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of the event is that it is organised by Tehelka magazine. A senior official in Kerala Tourism Department, a co-sponsor, shared the Essar spokespersons view.
This year, THiNK Fest secured sponsorship worth Rs 17 crore from 34 entities, according to market sources.
Stake in Anant Media
Though Tarun Tejpal was the promoter of Anant Media, which publishes Tehelka and allied publications, he and his immediate family owns only 23.25 per cent stake in it and Shoma Chaudhury owns 1,000 shares or 0.5 per cent stake.
Till March 31, 2011, Tejpal and his family and friends held approximately 47 per cent stake in Anant Media. In 2009-10, the firm was making a loss of Rs 39.5 crore, which increased to Rs 55 crore in 2010-11 and then to Rs 66 crore the following year. It was during this time that industrialist and Rajya Sabha member K D Singh brought in investment to Anant Media through direct and indirect holding.
RoC filings show that in 2010-11, there was share application money, on the account of the premium payable on shares to be issued, amounting to Rs 27.7 crore lying with Anant Media. In 2011-12, the K D Singh-controlled Royal Building and Infrastructure Pvt LtD, which is based in Chandigarh, became a shareholder through addition equity infusion into Anant Media through 1,01,371 shares. In 2011-12, the share premium account shows an infusion of Rs 25.3 crore.
This implies that 1,01,371 shares of Anant Media, which suffered a loss of Rs 55 crore the previous financial year, was bought at a premium of Rs 5,228.3 per share. With the fresh equity infusion, Royal Building and Infrastructure owns 65.75 per cent stake in Anant Media, becoming the majority shareholder of the publishers of Tehelka magazine. Royal Building and Infrastructure also extended an unsecured loan of Rs 19.6 crore through inter corporate deposit to Anant Media in 2011-12. The investments, including the unsecured loan totaling Rs 72 crore from K D Singh, helped Tehelka cut its losses to Rs 13 crore in 2012.
Despite repeated attempts, K D Singh was not available for comments on the valuation of the investments.
K D Singh and Tejpal have one more business tie-up they both serve as directors in Amaraman India Private Limited, a firm promoted by Tejpal in March last year. The firms filing for last year shows a worth of Rs 2 lakh.