SET India, which operates channels like Sony, MAX, SAB TV and AXN, recently asked shareholders to infuse fresh equity of $40 million, a bid which was turned down.
The four investors, Shemaroo Entertainment Managing Director Raman Maroo, actor Jackie Shroff, World Media Group Director Sudesh Iyer and MobiApps Holding’s Jayesh Parekh instead demanded that their stake be sold through an initial public offer, which the parent company has refused.
A case has been filed in the Bombay High Court, terming the capital call illegal. SET India CEO Kunal Das Gupta declined to comment.
The SET India-World Sports consortium won the TV rights for the Indian Premier League, the twenty20 cricket tournament for $1.026 billion, which includes $108 million for compulsory promotional spends, over ten years.
