Home > Business > PTI > Report

Star gets a week's extension; Birla exits

July 16, 2003 16:28 IST
Last Updated: July 16, 2003 20:25 IST

After the dramatic exit of Kumar Mangalam Birla, whose stake has been bought by adman Suhel Seth, Star's news operations on Wednesday received yet another week's extension to continue uplinking in the present format.

Officials in the ministry of information and broadcasting said Star had replied 'adequately' to almost all of the 15 queries it had posed last week and these will now be examined in detail by the inter-ministerial group of ministries of law and company affairs soon.

Meanwhile, Equus Advertising Co Ltd chief executive officer Suhel Seth has confirmed the acquisition of Kumar Mangalam Birla's 25 per cent equity in Star's uplinking venture - Media Content and Communication Services Ltd.

This takes Seth's total exposure in MCCL to 30 per cent, they said, adding that Birla had communicated his decision to exit the venture to Star late on Tuesday night.

Star had earlier denied reports that Kumar Mangalam Birla had sold off his stake in MCCL.

Asked for confirmation of Suhel Seth picking up Birla's equity in the venture, Star India chief operating officer Peter Mukherjea had said from Mumbai, "We have been informed that Birla has decided to withdraw and now it is for the company's existing shareholders to look for an alternate."

"I am sure some way will be found," he said but did not confirm or deny whether one of the existing stake holders in the venture, Suhel Seth, was buying out Birla's equity in Star's news venture.

Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor

People Who Read This Also Read

Trai clears Reliance WLL plan

BSNL WLL phones for Rs 20

Reliance mobile for Rs 501

© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Copyright © 2003 rediff.com India Limited. All Rights Reserved.