MAM
NCLT says yes to Times Group proposal to tear itself in half
MUMBAI: India’s Times Group is splitting down the middle. On Wednesday (19 November), Mumbai’s National Company Law Tribunal blessed Bennett, Coleman & Company Limited’s plan to carve out everything that isn’t newspapers and hand it to a freshly minted entity called Times Horizon Private Limited.
The demerger, sanctioned by judicial member Sushil Mahadeorao Kochey and technical member Prabhat Kumar, draws a sharp line through the 112-year-old media giant. On one side: the storied publishing business behind the Times of India, under the watchful eye of Samir Jain. On the other: a sprawling digital and entertainment empire spanning television, internet platforms, radio, music, films, real-estate classifieds, fintech, edtech, sports, gaming, outdoor advertising, events and investments, under the guardianship of Vineet Jain. .
The rationale is stark. These businesses demand different skills, capital and risk appetites. Publishing newspapers requires one mindset; running streaming services quite another. The group’s board concluded in September that focused management teams would extract more value from each vertical than a single leadership juggling broadsheets and bandwidth.
Times Horizon was incorporated specifically to house what the tribunal documents call the “EIBME Business”—a catch-all for entertainment, internet, broadcasting, music and events. The acronym barely captures the breadth: major subsidiaries Times Internet and Entertainment Network India fall into this bucket, alongside ventures in advertising, brand capital and multiple asset classes.
The numbers tell the story of consolidation. BCCL’s paid-up capital stands at Rs 2.87 billion across 28.7 million equity shares held by just 11 shareholders. Times Horizon started as a shell with Rs 100,000 in capital. After the demerger, its shareholding will mirror BCCL’s—then immediately shift. A preferential share issue will hand a consortium of “specified shareholders” acting in concert a 50.05 per cent voting stake, with Sanmati Properties identified as the lead investor.
The tribunal dispensed with shareholder meetings after all 11 equity holders signed consent affidavits. Over 90 per cent of BCCL’s 3,833 unsecured creditors, owed Rs5.49bn, also approved. Neither company carries secured debt or preference shares—a clean surgical cut.
The appointed date is 1st April 2026, though it could arrive sooner. The tribunal ordered notices sent to the regional director, registrar of companies, income tax and GST authorities, the Competition Commission and the ministry of information and broadcasting. Regulatory authorities have 30 days to object; silence means consent.
BCCL must also disclose guarantees, contingent liabilities, insolvency proceedings, material litigation and letters of credit—the fine print that often trips up corporate restructurings. An affidavit of service is due within ten working days.
What emerges is a bet on divergence. The publishing business—print and digital news—stays with the Bennett Coleman name and legacy. Everything else gets a new vehicle, new capital and presumably new ambitions. For shareholders, it’s a choice: bet on journalism or ride the entertainment and tech wave. For a business born in 1913, it’s an admission that the future lies beyond the press room.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
