Gitanjali Gems and DB Corp

IN Media Watch Briefs | 13/03/2018
Guess which media group escaped being a victim of the Modi-Choksi fraud? The Bhaskar Group had a private treaty agreement with Gitanjali Gems which it ended in FY 2016-17.  As of March 2015, DB Corp owned 60,54,960 shares of Gitanjali Gems valued at Rs 24.95 crore, with each share valued at Rs 41.21 on March 31st. By March 31, 2016 their holdings came down to 52,01,055 shares valued at Rs 16.93 crore with each share now marked at Rs 32.55. During 2016-17 the entire shareholding was liquidated, because of a decision by DB Corp to exit  the  private  treaty  business.  But in that final year  of investment they made Rs.  11.87  crore  profit on their Gitanjali investment, Girish Agarwal said in a conference call with analysts in January this year.                 
Subscribe To The Newsletter

Online media has not been subjected to licensing and regulation so far but I & B minister Smriti Irani suggested at CNN News 18's Rising India Summit on March 16-17 that this may be changing. When it comes to content on TV, radio or newspapers there is a code of conduct they adhere to, everybody is licensed to function under the law, she said. But online is a system where  where legislation in terms of news broadcast content is not clear. "That is something that the ministry is currently undertaking, and is in conversation with stake holders", she said.              

In the session just prior to Narendra Modi's address at CNN TV 18's Rising India summit on Friday, the Group's Editor-in-Chief Rahul Joshi made such a flattering  introductory speech about the PM that even Mr Modi  looked a trifle embarrassed. He narrated how much the PM had achieved while leading from the front, and said the network's channels were there for him to use to put out his message.  He introduced him as India's rock star prime minister. Mr Modi then  went on to do a power point presentation about the achievements of his government and said there was "darkness" in the country before he took over the reins of power in 2014.                     
View More