Shareholder activism to the fore again – target Raghav Bahl
The dust has barely settled from the Satyam-Maytas fiasco, which brought shareholder activism to the forefront, and now we have another battle brewing, with the spotlight on The Indian Film Company (IFC), acquirers and distributors of blockbusters as Jab We Met, Welcome, Singh is Kinng and Ghajini.
The dispute involves a UK-based hedge fund, Altima Partners, and the company’s principal promoter Raghav Bahl, founder and largest shareholder of Network18, the broadcasting group which runs TV channels such as CNBC-TV18, Colors and Awaaz.
Altima India Master Fund Ltd , which owns 14.39 per cent in the company, has called an Extraordinary General Meeting (EGM) February 5 to oust Bahl, who owns 21.64 per cent in IFC, and Alok Verma from the directorship of the company, alleging poor financial performance and returns. Altima has also moved a resolution to replace the two directors with its own nominees — Atul Setia, a partner in the hedge fund, and Aashish Vyas, who runs his own investment company.
Business Standard has more details on this issue.
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