ITV

Tag: board of directors

  • Zeel-Invesco case: Bombay HC to continue hearing on 30 Nov

    Zeel-Invesco case: Bombay HC to continue hearing on 30 Nov

    Mumbai: At the Zeel-Invesco hearing held on Monday, the division bench of the Bombay high court decided to continue the hearing on 30 November. On 29 October, the court had granted a temporary injunction against the requisition notice by Invesco.

    Counsel appearing on behalf of Invesco stated that the court’s judgement to give injunction against requisition will have a far-reaching impact. He said “Court cannot injunct a meeting as it is the statutory right of shareholder with one-tenth share capital,” according to a Moneycontrol report.

    The Zeel-Invesco tussle began when the media company’s two top investors Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own ~18 per cent stake in the company had sent a requisition notice to the company on 11 September to call for an extraordinary general meeting of shareholders.

    The investors had also sought the removal of long-standing directors and close associates of the Chandra family from the board. The two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations.  

    The investors moved to have six nominees appointed to the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepali, and Gaurav Mehta as independent directors of the board for a term up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to approval by the ministry of information and broadcasting (MIB).

    Zeel refused to conduct the EGM citing “shareholders interest” and moved to Bombay high court on 2 October seeking to declare the requisition notice as ‘illegal and invalid.’

  • Zomato CEO Deepinder Goyal joins Unacademy’s board of directors

    Zomato CEO Deepinder Goyal joins Unacademy’s board of directors

    Mumbai: Homegrown learning platform Unacademy on Thursday announced the appointment of Zomato founder and CEO Deepinder Goyal on the company’s board of directors.

    “Deepinder has been an advisor for several years and it was only a matter of time before that association transformed into a formal partnership,” stated Unacademy Group co-founder and CEO Gaurav Munjal. “His experience with building and scaling a successful consumer technology company will help us tremendously as we build the country’s largest learning platform.”

    Goyal is an investor in Unacademy and participated in the company’s series H fundraise in August. “I am thrilled to join the Unacademy board. I think it’s one of the best product companies being made in India, and I am looking forward to learning from Gaurav and the team,” he said.

  • NCLT gives Zeel time till 22 Oct to file reply to Invesco plea

    NCLT gives Zeel time till 22 Oct to file reply to Invesco plea

    Mumbai: The National Company Law Tribunal (NCLT) on Friday gave Zee Entertainment Enterprises Ltd (Zeel) time till 22 October to file its reply to a plea by its shareholder, according to a report by PTI. The decision was taken after the company approached National Company Law Appellate Tribunal (NCLAT) which declared that ‘reasonable and sufficient opportunity’ should be given to Zeel to respond to the investor’s plea.

    Zeel had approached the appellate body challenging the NCLT order dated 5 October which asked the company to submit its reply to the investor’s demand for calling an extraordinary general meeting (EGM) by Thursday.

    The NCLT hearing had been deferred to Friday after the NCLAT reserved its order on the plea until later in the evening on Thursday.

    Zeel two top investors Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own 18 per cent stake in the company had sent a requisition notice to Zeel on 11 September to call an EGM even after two weeks, the investors moved to NCLT, citing provisions of Company Law, according to which the company is bound to call for an EGM within a specific number of days, if stakeholder demanding it owns more than 10 per cent of the company.

    The investors had also sought the removal of long-standing directors and close associates of the Chandra family from the board. The two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations.  

    The investors moved to have six nominees appointed to the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srnivasa Rao Addepali and Gaurav Mehta as independent directors of the board for a term up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to approval by the ministry of information and broadcasting (I&B).

    Last week, Zeel refused to conduct the EGM citing ‘shareholders interest,’ and moved to Bombay high court seeking to declare the requisition notice as ‘illegal and invalid.’

  • J Ravindran resigns from board of Sun TV

    J Ravindran resigns from board of Sun TV

    Mumbai: J Ravindran has resigned as independent director of Sun TV Network board, according to a company filing with the BSE. 

    He submitted his resignation at the closing of business hours on 24 September. 

    “At present he is unable to devote time to the company and there is no material reason for his resignation,” said a statement from the company. 

    The company’s board of directors comprise Desmond Hemanth Theodore, K Vijaykumar, Kalanithi Maran, C Praveen, V C Unnikrishnan, R Ravi, Kavery Kalanithi, Kaviya Kalanithi Maran, MK Harinarayan, Mathipoorna Ramakrishnan, Nicholas Martin Paul, R Mahesh Kumar, R Ravivenkatesh, S Selvam and Sridhar Venkatesh. 

  • Dish TV seeks more time to convene AGM, defers 27 Sep meeting

    Dish TV seeks more time to convene AGM, defers 27 Sep meeting

    New Delhi: Dish TV has sought additional time to convene the next Annual General Meeting (AGM), which was initially scheduled to be held on 27 September. The company has cited some regulatory approvals, that it needs to obtain before going ahead with the meeting.

    The DTH company has informed the BSE, that its Board of Directors has approved the application for postponing the AGM scheduled on 27 September. The new date of the meeting has not been disclosed yet, however, as per rules, the meeting could happen any time before 30 December.

    Earlier this month, one of its prime shareholders YES Bank, which holds 25.63 per cent stake in Dish TV India Ltd had sent a special notice to the company, seeking the removal of the current directors and managing director. The proposal was to be tabled at the upcoming annual 33rd general meeting.

    In its communique to the stock exchange on Sunday, the company has stated that the proposed changes in the Board are subject to applicable regulatory permissions and also other approvals which the Company requires to obtain. While it has already sent the applications to the Lenders for seeking their consent for the said change in the Board of Directors of the Company under applicable covenants, the approval is still awaited.

    “Accordingly, in order to ensure compliance of all applicable laws and guidelines in respect of the Notices sent by YBL and also to ensure that the Company does not default on any of the regulatory and lender covenants, the Board of Directors of the Company have approved making requisite applications as per provisions of the Companies Act for seeking extension of time under applicable regulatory provisions for convening the AGM of the Company, so that the Company has sufficient time to evaluate, analyse and to ensure compliance of all applicable regulatory, and other approvals as required by the law and avoid any non-compliance to contractual obligations,” it wrote.

    In its special notice to Dish TV, Yes Bank had sought the removal of Rashmi Aggarwal, Shankar Aggarwal, Bhagwan Das Narang, and Ashok Mathai Kurien as directors, along with Jawahar Lal Goel as managing director of the company under Section 169 of the Companies Act, 2013. This would also remove Goel from the post of chairperson of the Company.

    The Bank had alleged that the current Dish TV Board was “not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the Company” which hold about 45 per cent shareholding in the Company.

    In its notice, Yes Bank had also proposed to reconstitute the board with – Yes Bank senior group president and general counsel Sanjay Nambiar, Yes Bank, country head, stressed asset management, Akash Suri, former KPMG executive Viiav Bhatt, litigation counsel Haripriya Padmanabhan,  Wipro’s IT business former Co-CEO Girish Paranjape, independent management consultant Narayan Vasudeo Prabhutendulkar and Arvind Nachaya.

    Dish TV had responded to the notice, stating that the proposed new directors could be appointed only after obtaining approvals from the ministry of information and broadcasting. and other requisite approvals for appointment of new directors, within the statutory timelines.

  • Yes Bank seeks removal of current directors of Dish TV

    Yes Bank seeks removal of current directors of Dish TV

    New Delhi: YES Bank, which holds 25.63 per cent stake in Dish TV India Ltd has sought the removal of the current directors and managing director of the direct-to-home service provider. The bank has recently issued a special notice asking the company to put its proposal to vote at Dish TV’s upcoming annual 33rd general meeting to be held on 27 September.

    “The present board of directors of the Company (“Board”) has approved a rights issue process, pending objections raised with the Board by the Bank time and again, solely to dilute the shareholding of the Bank and to prejudice the interests of inter alia the Bank which is the single largest shareholder of the Company as of date,” it said in its notice.

    Yes Bank has sought the removal of Rashmi Aggarwal, Shankar Aggarwal, Bhagwan Das Narang, and Ashok Mathai Kurien as directors, along with Jawahar Lal Goel as managing director of the company under Section 169 of the Companies Act, 2013. “Moreover, consequent to such removal, Goel shall cease to be the chairperson of the Company with effect from the date of this meeting,” the notice read.

    According to the bank, the Board “is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the Company” which hold about 45 per cent shareholding in the Company.

    “The Board is purportedly acting at the behest of certain minority shareholders holding merely six per cent of the shares in the Company. This is reflected from the fact that even though the Bank, vide various letters issued to the Board, asked the Board to desist from approving/conducting the proposed capital raising exercise by way of rights issue, the Board, without consulting the significant shareholders of the Company, went ahead to make a press announcement dated 28 May, 2021 regarding its intention to proceed with a Rs 1000 Cr. rights issue,” read the notice.

    According to the bank, the Board has “completely side-lined the multiple requests of the Bank to reconstitute the Board, inter alia, by appointment of the nominee directors.”

    In its notice, Yes Bank has also proposed to reconstitute the board with – Yes Bank senior group president and general counsel Sanjay Nambiar, Yes Bank, country head, stressed asset management, Akash Suri, former KPMG executive Viiav Bhatt, litigation counsel Haripriya Padmanabhan,  Wipro’s IT business former Co-CEO Girish Paranjape, independent management consultant Narayan Vasudeo Prabhutendulkar and Arvind Nachaya.

    Dish TV has responded to the notice, stating that the proposed new directors could be appointed only after obtaining approvals from the ministry of information and broadcasting. and other requisite approvals for appointment of new directors, within the statutory timelines.

  • Dentsu Group appoints Jean Lin as new Executive Officer

    Dentsu Group appoints Jean Lin as new Executive Officer

    New Delhi: Dentsu Group announced on Wednesday that its board of directors has decided to appoint Jean Lin as new executive officer of the company, effective on August 1. Lin will also continue in her current role as global CEO of Creative Services Line of dentsu International Ltd.

    Lin will advise and guide the development of dentsu Sustainable Business Solutions (dSBS) which will be at the core of the sustainable client solutions provided across dentsu Japan network and dentsu International. “This distinctive proposition will accelerate client growth by bringing together dentsu’s deep understanding of consumers and commitments to society, with creativity and technology, to create an ecosystem of co-creation with clients and partners to drive ‘growth from good’, ” the company said in a statement.

    Dentsu Group president and CEO, Toshihiro Yamamoto said, “At dentsu we believe in helping to realise a better society by contributing to the good progress of our clients and their consumers, our partners and our people. Dentsu Sustainable Business Solutions is core to delivering on our social commitments and business strategy, and I am delighted Jean’s entrepreneurial spirit, experience in creativity and digital transformation, industry leadership and personal commitment to sustainability will help guide its development.”

    Lin founded wwwins Consulting, a digital agency in 1999, which was acquired by Aegis Media in 2004. Subsequently, she became the first head of Isobar’s Greater China office. In 2014, she was elevated to Isobar global CEO, and appointed as Isobar global chief executive chairman in March, 2020. In 2016, she was also made a member of the Global Executive Team of Dentsu Aegis Network (now dentsu International), Isobar’s parent company. Lin was appointed in her current role as the global chief executive officer, Creative, dentsu International in November, 2019.

  • Fabindia appoints Aditya Ghosh to board of directors

    Fabindia appoints Aditya Ghosh to board of directors

    NEW DELHI: Fabindia Group has appointed Aditya Ghosh as a member of the company’s board of directors. Ghosh will be guiding the management teams with strategy and new initiatives.

    Ghosh said, "I am truly excited to come on board and get associated with a brand that I have been a loyal customer and fan of, for decades! I am looking forward to engaging with a sense of purpose where we continue to build on the tremendous trust that the Fabindia family of brands enjoy and create a socially conscious business that makes a deep positive impact towards a healthier and more equal planet."

    Fabindia believes that the post-Covid2019 period will bring about transformational change in consumer behaviour and brands with purpose, sustainability initiatives and earth-friendly commerce will become increasingly important.

    Ghosh is a seasoned professional with over 22 years of experience. Ghosh has had multiple roles as the CEO and Board member of large consumer-facing businesses with complex operations including IndiGo, India's largest and most profitable airline and also OYO Hotels & Homes. He also sits on the board of directors of Nani Palkhivala Arbitration Centre. He is one of the founders of The Ashoka University and Member Circle of Sponsors where he is actively involved in leading the service excellence aspect.

    Before his business role, he practised law at the prestigious corporate law firm, J Sagar Associates and then as the general counsel at InterGlobe Enterprises. Ghosh has a keen interest in creating social impact in diversity & inclusion, education, women-led entrepreneurship and leadership development.

  • Sun TV forms committee to evaluate share buyback

    Sun TV forms committee to evaluate share buyback

    MUMBAI: The South Indian television major Sun TV Network is examining a buyback of its equity shares and has formed a committee to examine the proposal.

     

    In a BSE filing, Sun TV Network said that its Board of Directors met on 5 November, 2015 to evaluate the proposal for buyback of equity shares of the company.

     

    “After detailed deliberations, the Board has constituted a committee to examine the buyback proposal as well as other options and recommend suitably,” the company further added.

     

    Sun TV promoters hold 75 per cent stake in the company, while the rest 25 per cent is with the public as of the quarter ended 30 September, 2015. Of the shares held by the public, Foreign Institutional Investors (FIIs) hold 16.61 per cent, whereas domestic financial institutions hold 2.64 per cent.

     

    The company had, in an earlier notice informed the bourses, that the board would meet on 5 November to consider if it thought fit to approve a proposal to buy-back the fully paid-up equity shares of the company.

  • Arun Aggrawal elevated to Board of Directors in iTV Network

    Arun Aggrawal elevated to Board of Directors in iTV Network

    NEW DELHI: iTV Network has elevated Arun Aggrawal to the Board of Directors of Direct News Pvt. Ltd. and Information TV Pvt. Ltd. 

     

    Prior to this appointment, he was iTV Network group CFO.

     

    Aggarwal has decades of experience in business valuations, due diligence, corporate restructuring, corporate funding, M&A advisory along with the crucial functions of credit control, finance and commercial aspects in the media and IT industry. He has held various senior leadership positions at various international & national TV network including Zee & ANN7. He was also instrumental in driving credit control systems initiatives for the media industry.

     

    iTV Network MD Kartikeya Sharma said, “The induction to the Board of highly competent professionals from within our ranks is a big step forward for iTV Network. Mr. Aggarwal’s rich experience across the financial spectrum combined with the passion for business and people have contributed significantly to the growth of our organisation. I look forward to working with him closely as we build on the momentum of recent months which will surely help the network reach the next level of growth.”

     

    Aggarwal added, “I am honoured to have been asked to take this role, and excited about the possibilities that lie in our future and I look forward to working with the entire  iTV Network team as we embark on this exciting journey.”