Sapphire Media to acquire 58 stations of FM 92.7, NCLAT shocks Radio Mirchi
New Delhi| The Principal Bench of the National Company Law Appellate Tribunal on Monday dismissed the petition filed by Radio Mirchi, Orange FM and others against the NCLAT decision. After which now Sapphire Media has got approval to acquire 58 radio stations of Big FM 92.7 owned by Reliance Broadcast Network Limited. Along with this, the resolution plan of Sapphire Media was also approved.
This included NCLAT Principal Bench Chairman Justice Ashok Bhushan and (Technical) member Barun Mitra. NCLAT stated in its order that ‘We do not find any ground to interfere with the order of NCLT dated 06.05.2024 in the above appeals. Consequently, all appeals are dismissed. Earlier the NCLT bench comprising NCLT member Madhu Sinha and Judicial member Rita Kohli had approved the resolution plan submitted by Sapphire Media Limited in its order dated 6 May 2024.
Later NCLT filed an application for approval of the resolution plan of Sapphire Media Limited in Mumbai. 92.7 Big FM has access to more than 1,200 towns and more than 50,000 villages through its 58 stations. Now being the largest radio network in the country, it will now strengthen the pan-India presence of Sapphire Media.
Sapphire Media Limited is operated by Aditya Vashishtha and Kaithal-based businessman Sahil Mangala. Sapphire Media operates a national Hindi news channel named India Daily and the country’s largest outdoor advertising company.
