The Delhi High Court has directed the Chairman of United News of India (UNI) and the Registrar of Companies to maintain the 'status quo as of date' and restrained them from transferring a major stake in the news agency to Zee TV's Subhash Chandra-owned Mediavest India Pvt Ltd.
While hearing a petition filed by Bhopal-based Dainik Sandhya Prakashan, Justice Rekha Sharma asked the UNI Chairman and other respondents to file their replies to the allegations of the complainant by October 5, the next date of hearing.
"In the meanwhile, the parties are directed to maintain status quo as of date," said the order.
Dainik Sandhya Prakashan in the petition alleged that its bid for 14,811 shares of UNI for Rs 40 crore was not accepted whereas shares were sold to Mediavest India Pvt Ltd for Rs 32 crore.
The petition said the total number of shares of UNI are 25000, out of which only 10189 shares were subscribed till March 31, 2006.
Counsel Pooja, appearing for Sandhya Prakashan, said the company had a surplus of Rs 13.15 crore as of March 31, 2003 and due to mismanagement and alleged siphoning of funds by the directors its tangible net worth had been reduced to minus Rs 2.02 crore.
On August 31, 2006, Sandhya Prakashan had expressed interest in investing in UNI and had made a financial offer on September 2, 2006.
On September 4, it had offered to purchase 14,811 equity shares for Rs 40 crore and had given Rs 4 crore as advance, promising to pay the rest in 30 days, said the petition.
While rejecting the bid, a letter was issued to Sandhya Prakashan on September 9 saying that the quantum of financial nature of the plaintiff's offer was not the only consideration, said the petition.
The petitioner had prayed for grant of permanent injunction restraining the UNI Chairman from issuing the shares to any other company or individual as the deal was "not transparent".
The petitioner also sought a direction to the Registrar of Companies not to register the "illegally allotted" shares in the name of Mediavest India Pvt Ltd.
