NCLAT Approves Sapphire’s Acquisition Of Big 92.7 FM

New Delhi: In a significant move for the domestic media and entertainment industry, the National Company Law Appellate Tribunal (NCLAT) has approved Sapphire Media’s acquisition of Big 92.7 FM.

The principal bench of the NCLAT dismissed the plea filed by Radio Mirchi, Orange FM and others against NCLT judgement which approved the resolution plan of Sapphire Media Limited for the radio network Big 92.7 FM, owned by Reliance Broadcast Network Limited. “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,” according to the NCLAT bench. “In view of the foregoing discussions and conclusions, we do not find any ground to interfere in the order of NCLT dated 06.05.2024 impugned in the above Appeals. In result, all the Appeals are dismissed,” said the bench comprising Chairperson Justice Ashok Bhushan and (Technical) Member, Barun Mitra, in its order.