News Broadcasting
TV18 gets independent directors’ nod for Reliance open offer
MUMBAI: The Committee of Independent Directors (IDC) linked with TV18 Broadcast has green signaled the open price offer made by Independent Media Trust (IMT) to public shareholders. The go ahead was given by IDC chairman Manoj Mohanka and IDC member Hari S. Bhartia.
The offer made by IMT along with Reliance Industries Limited (persons acting in concert – PAC1) and Reliance Industries Investments and Holding Limited (PAC2) to the public shareholders of TV18 Broadcast was to acquire up to 44,65,10,110 equity shares at a price of Rs 30.18 per share. JM Financial Institutional Securities is the manager of the offer.
The announcement was made through a notice issued by TV18 to the BSE which stated that the IDC “believes that the open offer is fair and reasonable and in line with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.”
According to the IDC, the offer price is higher than the volume weighted average price of the Equity Shares for a period of 60 trading days immediately preceding the date of public announcement. The IDC also gave the go ahead after it sought external financial advice from Price Waterhouse & Co that advised that as of 29 May 2014, the offer price pursuant to the offer is fair and reasonable from the financial point of view.
The approval for the open offer was made after the IDC reviewed (a) the public announcement in connection with the offer dated 29 May 2014 issued on behalf of IMT and the PAC’s public announcement; (b) the detailed public statement in connection with the offer published on behalf of IMT and PAC’s on 5 June 2014 and (c) the draft letter of offer (DLOF) dated 11 June 2011.
News Broadcasting
Rajesh Sundaram joins NDTV Profit as senior editor, assignment
The 32-year newsroom veteran has launched channels on three continents and covered everything from 9/11 to South African television
MUMBAI: NDTV Profit has bolstered its newsroom with a hire who has done rather more than most. Rajesh Sundaram, a journalist with over three decades of editorial, managerial and consultative experience across India and international markets, joins as senior editor, assignment, tasked with sharpening the network’s newsgathering and real-time response.
Sundaram’s career reads like a tour of Indian media’s most formative moments. He began at Businessworld in 1994, moved to Zee News as bureau chief across Mumbai and Chennai, then joined NDTV in 2002 as part of its political bureau during a particularly febrile period in Indian politics. A stint as India correspondent for Al Jazeera International followed, where he covered key geopolitical developments and got his first serious taste of the global newsroom.
What sets Sundaram apart, however, is his serial channel-launching habit. At NewsX, he helped get the operation off the ground. At Headlines Today, part of the India Today Group, he served as editor. At News Nation, he helped launch the Hindi news channel and its digital ecosystem. He then crossed continents to lead the launch of ANN7 in South Africa as editor-in-chief, overseeing both television and digital. Back in India, he launched Tamil news channels News7 Tamil and Cauvery News, and later served as principal consultant for the launch of Marathi channel Lokshahi. Most recently, he helped build and lead the Press Trust of India’s video service and content studio, before stints consulting for Business Today and The Himalayan Times.
Rahul Kanwal, chief executive and editor-in-chief of NDTV, left little doubt about what Sundaram is expected to deliver. “The assignment desk is where a newsroom’s intent becomes action,” he said. “Rajesh brings a rare combination of field experience and leadership in building news operations at scale.”
Sundaram has reported from across India and the world, covering elections, civil conflicts, the aftermath of the 9/11 attacks and the 2008 US presidential election.
At NDTV Profit, he will lead the assignment desk, driving editorial coordination and real-time response across markets and breaking developments. For a business news network sharpening its focus on speed and multi-platform delivery, it has hired a man who has built newsrooms from scratch on three continents. The assignment desk is in good hands.
