NCLAT Greenlights Sapphire Media's Purchase of Big 92.7 FM
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New Delhi, Dec 24 (NationPress) In a major development for the domestic media and entertainment sector, the National Company Law Appellate Tribunal (NCLAT) has sanctioned Sapphire Media's purchase of Big 92.7 FM.
The principal bench of the NCLAT rejected the appeal filed by Radio Mirchi, Orange FM, and others against the NCLT judgment that endorsed the resolution plan of Sapphire Media Limited for the radio network Big 92.7 FM, which is owned by Reliance Broadcast Network Limited.
"After reviewing the submissions, we find no basis to interfere with the NCLT's ruling dated May 6, 2024, and as a result, the appeals are rejected," stated the NCLAT bench.
"Considering the previous discussions and conclusions, we do not find any reason to overturn the NCLT's order dated 06.05.2024 that is contested in these appeals. Consequently, all appeals are denied," remarked the bench consisting of Chairperson Justice Ashok Bhushan and (Technical) Member Barun Mitra in their ruling.
Big 92.7 FM is the country’s largest radio network, boasting 58 stations and reaching over 1,200 towns and more than 50,000 villages.
The NCLAT's ruling will bolster Sapphire Media’s aggressive expansion strategies in the media sector. Sapphire Media Limited is led by Aditya Vashistha and Kaithal-based entrepreneur Sahil Mangla.
Sapphire Media also operates a national Hindi news channel named India Daily and is a significant player in the outdoor advertising industry.
The tribunal upheld the decision of the Mumbai bench of the NCLAT, which on May 6, 2024, validated the resolution plan of Sapphire Media for Big FM.
The order faced challenges from applicants including Abhijit Realtors and Infraventure, as well as Creative Channel Advertising and Marketing, who submitted a series of five appeals to the tribunal.
