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Amid talks of a proposed hike in tax rate for bank deposits in Cyprus, Media conglomerate Network18 Media and Investments on Tuesday said it has less than $ 260,000 (about Rs 1.41 crore or €200,830) as bank deposits in the Mediterranean island.
In a filing to the BSE, Network 18 said… “subsidiaries in Cyprus hold bank balances of less than $ 260,000 in Cyprus as on March 18, 2013”.
The company did not reveal the exact amount it has as bank balance in the economically-troubled island nation.
Its group company, TV18 Broadcast Ltd in a separate filing to the exchange said its “... joint venture — Viacom 18s subsidiary in Cyprus — The Indian Film Company (Cyprus) Ltd, holds no bank balances in Cyprus.”
TV18 Broadcast Ltd has no other direct or indirect subsidiary that have any bank balances in Cyprus, the filing added.
Last week, 17-nation euro zone had reached a deal on a €10 billion ($13 billion) financial rescue package for debt-stricken Cyprus to avert a bankruptcy, making it the fifth euro zone member receiving a bailout since Greece was rescued in the wake of sovereign debt crisis in May, 2010.
As per the plan, depositors with up to €1,00,000 will have to pay a one time levy of 6.75 per cent and those above that level will be charged 9.9 per cent.
The decision has unleashed massive protests in Cyprus and sent shares tumbling in Asia and in Europe.
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