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Network18 Media reports bank balance of less than $260,000 in Cyprus

20 Mar 2013 Evaluate

Amid talks of a proposed hike in tax rate for bank deposits in Cyprus, Media conglomerate Network18 Media and Investments along with subsidiaries has reported to have less than $260,000 (about Rs 1.41 crore or Euro 200,830) as bank deposits in the Mediterranean island.

However, the company has highlighted its Joint Venture-Viacom 18’s subsidiary in Cyprus- The Indian Film Company, holds no bank balances in Cyprus.

The Euro group, which brings together the finance ministers of the 17-member euro-zone, disclosed on March 16, a 10 billion euro ($13 billion) rescue package for Cyprus that requires the fiscal haven island to raise another 5.8 billion euros from its banks by taxing depositors.

Network 18 Media & Investments is one of India's leading full play media conglomerates with interests in television, print, internet, filmed entertainment, mobile content and allied businesses.

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