MAM
Sapphire Media tunes into Big FM 92.7 with a Rs 261 crore takeover
MUMBAI: Sapphire Media Ltd has officially acquired the debt-ridden Reliance Broadcast Network Ltd (RBNL), which owns Big FM 92.7, following a successful bid of Rs 261 crore during the Corporate Insolvency Resolution Process (CIRP). With 58 stations and a reach across 1,200 towns and 50,000+ villages, Big FM is one of India’s largest radio networks.
The acquisition comes after Sapphire Media, promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha, received all necessary regulatory approvals, including a green light from the ministry of information & broadcasting. The company promptly cleared dues to the committee of creditors (CoC) as per the approved resolution plan.
The saga reached its crescendo on 23 December 2024, when the National Company Law Appellate Tribunal (NCLAT) dismissed petitions from rival bidders and upheld the National Company Law Tribunal’s (NCLT’s) 6 May 2024, decision in favour of Sapphire Media. Rivals like Radio Orange and others had contested the resolution, but Sapphire’s bid, which secured 88.97 per cent of CoC votes, emerged victorious.
Big FM, known for its rich legacy and a massive listener base of 340 million, will now undergo a wave of innovation under Sapphire Media’s stewardship. The group, which already boasts a vast outdoor advertising network and recently launched the Hindi news channel India Daily 24×7, plans to inject fresh energy into the radio brand, blending its heritage with cutting-edge content creation.
“We are thrilled to welcome Big FM into the Sapphire Media family. This acquisition aligns with our vision of becoming a leader in digital content creation and broadcasting,” the company stated.
The CIRP against RBNL was flagged off on 24 February 2023, following a petition by IDBI Trusteeship Services, the financial creditor. Six resolution plans were submitted, but Sapphire’s bid struck the winning note.
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.
