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CLB orders status quo as of date on UNI share deal

Written by: Staff

New Delhi, Dec 5 (UNI) The Company Law Board (CLB) today directed that status quo with regard to shareholding in United News of India (UNI) as of date should be maintained.

Acting on a petition filed by ABP Ltd, a shareholder in UNI, CLB Chairman S Balasubramanian observed that it appeared, prima facie, that the allotment of shares of the news agency, to Mediavest, a media company, was in violation of Article 4 (of the Articles of Association of UNI).

The CLB Chairman asked UNI, Mediavest and other respondents to file their responses by January 20. The petition will be heard on March 7.

Mr Balasubramanian also directed that no meeting of the Board of Directors of UNI should be held without leave of the CLB.

Article 4 of UNI's Articles of Association says that shares of the news agency can be allotted or transferred to only owners of newspapers published in India, who could be individuals or corporates in India.

The ABP group had filed the petition questioning the manner in which 50.7 per cent of the shares of the agency were allotted to Mediavest and had sought quashing of the deal.


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