Promoters feud may be nearing end at Indigo

The Company has called for an extraordinary general meeting (EGM) on 30 December, seeking approval to amend it’s Articles of Association (AoA) and remove restrictions on promoter share transfer. Key points to note – Indigo has two founders – Rahul Bhatia and Rakesh Gangwal Bhatia group owns 37.83% stake of Indigo and Gangwal group 36.61% … Read more

Shareholder requests Sanjeev Bikhchandani to pare down stake in Zomato

Shareholders’ activism in Indian Companies is increasing. Shareholders are finding new ways to make themselves heard by the management. Now Venkat Subramanian, the MD of Infina Finance (an investment company jointly owned by Kotak Mahindra Bank and the Kotak family) has written an open letter to Sanjeev Bikhchandani, the Co-founder of Info Edge India (IEL). … Read more

Spandana Sphoorty’s Founder MD quits

Padmaja Gangireddy, the Founder Managing Director of Spandana Sphoorty Finance (SSF) has resigned. Key points to note – SSF is a private equity controlled entity. Kedaara Capital owns about 45% of the Company whereas Padmaja owns about 17%. Padmaja in a letter to employees has attributed the reason for resignation to be her disagreement of … Read more

Asian Paints denies allegations related to related party deals

The Company has denied allegations of a whistleblower on undue advantage to the promoters at Company’s expense and provided the necessary clarifications. The allegation – Reports surfaced in media that a whistleblower has made a complaint that Asian Paints (APL) entered into a transaction with one of it’s ex-employees Jayram Nadkarni and the company founded … Read more

Invesco moves NCLT against Zee. Motive and logic unclear.

The move is reasoned as due to the failure by Zee to call for EGM as requested by Invesco – to remove Puneet Goenka and appoint 6 new independent directors proposed by Invesco. It’s difficult to defend the decision because – As per regulations, Zee still has time till October 3, 2021 to call for … Read more

Invesco seeks major management reshuffle in Zee Entertainment

The Company informed exchanges of having receipt a letter from shareholders owning 17.88% of the Company – Invesco Developing Market Fund and OFI Global China Fund LLC. The letter sought for calling an Extraordinary General Meeting (EGM) proposing some significant management changes – Removal of Mr Puneet Goenka – the Promoter Managing Director Removal of … Read more