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Reliance MediaWorks to merge of their global Film & Media Services business with Prime Focus

Reliance Group entity, Reliance MediaWorks and Prime Focus Ltd. announce combination of their global Film & Media Services business

Reliance Group and Prime Focus Limited (PFL), a global leader in media and entertainment industry, today announced the combination of the global film & media services business of Reliance MediaWorks’ (RMW) with Prime Focus. Namit Malhotra will be the Executive Chairman and Global CEO of Prime Focus Ltd. A press release on the same states that, “RMW and the promoters of Prime Focus, Naresh and Namit Malhotra, will each infuse fresh equity capital of Rs120 crore into Prime Focus at Rs52 per share, through a preferential allotment, aggregating Rs240 crore. The equity proceeds will be used to fund the recent merger of Double Negative with Prime Focus.”

 

As part of the transaction, the India and overseas operations of RMW’s Film and Media Services business will be combined with PFL through a slump sale. The net consideration will be paid in the form of fresh equity shares of PFL valued at Rs52 per share. Post the preferential allotment and the business combination as above, the fully diluted shareholding of the promoters of PFL will be 33.5%, while RMW will be at 30.2%.
 

The promoters of PFL and RMW simultaneously also announced the mandatory open offer in Prime Focus, to the extent of 26% of the fully diluted share capital of PFL, at INR 52 per share, in compliance with applicable SEBI rules and regulations.
 

The combination will result in the immediate extension of Prime Focus’ infrastructure across India, UK and North America including inter alia:
 

-a total of one million sq. ft. of facilities including studio facilities in Film City, Mumbai

-30% stake in renowned Hollywood VFX house, Digital Domain, widely acclaimed for its award winning VFX work on Titanic and The Curious Case of Benjamin Button etc.
 

-100% ownership of Los Angeles-based digital film restoration firm, Lowry Digital, an Oscar winner for Scientific and Technical Achievement in 2012.

 

We had earlier reported suspected insider trading in Prime Focus — Insider trading in Prime Focus?

 

User

Anticipating Achche Din, property companies are bombarding with spam mails

Shockingly, the most active domains into the spamming business, propertyrecourse.com, promotionpoint.in and brandrecourse.com are registered under the name of “NIIT” from Gurgaon

 

Updated: This article has been updated on 3 July 2014


Over the past few months, there has been a sudden jump in number of emails being sent for buying a property, especially in and around Delhi, Mumbai and Bangalore. Most of these emails try to lure customers in with 'never before' rates or discounts on certain properties. Obviously all these emails are nothing but unsolicited commercial communication or spam.

A lot of these mailers are being sent by propertyrecourse.com, promotionpoint.in (actually it is brandrecourse.com), greatbuyhome.com and openminds.co.in. Now comes the shocking part. The most active domains in the spamming business, propertyrecourse.com, promotionpoint.in and brandrecourse.com are registered under the name of NIIT from Gurgaon, as per the data from Who.is!


Coming back to other domains, greatbuyhome.com is shown registered at Portland in the US with generic names like Domain Administrator as registrant. As per the old raw data from Who.is, on 26 February 2013, its registrant was one Rajan Singh.

The other spamming domain, openminds.co.in, sends mails mostly for Mumbai properties. This is shown at Who.is as registered by one Deepak Agrawal from Mumbai. Another domains that sends spam mails is Landtrades.in and dealconnect.co.in. While Landtrades.in is registered by one Srinath Hebbar from Mangalore in Karnataka, the other domain is registered by one Chanchal Chauhan from Delhi.

The problem with spam is that it wastes a lot of time and bandwidth on the internet. This also creates unnecessary load on email servers and internet service providers (ISPs). With the absence of any firm or strict law, the recipient has no other option but to either delete the email or mark it as spam or junk. But this does not guarantee that you will not receive such spam in future. Indeed, there is a flood of these property mailers everyday.

According to a report from Sophos Labs, during January to March 2014, the US remained at the top of spam volume with 16.4% share across the globe. India, on the other hand dropped to 12th position during the March quarter compared to the 6th spot during the December 2013 quarter.


According to law4spamregulation.blogspot.in, there is no law presently in India that deals with the issue of spam." The Information Technology Act, 2000 (the "IT Act") does not contain any provision regulating the act of 'spamming'.”

The Canadian Anti-Spam Legislation (CASL), which is described as ' the broadest legislation of its kind across the world' came into force from 1st July. This is one of the toughest laws for curtailing the spam mail menace. The law impacts any commercial communication sent by businesses of all shapes and sizes – including non-profits and charities, with some exceptions. The legislation applies to any message sent from or accessed by a computer in Canada. The penalties for each violation can be up to $1-million for an individual and up to $10-million for companies. Canada is the last of the G20 countries to pass this type of legislation, which is a part of international agreements.

Will we have something similar for India as well or will we end up being behind the curve of this too?

 

UPDATE: This article has been updated on 3 July 2014 4.15pm

 

Here is the response received from NIIT...

 

NIIT, the computer education provider has denied any relations with the abovementioned domains. In an email, Prateek Chatterjee, vice president for corporate communications & marketing, at NIIT, said, "At the outset we are thankful to you for bringing to our notice, the criminal activities of sending spamming mails to the public by misusing NIIT’s brand name. NIIT is not engaged in business activity of the sale/ purchase of properties in any manner, whether directly or indirectly. We have no connection with the three domain names that have been referred to in your news item. Neither have we registered them nor have we authorized anyone else to do so. Even when it comes to NIIT’s own business activities, it does not indulge in sending the spam mails."

"As the consequential measure, we are simultaneously writing to the Domain Registrar to immediately stop mentioning NIIT as the Registrant of the three domain names.  We are also considering taking action against the errant persons who have indulged into the criminal mischief of misrepresenting NIIT and harassing the public," he added.

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