SpiceJet's Ajay Singh to take control of NDTV

SpiceJet's co-founder owner and MD Ajay Singh has reportedly bough a controlling stake in the media channel NDTV

SpiceJet's co-founder owner and MD Ajay Singh has reportedly bough a controlling stake in the media channel NDTV

Recently, on June 5, the CBI had conducted raids at the house of the NDTV founders.

Stock market data available with BSE showed the promoter holding in NDTV as of June 2017 stood at 61.45 per cent while the public held the remaining 38.55 per cent.

It must be mentioned here that Singh was the one who coined the slogan for the BJP's 2014 campaign, "abki baar Modi Sarkar".

When asked about the deal, the source told The Indian Express, "Yes, the deal has been finalised and Ajay Singh will take control of NDTV along with editorial rights".

However, when the IE approached Spicejet, its officials denied this development saying,"it's absolutely false and baseless".

According to the source, Ajay Singh, chairman and managing director for SpiceJet, will have controlling stake in NDTV. NDTV held the move as a "blatant attack on the freedom of the press" and claimed that the CBI had gone ahead with its investigation on a "shoddy complaint" by a "disgruntled" former NDTV consultant.

Not only this, Ajay is also a fond of Cricket and has also played with Bollywood star Shah Rukh Khan in school days when SRK was used to be a wicket-keeper. The total deal is valued at about Rs 600 crore.

When Ajay Singh acquired SpiceJet in February 2015, many uncomfortable questions were raised about his white knight deal with Kalanidhi Maran of Sun TV.

Besides his role as a member of the Bharatiya Janata Party's media campaign team in 2014, Singh in the past had also served as an Officer on Special Duty (OSD) under Pramod Mahajan, the then Information and Broadcasting Minister, in the Atal Bihari Vajpayee-led NDA government. In his two-and-a-half year stint there, the bus fleet was reported to have risen to 6000 from 300.

For the quarter ended June 30, 2017, NDTV reported a net loss of Rs 22.01 crore against net loss of Rs 44.55 crore in the corresponding quarter past year.

Mukesh Ambani of Reliance Group who is also said to be close to Modi controls other leading media groups in the country.

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