HONG KONG – Viacom-linked Bollywood production house The Indian Film Company is coming under assault from a fund management group.
TIFC, which holds Indian theatrical and satellite rights to recent mega hit “Ghajini,” will hold an extraordinary general meeting next month (Feb 5) to vote on proposals put forward by Altima India Master Fund, which holds a 14% stake.
Altima has notified the London Stock Exchange-listed company that it wants to remove Raghav Bahl, founder of powerhouse entertainment conglom Studio 18, and Alok Verma as directors and to replace them with its own nominees Aashish Vyas and Atul Setia. Altlima has also asked for the company to distribute spare cash in the form of a special dividend payment.
TIFC says Altima has given it no reasons for its proposals and that the proposals amount to a hostile takeover bid.
TIFC, which was last year also involved with “Singh is Kinng,” (sic) and “Golmaal Returns,” for 2008 revenues of GBP69 million ($104 million,) is operated by an investment management company that is jointly owned by by B K Media Mauritius Private and Viacom.