Magazine publication house, Cyber Media (India) Ltd (CML) has clarified that it has not offered the brand name Business Week India to the State Bank of Mysore as collateral security for a loan.
"The brand Business Week does not belong to us. It is the property of McGraw Hill and therefore the question of offering this brand as security does not arise at all", said a Cyber Media official.
The official further clarified that the government has still not approved the usage of foreign brand names for business magazines. "In case CyberMedia launches a business magazine under some other title, the collateral security would extend to that brand", the Cyber Media official said.
The clarification is in response to a report published in Business Standard on May 10, which stated that CML has mortgaged the brand name of the yet-to-be-launched magazine - Business Week India - with the bank.
The BS report was based on information made available by the company in its prospectus issued recently for raising capital from the market.
