Sony broadcaster in legal tangle

Jul 03, 2010, 06:59 IST | Vinod Kumar Menon

Minority stakeholders of Multi Screen Media have accused chairman and ceo of financial mismanagement, oppression

Minority stakeholders of Multi Screen Media have accused chairman and ceo of financial mismanagement, oppression

Minority stakeholders of Multi Screen Media (MSM), broadcaster of channels like Sony and Set Max, are taking legal action against the majority stakeholders, accusing them of financial mismanagement and minority oppression.

The minority stakeholders, including Sudesh Iyer, his partner Raman Maroo, Rakesh Aggarwal and Balchandra Sule, have accused MSM Chairman Andy Chaplain and CEO Manjeet Singh of being involved in the misdeeds.

MSM's PR firm refused to comment on allegations of financial mismanagement as the matter is sub judice

Yesterday, the Company Law Board (CLB) responded to the complaint and issued an interim order restraining MSM from raising the paid-up capital of the company.

Raman Maroo, Managing Director of Shemaroo Entertainment, and one of the seven Indian shareholders in MSM, said, "We have stated nearly 20 grievances in our petition filed before the CLB.
We have pointed out to the unwanted shadowing and interference in MSM business by the majority stakeholders.
Also, the minority stakeholders were not consulted before Andy Chaplain and Manjeet Singh discussed the IPL telecast rights with World Sports Group and paid a facilitation fee of 80 million dollars."

 "Sony Pictures is oppressing our rights as minority stakeholders and we are positive that the CLB will address our grievances," he added.

'Time needed'

The counsel for majority stakeholders in MSM has requested the CLB to give it time until July 27 to respond to the complaint. The request has been granted.

The Other Side

When contacted, an official at MSM's public relations firm, ITAN, said, "We cannot comment at the moment as the matter is
sub judice."

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