UTV’s True Games Partners Gamania For China
True Games’ latest title Warrior Epic will be exclusively published and distributed by Taiwan-headquartered Gamania, IGN PC reported.True Games Interactive is one of the gaming firms owned by UTV Software Communications Ltd.
Live Current Media to Restate Financials
Live Current Media intends to restate its financial statements for its previous two quarters – September and December (Q2 & Q3) since an audit has revealed errors. The company is conducting investigations into the errors: a financing that was to be classified as a liability was marked equity, which will now add $90,000 to its liabilities; incorrect recording of expenses in 2008 & 2009; and not notching up a bonus paid to the President and CDO as a liability. The company has not mentioned a specific time frame when the restated financials will be published and is currently assessing the impact of these errors.
Telecom equipment manufacturer Kavveri Telecom has bought 67% stake in Canada-based Trackcom, a supplier of defense, space and telecom products. Previous acquisitions by Kavveri, which is listed in BSE and NSE, include: Til-Tek, Canada, a leader in antennas, DCI Digital Communications, Canada, a leader in RF products and filters, Spotwave Wireless Inc., Canada, and the technology and IP rights of Sigma Wireless, Ireland from PCTel, USA. Its clients are Motorola, Ericsson, Nokia-Siemens, Nortel, ZTE, Alcatel-Lucent, Vodafone Essar, Idea, Reliance, BSNL and WorldSpace etc.
MTS In Bihar
MTS has launched in its sixth circle after last launching in Kolkata. It has launched an MCard plan which offers the subscriber a million minutes worth of talk time for Rs. 499. It is also offering rates as low as 49 paisa/minute to woo users in the state.
Pyramid Saimira Approves QIP
The theatre chain is attempting to raise capital by opting for QIP (qualified institutional placement) and issue 1 crore equity shares. It is also issuing 1 crore warrants to its promoters, MoneyControl noted. Read all about Pyramid Saimira on Medianama.
New I&B Secretary
Raghu Menon, IAS, previously chief managing director of National Aviation Company of India Limited (formed of the merger of Indian Airlines and Air India last year) has been appointed Secretary, I&B Ministry. ContentSutra had reported this earlier.
BSNL, MTNL In Roaming Deal With Conexus
They have tied up with Conexus Mobile Alliance, which is made up of 10 operators including NTT DoCoMo, Hutchison and Singapore’s StarHub. The partnership will enable BSNL and MTNL users to avail of a flat rate for data usage while on international roaming (Economic Times)
Nokia on Maharashtra Mobile Tax
Nokia has estimated that the Maharashtra government’s step to increase value added tax (VAT) from 4% to 12.5% on mobile phones from July 1 could shrink the government’s revenue from Rs 168 crore now to Rs 33.5 crore by the year end as trade gets diverted to neighbouring states. (Indian Express)
Radio Tarang License Revoked
After suffering from huge losses, Radio Tarang has now lost its license. The I&B Ministry revoked the broadcasting license for Radio Tarang, a regional FM channel owned by Vivek Singhal, a property dealer in Haryana, following his failure to pay the annual license fee to the ministry since September 2008. The company evaded license fees last year too. More on RadioandMusic.
Zee Restructures South
Zee is taking stock of its South Indian operations: the company has undertaken a restructuring exercise, creating a new post – Chief Operating Officer, which will be filled by Zee Telugu chief executive officer Sanjay Reddy, IndianTelevision reports. Reddy will be handling Zee Telugu, Zee Tamil, Zee Kannada and Zee 24 Gantalu.
Big TV Raising Money: Reliance ADA group owned DTH provider Big TV is talking to private equity firm Carlyle group to raise $50 to $100 million for its expansion plans. (Business Standard).