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BSE asks NDTV for information on reports of Ajay Singh buying controlling stake
By IndianMandarins- 22 Sep 2017
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The Bombay Stock Exchange has sought clarification from New Delhi Television Ltd on September 22, 2017 with reference to news flashed on a business news website dated September 22, 2017 saying "SpiceJet's Ajay Singh set to take control of NDTV. IE". The news lifted the prices of NDTV shares.
Media reports indicate that Ajay Singh, co-founder and owner of SpiceJet who was part of the BJP's 2014 poll campaign, has picked up majority holding in the news channel. It is said the deal has already been finalized and Ajay Singh may shortly take control of NDTV along with editorial rights."
NDTV has been in trouble for some time as the tax authorities and the CBI have been investigating into its finances.
According to BSE data, the promoter holding in NDTV in the quarter ending June 2017 stood at 61.45 percent. Public shareholding in the company stood at 38.55 percent. It is rumored that Ajay Singh may pick up NDTV's debt of over Rs 400 crore and the total deal is valued at around Rs 600 crore.
Singh is said to be a first generation entrepreneur. He acquired SpiceJet in January 2015 and has turned it around. He has been actively associated with the BJP and is credited with coining BJP's 2014 campaign slogan "abki baar Modi Sarkar.." Singh had served as OSD to Pramod Mahajan during the first NDA government. It was in this period that he played an active role in the launch of DD Sports and was also behind the planning of DD News. Singh played a role in 2014 Lok Sabha campaign of the BJP as part of the core advertising/campaigning team.
According to Indian Express, in 1996, he was asked to serve on the Board of Delhi Transport Corporation and prepare a plan to revamp DTC. He is known to have played a key role in its turnaround and in the two and a half years that he spent at DTC, its fleet rose from 300 to about 6000. He also turned around the grounded ModiLuft and renamed and launched it as SpiceJet.
An alumnus of Delhi's St. Columba's school, Singh is a graduate of IIT Delhi, an MBA from Cornell University and holds a Bachelor's degree in Law (LLB) from Law Faculty, University of Delhi.
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BSE asks NDTV for information on reports of Ajay Singh buying controlling stake
By IndianMandarins - 2017-09-22 12:04:50
The Bombay Stock Exchange has sought clarification from New Delhi Television Ltd on September 22, 2017 with reference to news flashed on a business news website dated September 22, 2017 saying "SpiceJet's Ajay Singh set to take control of NDTV. IE". The news lifted the prices of NDTV shares.
Media reports indicate that Ajay Singh, co-founder and owner of SpiceJet who was part of the BJP's 2014 poll campaign, has picked up majority holding in the news channel. It is said the deal has already been finalized and Ajay Singh may shortly take control of NDTV along with editorial rights."
NDTV has been in trouble for some time as the tax authorities and the CBI have been investigating into its finances.
According to BSE data, the promoter holding in NDTV in the quarter ending June 2017 stood at 61.45 percent. Public shareholding in the company stood at 38.55 percent. It is rumored that Ajay Singh may pick up NDTV's debt of over Rs 400 crore and the total deal is valued at around Rs 600 crore.
Singh is said to be a first generation entrepreneur. He acquired SpiceJet in January 2015 and has turned it around. He has been actively associated with the BJP and is credited with coining BJP's 2014 campaign slogan "abki baar Modi Sarkar.." Singh had served as OSD to Pramod Mahajan during the first NDA government. It was in this period that he played an active role in the launch of DD Sports and was also behind the planning of DD News. Singh played a role in 2014 Lok Sabha campaign of the BJP as part of the core advertising/campaigning team.
According to Indian Express, in 1996, he was asked to serve on the Board of Delhi Transport Corporation and prepare a plan to revamp DTC. He is known to have played a key role in its turnaround and in the two and a half years that he spent at DTC, its fleet rose from 300 to about 6000. He also turned around the grounded ModiLuft and renamed and launched it as SpiceJet.
An alumnus of Delhi's St. Columba's school, Singh is a graduate of IIT Delhi, an MBA from Cornell University and holds a Bachelor's degree in Law (LLB) from Law Faculty, University of Delhi.
