NCLAT approves Sapphire Media's acquisition of Big 92.7 FM

The National Company Law Appellate Tribunal (NCLAT) has approved Sapphire Media's acquisition of Reliance Broadcast Network Limited-owned Big 92.7 FM.

The tribunal dismissed appeals filed by Radio Mirchi, and Orange FM, among others.

Considered one of India's largest radio networks, Big 92.7 FM has around 58 radio stations and covers 1,200 towns and 50,000 villages.

The NCLAT bench said, "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."

The tribunal upheld the order of the Mumbai bench of the NCLAT, which in a ruling on May 6, 2024, approved the resolution plan of Sapphire Media for Big FM.

The order was challenged by the applicants including Abhijit Realtors & Infraventure and Creative Channel Advertising & Marketing who filed a batch of five appeals before the tribunal. The applicants alleged irregularity in the process adopted by the resolution professional of RBNL, which was rejected by the appellate tribunal.

It is to be noted that Big FM's acquisition strengthens Sapphire Media's expansion efforts in the media sector.

Promoted by Aditya Vashistha and Sahil Mangla, Sapphire media runs a national Hindi news channel in name of India Daily and is a significant player in the outdoor advertising space.