NCLAT approves Sapphire Media’s resolution plan and acquisition of 58 Radio Stations of Big 92.7 FM, big Set back To Radio Mirchi & Orange FM
The Principal bench of the National Company Law Appellate Tribunal, Principal Branch, Delhi (NCLAT) on Monday dismissed the Plea 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.
The NCLAT Bench comprising Chairperson
Justice Ashok Bhushan and (Technical) Member Barun Mitra in its order said that “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”.
Earlier The NCLT Bench comprising technical member Madhu Sinha and judicial member Reeta Kohli had approved the resolution plan submitted by Sapphire Media Limited in its order dated May 6 2024.
The resolution professional subsequently filed an application with NCLT Mumbai seeking approval of Sapphire Media Limited’s resolution plan.
Big 92.7 FM As the country’s largest radio network with 58 stations and a reach of over 1,200 towns and 50,000+ villages, the brand will reinforce 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 runs a national national hindi news channel in name of India Daily and is one of the biggest outdoor advertising company in India.
