Adani to buy remaining 51 per cent stake in BQ-publisher Quintillion Business Media

News Network
August 15, 2023

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Billionaire Gautam Adani's group will acquire the remaining 51 per cent stake in Quintillion Business Media Pvt Ltd to take full control of the Raghav Bahl-curated digital business news platform.

Adani Enterprises Ltd, the ports-to-energy conglomerate's flagship firm, in a stock exchange filing, said the board of its subsidiary AMG Media Networks Ltd 'has approved to enter into a binding memorandum of undertaking (MoU) with Quintillion Media Ltd for the acquisition of remaining 51 per cent stake' in the firm which operates the business and financial news digital media platform BQ Prime.

Quintillion was Adani's first bet in the Indian news industry before taking about 65 per cent stake in broadcaster NDTV in December last year.

AMG Media had previously bought a 49 per cent stake in Quintillion Business Media Ltd (QBML) for Rs 47.84 crore.

BQ Prime was earlier known as Bloomberg Quint, a former joint venture between US-based financial news agency Bloomberg Media and Bahl's Quintillion Media. Bloomberg exited that agreement in March last year.

'QBML will become a wholly-owned subsidiary of AMNL' after the acquisition, it said without disclosing the financial details of the deal.

Adani Group had set up AMG Media Networks for its foray into businesses of 'publishing, advertising, broadcasting, distribution of content over different types of media networks'.

In May 2022, AMG Media entered into a shareholders' agreement with Quintillion Media Ltd (QML) for the acquisition of QBML.

In September 2021, AMG Media Networks appointed veteran journalist Sanjay Pugalia to lead Adani Media Ventures, its media-focused company.

'The MoU records the terms of agreement and inter-se rights and obligations and other connected matters in respect of the acquisition of remaining 51 per cent equity shares of QBML by AMNL from QML,' the latest filing said. 

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News Network
July 15,2024

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The Pakistan government has announced plans to ban the Pakistan Tehreek-e-Insaf (PTI) party, led by jailed former Prime Minister Imran Khan, citing alleged anti-state activities.  

The announcement by Information Minister Attaullah Tarar on Monday came days after the Supreme Court handed a major legal victory to the PTI by declaring it eligible for a share of seats reserved in national and provincial assemblies.

The PTI has responded sharply, urging the government to “not shake the foundations of Pakistan and stop playing with the constitution.” Seventy-one-year-old Khan has been behind bars in the high-security Adiala Jail in Rawalpindi, following his arrest on May 9, 2023.

Here’s what has happened so far:

1. What did the Pakistan minister announce?

Information Minister Attaullah Tarar made the announcement at a press conference in Islamabad. He stated that the federal government intends to ban the PTI for its alleged involvement in anti-state activities and to charge Khan and two senior party colleagues with treason. “In view of the foreign funding case, May 9 riots, and the cipher episode as well as the resolution passed in the US, we believe that there is very credible evidence present to have Khan’s party, the Pakistan Tehreek-e-Insaf (PTI), banned,” Tarar said.

He emphasized that Pakistan cannot progress with the PTI’s existence, saying, “Our patience and tolerance are considered as our weaknesses. The PTI and Pakistan cannot co-exist as the government is trying to stabilize the country politically and economically, while efforts are being made to thwart its efforts.” Tarar added that the federal government would petition the Supreme Court to ban the party.

2. How has the PTI responded?

In response to the government’s move, the PTI warned that banning the party could “uproot the foundations of the country.” The party stated on the X platform, “No patriot can think of banning the largest and most popular party of Pakistan, doing so is tantamount to uprooting the foundations of Pakistan and sending the country towards civil war.”

3. Why has the Pakistan government taken this decision?

The government’s decision follows recent relief given to the PTI by the Supreme Court in the case of reserved seats and to Khan in the illegal marriage case. Last week, the Supreme Court declared that Khan’s PTI was eligible for seats reserved for women and minorities in the national and provincial assemblies. If allotted, the PTI would become the largest party in the National Assembly with 109 seats.

Additionally, on Saturday, a district and session court overturned the conviction of Khan and his wife Bushra Bibi in a case related to the violation of the mandatory waiting period for a Muslim woman between two marriages.

4. What steps will the PML-Nawaz-led government take against the SC order?

Tarar announced that the Pakistan Muslim League-Nawaz (PML-N) led government and its coalition partners plan to file a review appeal against the Supreme Court’s decision granting reserved seats to the PTI. “The apex court gave relief to the PTI which had not even asked for it,” Tarar said.

The government is also taking action against individuals involved in the May 9 events and PTI leaders’ attempts to sabotage Pakistan’s deal with the International Monetary Fund (IMF). Referring to the dissolution of assemblies during the no-confidence motion against Khan in 2022, Tarar indicated plans to move a case against the then-prime minister, then-president Alvi, and then National Assembly deputy speaker Qasim Suri.

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News Network
July 17,2024

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Bengaluru: Apex IT industry body Nasscom has expressed deep disappointment and concern over Karnataka's quota-for-locals bill mandating reservation for locals in private sector, and has exhorted the state government to withdraw the bill.

Nasscom's strong note of dissent assumes significance as it adds to the growing chorus of top industry voices, which have warned that the legislation would erode the state's edge in technology, and reverse the progress made so far.

The IT industry body has sought an urgent meeting with state authorities to discuss the concerns and "prevent the state's progress from being derailed", the association said.

"Nasscom members are seriously concerned about the provisions of this bill and urge the state government to withdraw the bill. The bill's provisions threaten to reverse this progress, drive away companies, and stifle startups, especially when more global firms (GCCs) are looking to invest in the state," a Nasscom release said.

Stating that the tech sector contributes to 25 per cent of the state GDP, houses a quarter of the country's digital talent, has over 11,000 startups and 30 per cent of the total GCCs, Nasscom contended that the restrictions could force companies to relocate as local skilled talent becomes scarce.

"In today's highly competitive landscape, knowledge-led businesses will locate where talent is as attracting skilled workers is crucial for success... For states to become a key technology hub a dual strategy is key - magnet for best talent worldwide and focussed investment in building a strong talent pool within the state through formal and vocational channels," it said.

The technology sector has been crucial to Karnataka’s economic and social development, with Bengaluru known globally as India's Silicon Valley.

"The technology sector contributes almost 25 per cent of the state GDP and has played a key role in enabling higher growth for the state, higher per capita income than the national average. With over a quarter of India’s digital talent, the state houses over 30 per cent of the total GCCs and around 11,000 start-ups," it said.

Nasscom rued that it is "deeply disturbing" to see this kind of bill which will not only hamper the growth of the industry, but impact jobs and the global brand for the state.

The Karnataka State Employment of Local Candidates in the Industries, Factories and Other Establishments Bill, 2024 was approved by the state cabinet on Monday, and it seeks to reserve 50 per cent of management positions and 75 per cent of non-management positions in the private sector for locals.

The Bill has triggered controversy and criticism from across industry. Industry veteran Mohandas Pai termed the Bill "very regressive", and "draconian".

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News Network
July 19,2024

Mangaluru/Udupi, July 19: Amid continuous heavy rains in Karnataka's coastal region, the district administrations of Dakshina Kannada and Udupi have declared a holiday for all schools and pre-university colleges on Saturday, July 20.

In response to the persistent rainfall over the past few days, the disaster management authority has implemented several precautions. All Anganwadis, primary and high schools, and pre-university colleges (up to 12th grade), including government, aided, and unaided private institutions, will remain closed.

Parents are urged to keep their children away from low-lying areas, lakes, seashores, and riverbanks. Fishermen have been warned against venturing into the water. Taluk-level officers are required to remain at their headquarters, and district-appointed nodal officers must stay alert and respond to public complaints. Tahsildars have been instructed to maintain constant communication.

Relevant department officers have been directed to open and prepare rescue centers at the taluk level. Emergency services are available 24/7 via the toll-free control room number 1077 and the following telephone numbers: 0824-2442590 (Dakshina Kannada) and 0820-2574802 (Udupi).

As a precaution, both residents and tourists are strictly prohibited from approaching beaches, rivers, and waterfalls and are advised against taking photos and videos in these areas.

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