TV9’s minority shareholders move NCLT

Minority shareholders, led by former TV9 chief executive officer Ravi Prakash, have moved the National Company Law Tribunal (NCLT) alleging that the company’s majority shareholders had violated its restraining orders.

The minority shareholders, who together claim to hold a 9.43% stake in TV9, sought to set aside the sale of the company and block the appointment of four nominees of the new majority owners to the board, claiming such acts violated the tribunal’s orders. Alleging oppression and mismanagement, the minority shareholders, including directors MKVN Murthy and Clifford Pereira, urged the tribunal to stop the director-nominees of the majority shareholders from conducting board and shareholder meetings and from infusing fresh capital. The tribunal had passed an order on September 4 restraining Associated Broadcasting Company, the operator of the TV9 bouquet of channels, from selling shares or assets while responding to a petition by a fund of SAIF Partners.