The National Company Law Appellate Tribunal (NCLAT) on Monday upheld the approval of Sapphire Media’s resolution plan for acquiring Big 92.7 FM, owned by Reliance Broadcast Network Limited, dismissing a batch of appeals filed by Radio Mirchi, Orange FM, and others.
The NCLAT Bench, comprising 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.”
Earlier, the National Company Law Tribunal (NCLT) cleared Sapphire Media’s resolution plan in a ruling on May 6, 2024, with the plan being filed for approval by the resolution professional in NCLT Mumbai.
The decision made by the National Company Law Tribunal (NCLT) was contested by the unsuccessful bidders, Abhijit Realtors & Infraventure and Creative Channel Advertising & Marketing, who filed a set of five appeals before the NCLAT. The appellants claimed that there were irregularities in the process followed by the resolution professional of Reliance Broadcast Network Ltd (RBNL), but these allegations were dismissed by the appellate tribunal.
With 58 radio stations across India, Big 92.7 FM is one of the country’s largest radio networks, covering over 1,200 towns and 50,000 villages. This acquisition strengthens Sapphire Media’s expansion efforts in the media sector.
Sapphire Media, led by Aditya Vashistha and businessman Sahil Mangla, also runs a national Hindi news channel, India Daily, and is one of India’s largest outdoor advertising companies.
