The National Company Law Appellate Tribunal (NCLAT) has upheld the approval of Sapphire Media‘s resolution plan to acquire Big 92.7 FM, owned by Reliance Broadcast Network.
In doing so, the tribunal dismissed multiple appeals against the earlier National Company Law Tribunal (NCLT) order that approved Sapphire Media’s bid for the company.
The NCLAT Bench, led by Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, concluded, “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.”
On May 6, 2024, NCLT approved Sapphire Media’s resolution plan, which had been filed for approval by the resolution professional at NCLT Mumbai.
NCLT’s decision was challenged by the unsuccessful bidders, Abhijit Realtors and Infraventure and Creative Channel Advertising and Marketing, who filed five appeals before the NCLAT. The appellants alleged irregularities in the process conducted by the resolution professional of Reliance Broadcast Network. However, these claims were rejected by the appellate tribunal.
Sapphire Media, headed by Aditya Vashistha and businessman Sahil Mangla, operates India Daily, a prominent national Hindi news channel, and is also recognised as one of India’s largest outdoor advertising firms.
