NCLAT Upholds Order and Approves Sapphire Media's Acquisition of Big 92.7 FM

The National Company Law Appellate Tribunal (NCLAT) dismissed a number of objections submitted by Radio Mirchi, Orange FM, and others on Monday, upholding the approval of Sapphire Media's resolution plan for purchasing Big 92.7 FM, which is owned by Reliance Broadcast Network Limited.

According to the NCLAT Bench, which was made up of Technical Member Barun Mitra and Chairperson Justice Ashok Bhushan, "After considering the submissions, we find no grounds to interfere with the NCLT's order dated May 6, 2024, and consequently, the appeals are dismissed."

On May 6, 2024, the National Company Law Tribunal (NCLT) rendered a decision that cleared Sapphire Media's resolution plan. The resolution specialist at NCLT Mumbai then submitted the plan for approval.

The failed bidders, Abhijit Realtors & Infraventure and Creative Channel Advertising & Marketing, challenged the National Company Law Tribunal's (NCLT) ruling in a series of five appeals. The appeal panel rejected the appellants' claims that the resolution professional of Reliance Broadcast Network Ltd. (RBNL) had disregarded certain procedural rules.

Big 92.7 FM is one of the biggest radio networks in India, with 58 stations that broadcast in more than 1,200 towns and 50,000 villages. Sapphire Media's attempts to grow in the media industry are strengthened by this acquisition.

One of India's biggest outdoor advertising agencies, Sapphire Media is owned by Aditya Vashistha and businessman Sahil Mangla. They also operate India Daily, a popular Hindi news channel.