made due to various agreements involving investment by Independent Media Trust (IMT) of funds received from a Reliance entity into Network 18 companies. It was alleged Reliance Industries Ltd (RIL) in the guise of executing investment agreement or so called Zero Coupon, Optionally & Fully Convertible Debentures (ZOCDs) agreement, indirectly acquired control over Network 18 without following the procedure prescribed under the Takeover Regulations. In February 2012, ZOCD agreement was entered into by and between six private limited companies (together termed as holding companies) owned and controlled by IMT, Raghav Bahl and his wife in their individual capacity. Under the ZOCD agreement, IMT was to invest funds received from Reliance Industrial Investments and Holdings Limited by subscribing to the ZOCDs of the holding companies and these holding companies were obliged to utilise ZOCD subscription amount for ...

RIL-Network 18 deal: Tribunal asks Sebi to pass order by November 30

The Securities Appellate Tribunal (SAT) on Thursday asked markets regulator Sebi to pass an order by the end of November in the matter of Reliance Industries' acquisition of Network18 Media & Investments (NW18) and TV18 Broadcast (TV18). The order comes following an appeal filed by Victor Fernandes and Sangeeta Fernandes seeking further direction from the tribunal. The tribunal, in June last year, had directed Sebi to re-examine whether there have been violations of listing agreement with respect to Reliance Industries' acquisition of Network18 Media & Investments (NW18) and TV18 Broadcast (TV18). Besides, the regulator was asked to check whether Reliance Industries Ltd (RIL) acquired indirect control of the two companies through Independent Media Trust (IMT). However, more than one year have elapsed and the Securities and Exchange Board of India (Sebi) has not taken a decision and consequently, the applicants filed an application seeking further direction from the ...

Network18 revenue plunges marginally to Rs 3.66 bn in Dec quarter of FY18

Network18 Media and Investments, thebroadcaster that runs news and entertainment channels, and digital platforms inthe country reported a dip in revenue from operations in Q3FY18 (quarter endedDecember 31, 2017). From Rs 3.73 billion in Q3FY17, revenues dipped to Rs 3.66billion in the quarter under consideration. However on significant reduction in costs(Rs 4.02 billion in Q3FY18 versus Rs 4.31 billion in Q3FY17) and other incomesurging to Rs 730 million in Q3, Netwrok18 EBIDTA for the quarter was Rs 80million versus loss of Rs 140 million same quarter last year.

SAT for fresh probe into Network 18 deal

The direction to Sebi was given while deciding on an appeal which alleged that the open offer price fixed by the acquirers of Network 18 was much less