Adani acquires majority stake in news agency IANS
New Delhi (PTI): Billionaire Gautam Adani's group has acquired a majority stake in news agency IANS India Pvt Ltd for an undisclosed sum as the group expands its presence in the media space.
In a regulatory filing, Adani Enterprises -- the firm that holds the group's media interest -- said its subsidiary "AMG Media Networks Ltd has acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd."
The company did not disclose the acquisition price.
Adani had forayed into media business in March last year when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV.
AMNL was the vehicle for these acquisitions as well.
In the filing, it said, "AMNL has also signed a shareholders' agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record their inter-se rights with respect to IANS."
IANS had a revenue of Rs 11.86 crore in the fiscal year 2022-23 (April 2022 to March 2023).
"All operational and management control of IANS will be with AMNL and AMNL will have the right to appoint all directors of IANS," the filing said.
"Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL."
A first-generation entrepreneur, Adani started off as a commodities trader in 1988 and expanded his business interests to become India's largest private player in infrastructure, with 13 ports and eight airports. Over the years it diversified into producing coal, energy distribution, data centres and more recently into cement and copper. It even bid and acquired 5G telecom spectrum to set up a private network.
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SC stays disqualification of six chief parliamentary secretaries in Himachal Pradesh
New Delhi: The Supreme Court has stayed the disqualification of six Chief Parliamentary Secretaries (CPS) in Himachal Pradesh, appointed by the Sukhvinder Singh Sukhu-led Congress government. The apex court put a hold on the Himachal Pradesh High Court's decision, which had declared these appointments unconstitutional.
A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar clarified that no further CPS appointments would be made by the state government, stating such actions would contravene the law. The court has also issued a notice to BJP leader Kalpana Devi, who initially challenged the appointments in the high court, seeking her response within two weeks.
The matter has been tagged with similar pending petitions and is scheduled for hearing after four weeks.
Earlier, the Himachal Pradesh High Court, on 13 November, had invalidated the appointments of CPSes Sanjay Awasthi, Kishori Lal, Ram Kumar, Mohan Bragta, Sundar Singh Thakur, and Ashish Butail, deeming them illegal and unconstitutional. The Sukhu government subsequently moved the Supreme Court, arguing that the high court's ruling was flawed and could lead to disqualification of the CPSes under Article 192 of the Constitution.
Prominent advocates, including Kapil Sibal and Abhishek Manu Singhvi, represented the Congress government. Former Union Minister Anand Sharma also appeared as a counsel for Ashish Butail, marking his return to legal practice after 27 years.
