TV18 and Network18 write off 75% of Reliance\'s original Rs1,700 crore investment?  

August 14, 2014

The move raises issues like who benefited from the debt write-offs and whether previous financial statements were fudged?

Moneylife Digital Team

Almost three years years after Reliance Industries Ltd (RIL) bailed out the Network18 group by injecting Rs1,700 crore and one month after it acquired direct control by investing another Rs4,000 crore, ejecting promoter Raghav Bahl and some celebrity anchors, the two group companies, TV18 Broadcast Ltd (TV18) and Network18 Media and Investments Ltd (Network18) have reported a combined write-off of Rs1,268 crore in their June quarter results. This is 75% of the original investment made by RIL.

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