New Delhi, Dec 24 In a significant move for the domestic media and entertainment industry, the National Company Law Appellate Tribunal (NCLAT) has approved Sapphire Media's acquisition of Big 92.7 FM.
The principal bench of the NCLAT dismissed the [lea filed by Radio Mirchi, Orange FM and others against NCLT judgement which approved the resolution plan of Sapphire Media Limited for the radio network Big 92.7 FM, owned by Reliance Broadcast Network Limited.
"After considering the submissions, we find no grounds to interfere with the NCLT's order dated May 6, 2024, and consequently, the appeals are dismissed,” according to the NCLAT bench.
“In view of the foregoing discussions and conclusions, we do not find any ground to interfere in the order of NCLT dated 06.05.2024 impugned in the above Appeals. In result, all the Appeals are dismissed,” said the bench comprising Chairperson Justice Ashok Bhushan and (Technical) Member, Barun Mitra, in its order.
Big 92.7 FM is the country’s largest radio network with 58 stations and a reach of over 1,200 towns and more than 50,000 villages.
The NCLAT decision will help Sapphire Media’s aggressive expansions plans in media space. Sapphire Media Limited is promoted by Aditya Vashistha and Kaithal based businessman Sahil Mangla.
Sapphire media also runs a national Hindi news channel called India Daily and is a key player in the outdoor advertising space.
The tribunal upheld the order of the Mumbai bench of the NCLAT, which in a ruling on May 6, 2024, approved the resolution plan of Sapphire Media for Big FM.
The order was challenged by the applicants including Abhijit Realtors and Infraventure and Creative Channel Advertising and Marketing who filed a batch of five appeals before the tribunal.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor