The multi-crore Satyam Computers fraud has been the talk of the town on Wednesday. And all television channels highlighted the development in all possible manners, including special chat shows and debates.
But not TV9 channel, which normally does not want to lose any opportunity to highlight such sensational news. Instead, the channel tried to play down the entire development in the morning by stating that it was a mere accounting fraud. It was only after the drama started unfolding by afternoon and the Union government, SEBI and Stock Exchanges started reacting strongly to the fraud, the TV9 channel started airing the news prominently, but cautiously.
The reason was simple: The TV9 promoters were heavily banking on the investments to be brought in through Satyam group for future expansion of the channel. About Rs 1,000 crore was supposed to be invested into the channel. Srini Raju, the promoter of TV9, diverted huge funds from Satyam group into the channel and they had also held huge shares in the group. With the collapse of the Satyam, their plans got crashed. And on Wednesday alone, TV9 had lost more than Rs 100 crore in the stock market, say insiders
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