Times Television Network has appointed Avinash Kaul as the chief executive officer (CEO) of its Bollywood entertainment network, Zoom.
Mr Kaul will report to Sunil Lulla, managing director and CEO, Times Television Network. He joins Zoom from Sahara One where he was CEO of the three channels-Sahara One, Filmy and Firangi.
Mr Kaul has 12 years of experience in the television business and has worked with HTA Fulcrum, Discovery Communications, STAR India and NDTV Media.
At NDTV Media, he had spent several years handling diverse portfolios of operations, marketing and also headed its consulting division.
Times Television Network includes channels such as Times Now, ET Now, Zoom and Movies Now.
New Delhi: The government on Tuesday fixed a price band of Rs340-Rs375 a share for raising up to Rs1,238 crore through initial sale of shares in Manganese Ore India Ltd (MOIL), which will become the fifth state-run company to see divestment this fiscal, reports PTI.
The Centre will dilute 10% stake in the country's largest manganese manufacturer, while Madhya Pradesh and Maharashtra governments will shed 5% each through the public offer that will open on 26th November and close on 1st December.
The issue would raise a total of Rs1,238 crore at the upper end of the price band, including 5% discount to retail investors and MOIL employees.
A meeting of the Empowered Group of Ministers (EGoM), chaired by finance minister Pranab Mukherjee and attended by home minister P Chidambaram and Planning Commission deputy chairman Montek Singh Ahluwalia, fixed the price band at Rs340-Rs375 a share, according to sources.
The initial public offer (IPO) will consist of over 3.36 crore shares. MOIL has a total employee strength of 6,734 and about 3,000 employees have already opened demat accounts.
For the half year ended 30th September, the company's turnover was at Rs635 crore as compared to Rs430 crore in the first half of previous fiscal. Profit after tax for the first half of this year stood at Rs330 crore against Rs201 crore in the year-ago period.
The government, which hopes to raise Rs40,000 crore through disinvestment this fiscal, has already mopped up close to Rs20,000 crore through divestment in PSUs Satluj Jal Vidyut Nigam, Engineers India, Coal India and Power Grid.
After MOIL, the follow-on public offer (FPO) of state-owned Shipping Corporation of India is next in line. Its public offer would open on 30th November and close on 3rd December. This would be followed by disinvestment in Hindustan Copper, whose FPO opens in the first week of December.
The government is likely to dilute its stake in Indian Oil Corporation, ONGC and SAIL in the last quarter of the current fiscal.
In 2009-10, the government had raised Rs25,000 crore through stake sale in Oil India, NMDC, REC and NTPC.
Money Matters Financial Services Ltd. which raised Rs445 crores in November from four top foreign investors, has been under a CBI raid since last night
Money Matters Financial Services Ltd. (MMFSL), a Mumbai-based non-banking finance company (NBFC) was raided by a large team of officials from the Central Bureau of Investigation investigating irregularities regarding market-related transactions attached to politicians.
Money Matters, until recently a small-time NBFC into debt market financial services company (debt syndication, debt placement) managed to raise a stupendous Rs445 crore at Rs625.25 per share in late October through Qualified Institutional Placement (QIP) from top investors to supposedly to grow its asset financing business such as short-term corporate funding, structured product funding, margin funding and acquisition funding to corporates.
The deal had raised a lot of eyebrows. At a time when NBFCs and debt market brokers have been struggling to grow their businesses, it was amazing that a company like Money Matters with little pedigree could raise Rs445 crores from four renowned institutional investors Morgan Stanley, Wellington, Fidelity and GMO. These investors picked up as much as 60% of the placement. The lead manager to the issue was India Infoline.
Rajesh Sharma is chairman and managing director of MMFSL. The CBI is apparently investigating whether MMFSL was involved in deals with political connections. Recently, IL&FS Milestone Fund had picked up a 74% stake in HCC Park, a 1.8 million square feet commercial property located in Vikhroli in Mumbai for around Rs 575 crore. Interestingly, Money Matters Financial Services Ltd was the sole advisor to the deal. HCC's promoter Ajit Gulabchand, who is setting up a controversial township called Lavasa near Pune, is known in market and business circles to be close to Agriculture minister Sharad Pawar.
The stock of Money Matters which was languishing at Rs7 in late 2007, jumped to around Rs120 in early January 2008 and fell to Rs50 in April 2009. Since then, it rose vertically all the way to Rs787 in the last week of October just after the QIP. Yesterday, the stock was quoted at Rs663.90.
What is today Money Matters, was incorporated as Daiwa Securities Limited on November 15, 1994. The Company’s name was changed to Dover Securities Limited on May 19, 1999 with its registered office at 501, Shubham, 1, Sarojini Naidu Sarani, Kolkata-70001. The registered office was shifted to 1-B, 1st Floor, Court Chambers, 35, Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai-400020. In March 2008, Dover bought over unlisted Money Matters Securities P Ltd. On 6th October 2008, the name was changed from Dover Securities Limited to Money Matters Financial Services Limited.