Sun TV not to pursue buyback option

Panel proposes board of directors continue present practice of payment of dividends

Sun TV Network today said committee appointed to look into option of share buyback has recommended not to pursue the option for the time being.

The company last year announced it is mulling buy back plans and had fixed November 5, 2015 as a date to consider and approve the proposal to buy-back the fully paid-up equity shares.

On Friday, in a regulatory filing, the company said the committee examined the issue and recommended "the board of directors continue the present practice of payment of dividends and not to pursue the buyback of shares for the time being. The board accepted the recommendation."

On November 5, the company announced its board of directors has set up a committee to examine its proposal for buyback of fully paid-up shares.