Brands had an aggressive focus on targeting audience via CTV for matches held over the weekend to capitalize on higher viewership and engagement during prime slots.
The National Company Law Appellate Tribunal (NCLAT) has directed Sporta Technologies, parent company of Dream11, to maintain its status as a going concern, despite the RP's counsel arguing that the management is suspended.
Nine major companies, including Dream11, Ceat, Saudi Tourism, Aramco, Mastercard, RuPay, PhonePe, MyCircle11, and DP World, have purchased the tender document for the IPL associate and special partner slots. Among them, five are existing sponsors of the IPL. Dream11 and MyCircle11, both fantasy sports companies, are expected to compete against each other.
The counsel appearing for the co-founder and COO of Dream11, Bhavit Seth, had requested that no further steps be taken in the insolvency resolution professional, as any action will adversely affect the company which is preparing for the upcoming IPL season.
On Tuesday, Sporta Technologies, the parent company of Dream11, lodged an appeal with the National Company Law Appellate Tribunal (NCLAT) in Delhi, challenging the National Company Law Tribunal (NCLT) Mumbai's recent decision to accept an insolvency petition. The insolvency petition, filed by Reward Solutions' resolution professional, alleged that Sporta Technologies defaulted on dues amounting to Rs 7.61 crore. I
With the increasing number of users on the Dream11 platform, the company achieved several other milestones. In 2020, it secured the sponsorship rights for the IPL, and currently, it holds the sponsorship for the Indian cricket team jersey as well.
Dream11's auditor SR Batliboi & Co, an affiliate of EY, said the notices issued to the company by GST authorities seeking more than Rs 28,000 crore in past tax dues “may cast significant doubt on the groups ability to continue as a going concern”.
While online gaming firms might be able to absorb a portion of the higher tax rates, the challenge lies in retaining users while passing on some of the tax burden to them