New Delhi:
After suffering from an acute financial crisis for years, United News of India (UNI), one of the oldest and credible news agencies in the country, is poised for rejuvenation as the National Company Law Tribunal (NCLT) today approved a Resolution Plan for the 64-year-old company.
The approval of the Resolution Plan, under the Insolvency and Bankruptcy Code (IBC), provides for a substantial investment into the sick company, bringing much-wanted cheers to about 900 serving and former employees, including hundreds of Journalists.
“Today, history has been created as the Hon’ble NLCT has approved the Resolution Plan submitted by The Statesman Ltd, to revive United News of India (UNI),” said an excited Resolution Professional (RP) Pooja Bahry who was appointed by the Tribunal on May 19, 2023, with the task of bringing about a Resolution Process of the company.
Bahry, a veteran in insolvency matters, said, “UNI (case) is a prime example of what IBC can achieve… The core objective of the IBC, that is to ensure revival and continuation of a company, has finally been achieved.”
Noting that UNI has been fighting for survival for decades, she said, “It is because of this beautiful legislation (IBC) only that we have been able to get an order of ‘revival’ and ‘resolution’ of this institution (UNI) with historical significance. UNI can again touch the pinnacle of success and that is the true strength of the IBC.”
She highlighted that more than 900 families have stakes in the successful revival of the country’s second-largest News Agency, which disseminates news to hundreds of other media outlets and other entities in English, Hindi and Urdu languages besides having a Photo service.
“Today, with the grace of God and a lot of efforts and cooperation from the employees and various stakeholders, we have created history,” said the RP, who was tasked by the NCLT with inviting prospective investors to pump in the much-needed funds as per the IBC law.
Talking about the process which resulted in its successful completion, she said, “Stupendous hard work has gone into this…. We overcame various hurdles. A success story like this can reinforce our belief in the principles on which the IBC was put in place and highlights that with true values, ethics and morals and with a correct intention, we can achieve the insurmountable.”
Bahry said, “Many people feel that IBC may become irrelevant like the other previous legislatures but I have a staunch belief that till there are institutions like UNI to be revived, which showcase the beauty of this unique legislation, IBC will stay an important legislature.”
The successful Resolution Process regarding UNI implies that thousands of lives can be positively impacted, not only now, but for many decades to come.
Founded in 1961, UNI has been facing an acute financial crisis for over a decade, despite which the News Organisation remained afloat with over 600 media outlets and other entities subscribing to its News and Photo services across the country at present.
Significantly, UNI is the only credible news agency in Asia having service in Urdu language and most of the newspapers and news websites in this language are dependent on UNI.
The subscribers of UNI include HT Syndication, Hindustan (Hindi daily), Dainik Bhaskar, Rajasthan Patrika, Punjab Kesari, Rashtriya Sahara, Saamna and various state governments, Raj Bhawans and leading political parties.
At present, the company has over 250 employees, including journalists, photo-journalists and non-journalists, besides a vast network of stringers up to the level of districts spread across the country.
The agency remains committed to serving its subscribers with quality news in a speedy and accurate manner. UNI