DTH
TV production companies, DD get investigative agency’s stick
The cricket match fixing saga has spilled over into the television industry. The Central Bureau of Investigation (CBI), which is probing the issue of corruption in India’s national sport, yesterday sent its investigative officers into the premises of DD officials, TV production houses Stracon, World-Tel and UTV. The CBI believes that DD officials had connived with representatives of these companies, awarded them telecast and air time marketing rights unfairly at throwaway prices, and robbed the government of millions of dollars.
The CBI is investigating deals dating back to 1997 and 1998 related to the ICC Knockout tournament 1998, Wimbeldon 1997, the French Open 1997, The Independence Cup 1997 and other sports tournaments. Stracon, UTV, and World-Tel were involved in these transactions.
The CBI raided the premises of the then DD director general K.S. Sarma, deputy director general (sports) K. Kunnhi Krishnan, deputy director generals Rakesh Bahadur, Sanjeev Dutta, and P.K. Seth. The agency also struck at the premises of Stracon boss Siddartha Ray and Anurag Misra, World-Tel boss Mark Mascarenhas, and UTV’s Ronnie Screwvala, according to a report in newspaper daily The Asian Age.
Will the CBI come up with a lot of dirt? An industry observer says that it is quite likely that UTV will squeak through clean, but Stracon and World-Tel may find themselves in the box. His view is that the CBI should take a dekko at how some of the officials had their children’s education paid for in the US, and how one of the officials took a long sabbatical from his DD posting.
DTH Operator
JC Flowers withdraws NCLT plea against Dish TV over EGM demand
Move eases pressure on DTH firm as long-running shareholder dispute cools
MUMBAI: In a breather for Dish TV India, JC Flowers Asset Reconstruction has withdrawn its petition before the National Company Law Tribunal seeking directions to convene an extraordinary general meeting.
The development was disclosed by Dish TV in a regulatory filing, confirming that the petitioner chose to withdraw the case during a hearing at the Mumbai bench of the tribunal. A detailed order from the bench is still awaited.
The petition, originally filed under Sections 98 to 100 of the Companies Act, 2013, sought to push for an extraordinary general meeting to address governance issues at the company. The case had its roots in a prolonged shareholder tussle dating back to 2021, when Yes Bank, then the largest shareholder, was at odds with the promoter group led by Subhash Chandra over board reconstitution.
JC Flowers had stepped into the picture as an assignee of Yes Bank’s stressed assets, effectively continuing the legal push initiated earlier. The withdrawal now signals a pause, if not a closure, to that chapter of dispute.
While the reasons behind the withdrawal have not been formally detailed, the move reduces immediate legal pressure on Dish TV, which has been navigating both operational and regulatory challenges in recent years.
For now, the focus shifts back to the company’s business fundamentals, even as the legal dust settles, at least temporarily, on one of its more closely watched shareholder battles.
