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NCLT approves resolution plan of Sapphire Media Ltd for Big 92.7 FM
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of Sapphire Media Ltd for the iconic radio network Big 92.7 FM, owned by Reliance Broadcast Network Ltd.
The NCLT Bench comprising technical member Madhu Sinha and judicial member Reeta Kohli approved the resolution plan submitted by Sapphire Media Ltd in its order dated 6 May.
“The interlocutory application is allowed. The Resolution Plan submitted by Sapphire Media Ltd is hereby approved. It shall become effective from this date and shall form part of this order,” the bench said in its order.
Big FM, owned by Reliance Broadcast Network Ltd, has been going through the insolvency process since Feb 2023. The Corporate Insolvency Resolution Process (CIRP) was initiated under the Insolvency and Bankruptcy Code of 2016 and Rohit Mehra was appointed as the resolution professional.
A committee of creditors of Big FM was also appointed, which approved Sapphire Media Limited’s resolution plan on November 11, 2023, with a voting share of 88.97% under the provisions of the Insolvency and Bankruptcy Code.
The resolution professional subsequently filed an application with NCLT Mumbai seeking approval of Sapphire Media Limited’s resolution plan. As per the plan, Sapphire Media Ltd will pay Rs. 261 crores to secured and operational creditors as against the total claims of Rs. 947.5 crore.
The NCLT order also directed the monitoring committee to supervise the implementation of the resolution plan and file the status of its implementation before it from time to time.
The acquisition by Sapphire Media Ltd is expected to inject fresh energy into Big FM. As the country’s largest radio network with 58 stations and a reach of over 1,200 towns and 50,000 villages, the brand will reinforce Sapphire Media Limited’s pan-India presence.
eNews
Piyush Thakur steps down as Inshorts’ chief revenue officer
Former vice president and cro says exit marks a new chapter after close to a decade of building revenue and partnerships at Inshorts Group.
NOIDA: Piyush Thakur has stepped away from Inshorts Group after nearly 10 years with the company, marking the end of a long tenure that culminated in his role as chief revenue officer.
In a farewell note, Thakur said he was “turning a new page” after almost a decade at Inshorts, calling it one of the hardest professional decisions he has made. He added that his exit was not driven by uncertainty about the future, but by reflection on a long association with the company.
Thakur joined Inshorts in October 2016 as vice president and spent around seven years in the role before being elevated to chief revenue officer in April 2024, a position he held until April 2026.
He said his tenure was defined by “thousands of mornings, late nights, product debates and breakthrough moments”, as the company evolved into a large-scale digital news platform used by millions.
In his note, Thakur emphasised that Inshorts’ growth was a collective effort across teams, adding that engineers, designers, sales teams and customer support staff all contributed to building the platform. He said the company’s success was not the result of individuals but of “everyone who stayed, passed through, and left their mark”.
Before Inshorts, Thakur worked across several digital media and business development roles. At ESPN, he served as senior regional manager from October 2015 to October 2016, focusing on growth initiatives, strategic opportunities and video distribution.
At Times Internet, he worked for nearly three years, including as head of business development from April 2015 to September 2015 and chief manager from January 2013 to March 2015. His responsibilities included monetisation of mobile platforms, managing media and developer partnerships, and driving revenue across digital properties such as The Times of India and The Economic Times.
Earlier, he worked at Brandmovers as head of business development from June 2012 to June 2013, handling digital, mobile and social media marketing solutions, client development and strategic consulting. During this period, he also worked on advertising revenue, brand strategy and CRM-based solutions.
At Inshorts, Thakur’s role focused on revenue strategy, mobile and media partnerships, and growth initiatives across platforms. His profile highlights experience in mobile product management, digital business models, partner ecosystems and revenue expansion in high-growth environments.
