Network 18 has bank deposits worth Rs 1.41 crore in Cyprus

New Delhi: Amid talks of a proposed hike in tax rate for bank deposits in Cyprus, Media conglomerate Network18 Media and Investments today said it has less than $260,000 (about Rs 1.41 crore or 200,830 Euro) as bank deposits in the Mediterranean island.

In a filing to the BSE, Network 18 said its "... 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.

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Its group company, TV18 Broadcast Ltd in a separate filing to the exchange said its "... joint venture-Viacom 18's 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.

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Last week, 17-nation eurozone had reached a deal on a 10 billion-euro ($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 euro will have to pay a one time levy of 6.75 percent and those above that level will be charged 9.9 percent.

The decision has unleashed massive protests in Cyprus and and sent shares tumbling in Asia and in Europe.

PTI

Disclosure: Firstpost is a part of the Network 18 Group