At least half a dozen foreign satellite firms with over 100 C-band transponders have initiated their talks with domestic media firms which are interested in launching headend-in-the-sky cable distribution platform.
Delhi HC has stayed CLB order against Essel group's bid on UNI. The tranfer of shares too has been termed null and void.
The Essel Group website calls him a "karmyogi", defined as someone who believes in action rather than worry about its consequences.
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
The Securities and Exchange Board of India does not seem to have understood the enormity of what funds have been up to. If Sebi does not crack down on mutual funds using cooked-up credit ratings to hide behind promoter funding, this is bound to grow into a systemic menace, says Debashis Basu.But MFs decided to become lenders without the legal backing to secure themselves, or the skillset to assess lending risk. If Sebi does not crack down on mutual funds using cooked-up credit ratings to hide behind promoter funding, this is bound to grow into a systemic menace, says Debashis Basu.
Essel group on Tuesday welcomed the terms of the tender and said it would submit its bid on Wednesday.\n
Zee Entertainment Enterprises Ltd on Wednesday approached the National Company Law Appellate Tribunal (NCLAT) against the requisition of minority shareholders Invesco and OFI Global China Fund to convene an Extraordinary General Meeting (EGM) to discuss various issues, including removal of managing director Punit Goenka. The media major has challenged the orders of Mumbai-bench of the National Company Law Tribunal, which had on Tuesday directed Zee Entertainment Enterprises Ltd (ZEEL) to filed reply over the petition filed by its minority shareholders by October 7 (Thursday), the next date of hearing. Confirming the development, a ZEEL Spokesperson said: "The company has moved NCLAT in accordance with the due process available under the law."
The company will make public the outcome of its Board meeting on telecast rights only after it files an affidavit in court.
Kapoor, 62, and the Wadhawans were arrested by the agency in this case early this year and they are in judicial custody at present.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
It is likely he will rope in an international ATM manufacturer as a strategic partner with equity stake.
Rs 40 crore already deployed in a residential project in Chennai.
After Essel landed the first punch by saying they were approached by IVRCL for a buyout, IVRCL's management was quick to deny every single point, even charging Essel with 'lying'.
In a landmark deal announced in Mumbai, Star Den Media Services Pvt Ltd and Zee Turner Ltd will form a joint venture to combine distribution of their respective channel bouquets in India.
The reduction in value of Chandra's assets comes close on the heels of the group's debt burgeoning to over Rs 12,000 crore, much of which he had raised by pledging his shares to banks and mutual funds in his flagship company ZEEL after many of the groups infrastructure bets did not take off.
In the past month, when the Essel Group started picking up shares of the company, IVRCL's stock has risen 31 per cent, a rare feat in a market where infrastructure stocks have been suffering due to slow movement in projects and high interest burden.
The total buyback value shall not exceed 10 per cent of the paid-up capital and free reserves of the company for the financial year ended March 31, 2011.
Puneet Goenka's ability to stay calm is probably what helped Zee rise from a down-in-the-dumps broadcaster into one of the largest, steadiest and most profitable media companies in India, reports Vanita Kohli-Khandekar.
Leading media firms Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies' linear networks, digital assets, production operations and programme libraries.
Former Indian Premier League commissioner Lalit Modi on Monday blamed the International Cricket Council and the Board of Control for Cricket in India for scuttling the Indian Cricket League.
In an open letter to Zee's shareholders, Invesco, which holds a 7.74 per cent stake in the firm, reiterated its demand for an overhaul of the media group's board and that it would pursue extraordinary general meeting (EGM) to oust chief executive Punit Goenka and two other directors. Last month, Sony Group Corp's India unit signed a non-binding offer to buy Zee.
Pakistan Cricket Board chairman Shaharyar Khan has admitted that the ICC and its member boards are worried.
The payment is overdue for the past 10 months, says Zee Turner.
Trai, consumer groups need to do some homework on the economics of their insistence.
Says Bhushan-Essel combine, the highest bidder, has withdrawn but latter denies having done so.
With a whopping Rs 303.15 crore profit they earned in the year 2007-08, the Indian cricket Board (BCCI) tops the SportzPower Money List rankings for being the most influential sports entity. The rankings have been made on the basis of the entities' financial clout and their influences on sporting arena.
Demerging print and TV news businesses will allow for separate investment by interested players.
At a time the industry is slashing headcount, citing the downturn, direct-to-home (DTH) television service providers are adding employees.
This move will make Dish TV, an Essel Group company, the first DTH operator to have installed their DTH services in consumer homes, cars, buses, aircraft, cruise liners and on trains. "Dish everywhere is our motto. We aim to provide our DTH services across all platforms, whether moving, flying or stationary," a senior Dish TV executive said. This move is likely to help the company market its services to the potential consumers more effectively.
"We plan to open another 50,000 exclusive outlets in rural areas by next year under the brand name 'ItzCash Point'and 'ItzCash World', besides opening franchisee network up to 12,000," ItzCash Vice-President, Marketing, Shekher Srivastava told PTI on Tuesday.
Sources said the ICL has signed the 10 players as its plans to field a team from Pakistan in its second tournament in March-April.
The BCCI warned its players against joining unapproved competitions in a bid to counter the Indian Cricket League being planned for September.
The STAR India-Bennet, Coleman & Company (BCCL) combine, Subhash Chandra's Essel Group and TV 18's HomeShopping 18 are among those who will air home shopping channels in the next couple of months.
Ahmedabad's Sardar Patel Stadium in Navrangpura, a regular venue of cricket ties till they were shifted to the Motera Stadium on the outskirts, is all set to host Indian Cricket League matches in its first event of the new season commencing on October 10. The development follows the signing of an agreement on Wednesday between the Essel Group promoted rebel league and the Ahmedabad Municipal Corporation which owns the stadium.
Chandra, who will turn 69 years old on Saturday, becomes non-executive director with immediate effect.
Zee TV is expected to start airing its programmes in China as soon as it gets the downlinking rights.
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