ITV

Tag: Tribunal

  • Zeel-Invesco Tussle: After Bombay HC, Zeel now approaches NCLAT

    Zeel-Invesco Tussle: After Bombay HC, Zeel now approaches NCLAT

    New Delhi: Media and entertainment giant Zee Entertainment Enterprises Ltd (Zeel) has now approached the National Company Law Appellate Tribunal (NCLAT) against the order passed by National Company Law Tribunal (NCLT) on Tuesday. The Tribunal had asked the Company to submit its response to the investors demand for calling an extraordinary general meeting (EGM).

    “The Company has moved to National Company Law Appellate Tribunal (NCLAT) in accordance with the due process available under the law,” said ZEEL spokesperson.  The next hearing in the NCLT is on Thursday.

    The development comes few days after Zeel filed a petition in the Bombay high court seeking to declare the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC as “invalid”. “The Company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders,” the statement added.

    The Zeel boardroom tussle began on 11 September, when the Company’s top two investors- Invesco and OFI Global China Fund IIC which together hold an 18 per cent stake in the media company sent it a requisition notice calling for an EGM of the shareholders. The investors have sought the removal of Zeel’s sitting MD Punit Goenka, and long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani had submitted their resignations a day prior. Meanwhile, the

    The investors had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of 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 the approval of the ministry of information and broadcasting (I&B).

    However, Zeel refused to conduct the extraordinary general meeting (EGM), stating that the requisition notice was “illegal and invalid”. The Company further maintained that it will continue to take all the actions needed in the interest of the shareholders as per law. “The Board has arrived at this decision by referring to various non-compliances under multiple laws, including the Securities and Exchange Board of India guidelines, ministry of information and broadcasting guidelines, and key clauses under the Companies Act, and Competition Act, and after taking into account the interest of all the stakeholders of the company,” Zeel had said in a statement.

    Meanwhile, on September 22, ZEEL also announced its proposed merger with Sony Pictures Networks India (SPNI) which will create the country’s largest media company. The merged entity, in which SPNI’s parent company SPNI would infuse $1.575 billion, will be a public listed company in India. Punit Goenka was announced as the CEO and managing director of the new entity, with the promoter family being free to increase its holding from four per cent to 20 per cent over time. 

  • NDTV promoters get stay on SEBI order banning them from security market

    NDTV promoters get stay on SEBI order banning them from security market

    MUMBAI: An order that was passed by the Securities and Exchange Board of India (Sebi), barring New Delhi Television (NDTV) promoters Prannoy Roy and Radhika Roy from holding managerial positions at the news television network, was stayed by the Securities Appellate Tribunal (SAT).

    The order in the matter of NDTV pertains to a Rs 350-crore loan taken by holding company RRPR Holding from ICICI Bank, which was later liquidated by taking two more loans from Vishvapradhan Commercial (VCPL). The loan taken from VCPL was interest-free for 10 years on the condition that VCPL would have a right of first refusal on 50 per cent of NDTV shares in the event they were sold in the market. The loan agreement had certain call options for transfer of 30 per cent of RRPR shareholding at a price of around Rs 215 per share, according to reports.

    Sebi, in its order dated 14 June, said the loan agreement was nothing but a sham agreement, and violated disclosure norms. SAT heard the arguments that were being stated by the counsels for Sebi and the Roys. According to the tribunal, various allegations made in the Sebi order had to be considered in detail.

    Sat also directed the Roys to not alienate or create any encumbrance on their shareholding in NDTV till further orders.

    “We find the whole world knows about the impugned order except the appellants. To date, they have not been supplied a copy of the impugned order despite the oral direction given by this tribunal yesterday (Monday)… Their liability and their onerous duty does not end the moment they upload the order on their website. The first duty is to supply a copy of the impugned order to the aggrieved party, which, in the instant case, has not been done to date,” said SAT.

    The tribunal pulled up Sebi for not supplying a copy of the order to the Roys.

  • TDSAT rules in favour of broadcaster against MSO

    TDSAT rules in favour of broadcaster against MSO

    NEW DELHI: The Telecom Disputes Settlement and Appellate Tribunal has reiterated that failure to collect fees from subscribers is not sufficient ground for any multi-system operator or distributor for non-payment of earlier dues or monthly subscription to a broadcaster.

    Member B B Srivastava agreed with an earlier TDSAT order on 6 October 2014 quoted by Taj TV counsel Upender Thakur which is the respondent in the petition filed by Manthan Broadband Service Pvt Ltd.

    The Tribunal in Petition No. 144(C) of 2014 (Sun Distribution Services Pvt. Ltd. vs Digicable Network (lndia) Pvt Ltd.) had observed:

    “To my mind, the failure to collect from the ground is not a sufficient justification for not making payment to the broadcaster its earlier dues and the current monthly license fees in time.”

    After hearing counsel for both sides, TDSAT extended by 10 days the time given to Manthan to clear its dues to Taj TV ‘by way of one time indulgence.’

    Also read:   VXL and linked LCOs barred from receiving signals from any other MSO

    Also read:   TDSAT forbids VXL Digital to receive signals from any MSO after dispute with Indiacast

  • TDSAT rules in favour of broadcaster against MSO

    TDSAT rules in favour of broadcaster against MSO

    NEW DELHI: The Telecom Disputes Settlement and Appellate Tribunal has reiterated that failure to collect fees from subscribers is not sufficient ground for any multi-system operator or distributor for non-payment of earlier dues or monthly subscription to a broadcaster.

    Member B B Srivastava agreed with an earlier TDSAT order on 6 October 2014 quoted by Taj TV counsel Upender Thakur which is the respondent in the petition filed by Manthan Broadband Service Pvt Ltd.

    The Tribunal in Petition No. 144(C) of 2014 (Sun Distribution Services Pvt. Ltd. vs Digicable Network (lndia) Pvt Ltd.) had observed:

    “To my mind, the failure to collect from the ground is not a sufficient justification for not making payment to the broadcaster its earlier dues and the current monthly license fees in time.”

    After hearing counsel for both sides, TDSAT extended by 10 days the time given to Manthan to clear its dues to Taj TV ‘by way of one time indulgence.’

    Also read:   VXL and linked LCOs barred from receiving signals from any other MSO

    Also read:   TDSAT forbids VXL Digital to receive signals from any MSO after dispute with Indiacast

  • TDSAT gives final opportunity to MSO to resolve disputes, clear payments to Star, Sun

    TDSAT gives final opportunity to MSO to resolve disputes, clear payments to Star, Sun

    NEW DELHI: City Digital Network has been directed by the Telecom Disputes Settlement and Appellate Tribunal ‘by way of last indulgence’ to pay the second instalment of Rs 2.5 lakh to Star India by 26 July 2016.

    While directing Star India to reconnect the signals to the MSO, member B B Srivastava had on 22 June 2016 directed it to clear payment to Star India in two instalments.

    Listing the matter for 29 August, the Tribunal on 20 July 2016 said the broadcaster would be at liberty to disconnect the signals if the MSO still defaulted.

    The signals to the MSO were to be restored on payment of the first instalment of Rs one lakh by 24 June 2016.

    Star India Counsel Saurabh Srivastava told the Tribunal that the second instalment of Rs 2.5 lakh had not been cleared but the signals were being continued as the Tribunal had not given the liberty to disconnect in the event of non-payment and so the MSO continued to enjoy the signals.

    In the order of 22 June 2016, the Tribunal had also directed the parties to meet at a mutually convenient date to resolve differences and work on a new interconnect agreement.

    Meanwhile in another matter, Sun Distribution Services Pvt Ltd informed the Tribunal that City Digital Network had not cleared fifty per cent of the amount due at the time of disconnection despite the orders of the Tribunal.

    While permitting Sun to file its rejoinder, the Tribunal clarified that this order did not preclude the two sides from coming to the negotiating table.

    The matter was thereafter listed for 19 August 2016.

  • TDSAT gives final opportunity to MSO to resolve disputes, clear payments to Star, Sun

    TDSAT gives final opportunity to MSO to resolve disputes, clear payments to Star, Sun

    NEW DELHI: City Digital Network has been directed by the Telecom Disputes Settlement and Appellate Tribunal ‘by way of last indulgence’ to pay the second instalment of Rs 2.5 lakh to Star India by 26 July 2016.

    While directing Star India to reconnect the signals to the MSO, member B B Srivastava had on 22 June 2016 directed it to clear payment to Star India in two instalments.

    Listing the matter for 29 August, the Tribunal on 20 July 2016 said the broadcaster would be at liberty to disconnect the signals if the MSO still defaulted.

    The signals to the MSO were to be restored on payment of the first instalment of Rs one lakh by 24 June 2016.

    Star India Counsel Saurabh Srivastava told the Tribunal that the second instalment of Rs 2.5 lakh had not been cleared but the signals were being continued as the Tribunal had not given the liberty to disconnect in the event of non-payment and so the MSO continued to enjoy the signals.

    In the order of 22 June 2016, the Tribunal had also directed the parties to meet at a mutually convenient date to resolve differences and work on a new interconnect agreement.

    Meanwhile in another matter, Sun Distribution Services Pvt Ltd informed the Tribunal that City Digital Network had not cleared fifty per cent of the amount due at the time of disconnection despite the orders of the Tribunal.

    While permitting Sun to file its rejoinder, the Tribunal clarified that this order did not preclude the two sides from coming to the negotiating table.

    The matter was thereafter listed for 19 August 2016.

  • TDSAT directs Auragabad MSO to pay part of sums due and enter into agreement with MSM Media

    TDSAT directs Auragabad MSO to pay part of sums due and enter into agreement with MSM Media

    NEW DELHI: Aurangabad Satellite Cable Service Centre has been directed by the Telecom Disputes Settlement and Appellate Tribunal to pay a part of its dues to MSM Media Pvt Ltd and to negotiate the terms of a new interconnect agreement.

    In his order, member B B Srivastava also asked the MSO to submit within two days the SLRs in respect of the six areas that continue to be under analogue transmission.

    Adjourning the matter to 1 August 2016, the Tribunal said he MSO “would be well advised to pay at least a part of the respondent’s dues for productive negotiations and interconnect agreement.”

    When the matter was taken up on 18 May 2016, it had been adjourned for a week to allow the parties to renegotiate the terms of interconnect agreement and were asked to work out an interconnect agreement on mutual terms.

  • TDSAT directs Auragabad MSO to pay part of sums due and enter into agreement with MSM Media

    TDSAT directs Auragabad MSO to pay part of sums due and enter into agreement with MSM Media

    NEW DELHI: Aurangabad Satellite Cable Service Centre has been directed by the Telecom Disputes Settlement and Appellate Tribunal to pay a part of its dues to MSM Media Pvt Ltd and to negotiate the terms of a new interconnect agreement.

    In his order, member B B Srivastava also asked the MSO to submit within two days the SLRs in respect of the six areas that continue to be under analogue transmission.

    Adjourning the matter to 1 August 2016, the Tribunal said he MSO “would be well advised to pay at least a part of the respondent’s dues for productive negotiations and interconnect agreement.”

    When the matter was taken up on 18 May 2016, it had been adjourned for a week to allow the parties to renegotiate the terms of interconnect agreement and were asked to work out an interconnect agreement on mutual terms.

  • TDSAT asks Sun Distribution to reconnect signals to MSO on fifty per cent payment

    TDSAT asks Sun Distribution to reconnect signals to MSO on fifty per cent payment

    NEW DELHI: Sun Distribution Services Pvt Ltd has been asked by vacation bench of the Telecom Disputes Settlement and Appellate Tribunal to reconnect the signals to the City Digital Network if it pays fifty per cent of the dues mentioned in the disconnection notice within a week.

    Member B B Srivastava said the payment will be without prejudice to the rights and contentions of the parties.

    Hearing the matter on 22 June 2016, the Tribunal fixed the matter for 18 July with the reply of Sun Distribution.

    Meanwhile, both parties will meet at a convenient timein the Hyderabad office of the resoindent to resolve the issue over renewal of interconnect agreement.

  • TDSAT asks Sun Distribution to reconnect signals to MSO on fifty per cent payment

    TDSAT asks Sun Distribution to reconnect signals to MSO on fifty per cent payment

    NEW DELHI: Sun Distribution Services Pvt Ltd has been asked by vacation bench of the Telecom Disputes Settlement and Appellate Tribunal to reconnect the signals to the City Digital Network if it pays fifty per cent of the dues mentioned in the disconnection notice within a week.

    Member B B Srivastava said the payment will be without prejudice to the rights and contentions of the parties.

    Hearing the matter on 22 June 2016, the Tribunal fixed the matter for 18 July with the reply of Sun Distribution.

    Meanwhile, both parties will meet at a convenient timein the Hyderabad office of the resoindent to resolve the issue over renewal of interconnect agreement.