DB gets HC stay on Vishal Retail sale Deutsche Bank and its asset management arm, lenders to retail major Vishal Retail, have received stay orders from the Delhi HC which has asked Vishal not to dispose of assets. Deutsche trustee services had filed the winding petetion in feb this year after it failed to recover Rs. 50 crore that it had invested in discount retailer through subscription of non convertible debentures in June 2008. At that time Vishal Retail issued three post-dated cheques towards the payment of interest and principle of the debentures. These cheques bounced. Deutsche Bank had provided a loan of Rs. 10 crore. Non-CDR lenders-Barclays, DBS Bank, Deutsche and SICOM-had filed winding-up petetions after they failed to recover money from Vishal Retail. SBI, HDFC Bank, HSBC, ING Vysya, UCO and Bank of India are the CDR lenders, whose combined outstanding is at Rs. 470 crores. The retailers total debt is estimated to be RS. 730 crore.
Viacom 18 media launches colors channel in Middle East The country’s leading entertainment conglomerate, Viacom 18 media is launching its flagship channel colors in the Middle East. The channel will be broadcasted via direct-to-home platform through Arab Digital Distribution Company (ADD) a leading DTH player in the middle east and the North African region. The channels is an equal joint venture between Viacom Inc and network 18.
Malaysian firm to buy 49% stake in NDTV lifestyle for $40mn Malaysian based Astro All Asia networks will acquire 49% stake for USD 40 million (about Rs 182 crore) in NDTV Lifestyle. Astro All Asia networks plc is a cross media groups with a significance presence in DTH (Direct-to-Home)TV services, commercial radio and TV programming. The balance 51% stake in the JV will be held by NDTV.
Emami settle dispute over Zandu Balm song: to use for ads The copyright infringement dispute of Emami ltd. The owner of Zandu Balm , with the production company of Salman khan straer ‘Dabangg’ has been settled between the two parties. The company will be using the chartbuster “ Munni Badnam” for its promotional campaigns. Malaika Arora Khan, who did the item number in the film, is going to be the brand ambassador for Znadu Balm.