NCLT bench dismisses Ravi Prakash petition on TV9

Hyderabad: A panel comprising of Bhaskara Pantula Mohan and Binod Kumar Sinha of the Hyderabad Bench of the National Company Law Tribunal (NCLT) on Wednesday dismissed a petition complaining of oppression and mismanagement by the management of TV9.

The petition was filed by V. Ravi Prakash and another. The petitioner is a 9% shareholder in ABCPL, the company that previously owned TV9. The panel found that the induction of new partners into the company was not illegal and there was no infirmity in the same. It further ruled that removal of the petitioners as the CEO and CFO was not in contravention of the Companies Act. It rejected the plea that the financial position of the company is being eroded. It pointed out, “the petitioners have neither been able to establish any oppression or mismanagement’” the panel said.

The tribunal further held that the action resulted in frustration of rights granted to Alanda media and others and imposed costs of Rs 10 Lakh on the petitioners.