Step forward in UNI’s Revival Process; Expression of Interest invited from potential investors
New Delhi, Aug 6 (Agency) Marking a step forward in the revival process of United News of India (UNI) under the Insolvency and Bankruptcy Code (IBC), the Resolution Professional appointed by the National Company Law Tribunal (NCLT) has invited Expression of Interest (EOI) from potential investors. In May, the NCLT initiated Corporate Insolvency Resolution Process (CIRP) of the 62-year-old company, one of the oldest and most credible news agencies in the country, and appointed Pooja Bahry, a veteran in the insolvency matters, as the Interim Resolution Professional (IRP). UNI has been going through financial distress for over a decade and the Resolution Process aims to turn its fortunes for the better. Founded in 1961, UNI is a Multilingual Agency that provides News in 3 languages – English, Hindi and Urdu – along with Photos to over 460 subscribers, which include Media organisations, Government Departments and political parties, across the country.
As required under the IBC, Bahry issued a public notice on Saturday (Aug 5), inviting Expression of Interest from the “prospective resolution applicants, who fulfil such criteria as may be laid down by him (her) with the approval of Committee of Creditors, having regard to the complexity and scale of operations of the business of the Corporate Debtor and such other conditions as may be specified by the Board”. As per the notice, available on UNI English and UNIVarta websites and published in various Newspapers across the country, the window for receipt of applications is open till August 31, 2023. It says Resolution applicants can approach the company’s Resolution Professional with Resolution Plans if they (singly, jointly or in consortium) have “the necessary expertise in running an industry/business/turnaround of stressed assets etc”. An application can be made by Private/Public Ltd Company, LLP, Body Corporate, PSUs, or Individual Investor, whether incorporated in India or outside India, with a minimum net worth of Rs 350 crore or having an annual turnover of Rs 700 crore.
A Resolution Applicant can also be a Financial Institution (FI)/Fund/Private Equity (PE) Investor/any other similar entity with minimum Assets Under Management (AUM) or Funds Deployed or Committed Funds available for investment of Rs 500 crore as on March 31, 2023. Other criteria and conditions are also enlisted in the detailed notice. After her appointment as the Resolution Professional for UNI on May 19, Bahry had said that she was “extremely hopeful that an appropriate Resolution Plan will come for the company and the Corporate Debtor (UNI) will be revived.” At present, UNI has 272 employees, including journalists, photo-journalists and non-journalists, besides a vast network of stringers up to the level of districts spread across the country. Significantly, by providing News Service in Urdu language, UNI is the only such credible News Agency, not only in India, but throughout Asia. In India, most Urdu newspapers and news websites are dependent on UNI services.
The subscribers of UNI include highly-reputed media organisations like NDTV, Hindustan Times (HT Syndication), Hindustan (Hindi daily of Hindustan Times Group), Dainik Bhaskar, Rajasthan Patrika, Punjab Kesari, Rashtriya Sahara, Sun TV, ETV Bharat, Saamna and Daily Thanthi (leading Tamil newspaper). Various state governments, Raj Bhawans and leading political parties also subscribe to UNI Services. The agency remains committed to serving its subscribers with quality news in a speedy and accurate manner. With the zeal and commitment of its journalists, UNI continuously endeavours to expand its subscriber base and a new investment would help this in a big way.