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?
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.
Nifty may suffer intraday reverses but the trend is firmly up
The S&P BSE Sensex and the NSE Nifty closed at their all-time high on Wednesday, after registering gains in four consecutive days. The day started on a bullish note with both the broad market indices opening higher than the previous days close.
The Sensex opened at 25,661, while the Nifty opened at 7,683. After a minor correction in the first hour of trading the indices rallied steadily and hit their all time intra-day high just an hour before the close of trading. The Sensex hit an all-time intra-day high of 25,865, before closing at 25,841 (up 325 point or 1.27%). The Nifty hit an intraday high of 7,732 and ended the day at 7,725 (up 91 points or 1.18%).
The NSE recorded a volume of 114.94 crore shares traded. The India VIX fell lower by 0.52% to close at 17.57. On the Nifty, only six stocks declined. Among the 30-share Sensex, 28 stocks remained in the black and two declined. The top five gainers on the Nifty were Sesa Sterlite (4.64%), NTPC (3.23%), BHEL (2.87%), Lupin (2.71%) and Coal India (2.48%). With the rupee gaining the most in six weeks, technology companies were shelved by traders in today’s session. The bottom five losers on the Nifty were HCL Technology (-1.16%), Infosys (-0.50%), PNB (-0.47%), GAIL (-0.43%) and Tech Mahindra (-0.15%).
Of the 1,579 companies traded on the NSE, 968 companies gained while 554 companies declined. On BSE, 1,907 shares gained and 1,157 shares fell. A total of 114 shares were unchanged. Among the sector indicies on the NSE, Media was the only index that declined in value, falling by -0.04%. The top five gainers were MNC (2.37%), Infra (1.95%), Metal (1.93%), Pharma (1.88%) and Auto (1.59%). The bottom five losers were Service (1.09%), PSU bank (0.34%), Realty (0.22%), IT (0.05%) and Media (-0.04%).
The government raised the minimum export price of onions by 67% to $500 per tonne. The price was earlier set at $300 per tonne on 17 June. Curbing inflation is one of the major challenges for the government ahead of the budget next week.
High fiscal deficit and inflation are major challenges for the country, said finance minister Arun Jaitely. He also suggested that he may revise the fiscal deficit target for the current fiscal to 4.42% up from the earlier 4.10% set by the earlier government. The amin reason for this is because tax receipts may grow by around 16.4% lower than the optimistic 19% projected by the earlier government.
In a report released today, Moody's expects the new government to increase the retail selling prices of controlled fuel products - kerosene and liquefied petroleum gas (LPG), to help control its subsidy burden.
The rupee posted its biggest single-day gain since mid-May and rose to its highest level in more than two weeks. The rupee-dollar exchange rate rose to Rs59.62 per dollar, its strongest since June 13. The 10-year benchmark bond yield fell to 8.66%, its lowest since June 18.
Global shares too hit fresh highs after European markets tracked gains in Asia. Investors expecting US employment figures to continue a run of upbeat data that has driven the market to record highs.
The Dow and S&P 500 had both hit record closing highs on Tuesday, as did the MSCI world equity index. The Dow gained 0.77% to close at 16,956 and the S&P 500 0.67% to close at 1,973, while the Nasdaq put on 1.14% to close at 4,459.