News Roundup: OnMobile Q1 profit down 34%, NDTV sues Nielsen and is seeking Bn $s


News Roundup: OnMobile Q1 profit down 34%, NDTV sues Nielsen and is seeking Bn $s

OnMobile has posted lower profits of Rs 9.5 crore for the first quarter of FY13. This is a 34% drop compared with the first quarter of FY12 when the company posted a net profit of Rs 12.78 crore (net profit has gone up 98 per cent sequentially compared with the previous quarter).

The company has mandated Mumbai-based investment bank Avendus Capital Pvt. Ltd to assess its valuation, which experts say could be a precursor to finding a buyer.

On the other hand, at least two shareholders, who together hold a stake of more than 10%, have appointed another Mumbai-based domestic investment bank to sell their stake, according to an executive with the bank [via: Hindu/Mint].

NDTV sues Nielsen over ratings data

Broadcaster New Delhi Television Ltd is seeking more than a billion dollars in damages from The Nielsen Co. and its affiliates, claiming the global research firm fudged viewership data.

NDTV is seeking “compensatory and punitive damages” from the Nielsen group, Kantar group, TAM Media Research Pvt. Ltd and a host of Nielsen directors including its global chief executive David Calhoun for causing financial loss and loss of reputation and brand value by releasing incorrect viewership data [source]

DoT can terminate 3G permits of Bharti, Idea, Vodafone

The law ministry has said the telecom department can initiate action, including terminating mobile permits of Bharti, Vodafone and Idea, for allegedly violating licence conditions and entering into bilateral roaming agreements in areas where they did not have 3G permits. The DoT has also decided to seek clarity from the Additional Solicitor General regarding his opinion that financial penalties of 50 crore per circle cannot be imposed on telcos for the alleged violation.[source]

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