MAM
Neo may land up with Rs 800 mn ad rev from Asia Cup
MUMBAI: Neo Cricket, the official broadcaster of the Asia Cup, could land up with an advertising revenue of Rs 800 million, according to Indiantelevision.com‘s preliminary estimates.
Telecom handset manufacturer Micromax has come in as the title sponsor for the event for the second consecutive time. Nimbus Sport and Micromax have entered into an agreement in a deal that is estimated to be in the region of Rs 70-80 million, according to sources.
Micromax business director Vikas Jain said, “Micromax is proud to be part of the Asian Cup 2012, which is the most coveted cricket championship in Asia. Cricket is not just another sport, but a culture that connects youth beyond boundaries.”
Nimbus is also looking for four associate on-ground sponsors. Nimbus Sport COO Yannick Colaco said, “Micromax is an exciting brand, close to the heart of youth, and one which is a good match to the dynamic and vibrant nature of this event. We are also looking at four associate on-ground sponsors.”
On air, Neo Cricket plans to rope in two co-presenting and six associate sponsors.
“An ad rev of Rs 800 million from telecast of the event looks probable. There is a low mood now due to India‘s poor performance in Australia. But let us not forget that the team should do better in subcontinent conditions,” says a media buyer who did not want his name to be revealed.
Weighing in Neo‘s favour could be the fact that India is playing arch rival Pakistan after a year when they last met in the World Cup semi-finals. The four-nation Asia Cup is also a contest among three strong teams – India, Pakistan and Sri Lanka.
Neo Cricket‘s distribution is taken care of after One Alliance inked a fresh one-year deal this January.
The Asia Cup kicks off on 12 March and will consist of seven ODIs. India, Pakistan, Sri Lanka and Bangladesh will take part.
In terms of broadcast syndication, Nimbus Sport has inked a deal in the UK with Zee Cafe. The channel will run live telecast and an hour of highlights on each match day.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: 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.
