Companies & Sectors
Sony Pictures to acquire sports channels of Zee for $385 mn
New Delhi: Sony Pictures Networks India on Wednesday announced it is acquiring the sports broadcasting business of Zee Entertainment for $385 million in an all-cash deal.
 
"Zee's TEN Sports channels being acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket, TEN Sports that operate in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East, Caribbean," a company statement said. 
 
TEN Sports holds cricket rights in South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe. 
 
It also holds the rights for world wrestling, some football leagues, WTA and ATP tennis events, golf tours, Asian and Commonwealth Games athletics, motor sports and cycling events, includig Tour de France.
 
"The acquisition of TEN Sports Network will strengthen SPN's offering for viewers of cricket, football and fight sports, complementing our existing portfolio of international and domestic sporting properties," said NP Singh, CEO, Sony Pictures Networks India.
 
"This is a landmark deal for ZEE and a step towards a strategic portfolio shuffle as we grow our general entertainment business both in the domestic and overseas markets," added Punit Goenka, Managing Director, Zee Entertainment Enterprises.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Supreme Court quashes Singur land acquisition for Tata Nano
New Delhi: In a set back to the Tatas, the Supreme Court on Wednesday set aside the land acquired by the previous Left Front government in West Bengal for the Nano car plant, saying due processes and procedures were not followed.
 
The land was acquired in 2006 for the car project, which was vehemently protested by the Trinamool Congress -- currently in power in the state with Mamata Banerjee as Chief Minisiter. Eventually, the project was shifted to Sanad in Gujarat.
 
The apex court bench of Justice V. Gopal Gowda and Justice Arun Mishra also said that all those farmers who have taken the compensation in lieu of the acquisition need not return it as they have been deprived of their lands and its fruits for last 10 years.
 
The court also said those farmers who had not taken the compensation may withdraw it and that land be returned to the owners within 12 weeks.
 
While agreeing on the quashing of the acquisition, allowing farmers to retain the amount of compensation and directing that the land be returned in 12 weeks, both Justice Gowda and Justice Mishra gave different reasons.
 
"I'm of the view that an acquisition of land in favour of a company cannot be fulfilled as a public purpose," Justice Gowda said in his judgement, adding that due procedures were not followed while acquiring the land in favour of the company.
 
Justice Mishra, in his reasoning, said acquisition in favour of a company is valid as long as it is for a public purpose and the funds for the same are used from the public exchequer.
 
Having said this, he added that: "I'm exercising the power under Article 142 of the Constitution to quash the acquisition since the Nano car project has been shifted to Gujarat and the land is not being utilised for the purpose for which it was acquired."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Diesel car ban cost auto industry Rs 4,000 cr in 8 months: SIAM
New Delhi: Society of Indian Automobile Manufacturers (SIAM) here on Wednesday said the auto industry has lost about Rs 4,000 crore in last eight months after the ban on diesel vehicles in Delhi-NCR.
 
"The auto industry has lost Rs 4,000 crore in the last eight months. I feel everyone wants to regulate the auto industry," said SIAM President Vinod K. Dasari at its 56th annual convention.
 
The ban was lifted by the Supreme Court earlier this month on diesel vehicles above 2,000 cc with one per cent environment cess.
 
Dasari said, the cess, however, will not deter people from buying the diesel vehicles and is unlikely to have any effect on pollution.
 
Union Minister for Heavy Industries Anant Geete, who was also present at the conference, said that the ministries were discussing the issue of pollution.
 
"The auto industry has the government's backing but the court's order must be respected," Geete said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)