Master Fund wants to remove directors
Viacom-backed Bollywood production house the Indian Film Co. is fighting off what looks like a hostile takeover bid from a fund management group.
Altima India Master Fund has notified TIFC, in which it holds a 14% stake, that it wants to remove Raghav Bahl and Alok Verma as directors and replace them with its own nominees, Aashish Vyas and Atul Setia.
It also has asked TIFC to distribute spare cash in the form of a special dividend payment.
TIFC, which holds Indian theatrical and satellite rights to recent megahit “Ghajini,” will hold a general meeting Feb. 5 to vote on the proposals.
TIFC is listed on London’s Alternative Investment Market and operated by investment management company BK Enterprises, jointly owned by Viacom and Bahl’s BK Media Mauritius.