ENIL gets MIB nod for promoter stake transfer to Times Horizon

Tipsheet Editorial — Fri, 19 Jun 2026 20:38:58 GMT

MIB cleared the transfer of BCCL's 70.6% stake to Times Horizon on June 19, removing a regulatory hurdle for the internal reorganisation.

What’s new

MIB approved transfer of BCCL's stake to Times Horizon on June 19
Part of a broader internal reorganisation within the Times Group
The application was originally filed in February 2026

Why it matters

Regulatory clearance removes a potential delay for the scheme of arrangement, though the reorganisation was already public. For a ₹527 cr media company with a ₹113 cr tax dispute, this procedural step is not strategic but eliminates an overhang that could have stalled the internal transfer.

What we’re watching

Completion of the scheme of arrangement in the coming months
Any other regulatory approvals needed for the reorganisation
Update on the ₹113 cr income-tax demand ENIL is contesting

The full read

Entertainment Network has crossed one regulatory hurdle. The Ministry of Information and Broadcasting approved the transfer of its 70.6% promoter stake from Bennett Coleman & Co to Times Horizon, a wholly owned subsidiary, on June 19. The application had been pending since February. The reorganisation is internal, Times Group is simply moving its shares to a different entity, and was previously disclosed in September 2025 and February 2026. So the approval itself is not a surprise. It does, however, clear a potential delay risk for a scheme of arrangement that could have been held up by regulatory inaction. For a ₹527 cr company that reported ₹8 cr net profit in the March quarter and is contesting a ₹113 cr tax demand, this is a procedural step forward, not a strategic shift. The open question is whether the reorganisation will be followed by any changes in how the Times Group manages its media assets.

Primary source: BSE · NSE

Gaana's revenue hit ₹81 cr, but ENIL's tax bill is ₹113 cr.

Tipsheet Editorial — Thu, 21 May 2026 23:14:28 GMT

A ₹113 crore income-tax demand for AY 2024-25 now hangs over a business growing at 70%+ speed. Gaana's digital revenue reached ₹112.4 cr, 48% of radio revenue.

What’s new

Gaana's full-year revenue grew 71% to ₹81 cr; its digital revenue jumped 84% to ₹112.4 cr.
A ₹113 cr income-tax demand for AY 2024-25 is being contested.
Radio market share held at 25.2% in a flat volume environment.

Why it matters

The tax demand is a direct threat to the balance sheet. It is larger than Gaana's entire annual revenue. Management's confidence in contesting it doesn't make the risk go away.

What we’re watching

The outcome of the ₹113 cr tax contest.
Gaana's quarterly progress toward its FY27 breakeven target.
Whether core radio advertising volumes recover from the geopolitical slump.

The full read

Gaana's full-year revenue climbed 71% to ₹81 crore. But the bigger number is the ₹113 crore income-tax demand ENIL is fighting for assessment year 2024-25. Digital revenue within Gaana jumped 84% to ₹112.4 crore, now representing 48% of radio revenue. Core radio volumes stayed flat, though market share held at 25.2% in a weak ad market blamed on Middle East-related event cancellations. The transcript adds little beyond the prior concall, but the juxtaposition is clear: a digital business accelerating, and a tax bill that could swallow its entire annual revenue. The open question is how this contest resolves.

Primary source: BSE · NSE

Entertainment Network (India) Ltd. (ENIL) — Tipsheet

ENIL gets MIB nod for promoter stake transfer to Times Horizon

What’s new

Why it matters

What we’re watching

The full read

Gaana's revenue hit ₹81 cr, but ENIL's tax bill is ₹113 cr.

What’s new

Why it matters

What we’re watching

The full read