Television

Zee seeks SEBI intervention against Padmalaya promoters

MUMBAI: Zee Telefilms Ltd (ZTL) has requested market regulator Securities and Exchange Board of India (SEBI) to investigate into the fraudulent acts of founder-promoters of the Padmalaya companies.

"We have written to SEBI, informing the regulator of the wrong filings of shareholding pattern by Padmalaya Telefilms Ltd (PTL) to defraud its shareholders. We want SEBI to intervene," says a source in Zee.

PTL, Zee says, has filed wrong shareholding pattern of the company on quarterly basis. The filings were "totally incorrect and were not representing the correct shareholding position of the company on the date or for the period of filing."

Zee has accused the promoter shareholders of misappropriating a substantial amount of shares that its subsidiary Padmalaya Enterprises Private Ltd. (PEPL) held in PTL, a listed company. Padmalaya companies' managing director GA Seshagiri Rao, along with his relatives, had allegedly pledged PEPL's shares in PTL to raise loans without the knowledge of the board.

ZTL, which has a 64 per cent stake in PEPL, is unhappy. As a result of the misappropriation, PEPL's holding in PTL has dropped from 50.3 per cent to about 20 per cent. Zee's indirect interest in PTL has, thus, fallen from 33 per cent to around 13 per cent.

Zee is also planning to initiate legal action against some of those who have lend money to the promoter shareholders against the PTL shares, the source says. The recipient of the PTL shares held by PEPL has ignored to file any declaration of their holding even though their stake or the size of the transaction was more than two per cent of PTL's total issued and paid up capital.

Explaining to SEBI, Zee has said that it was offered a strategic stake in PTL by Rao and his relatives in March 2002. Zee entered into an arrangement which resulted in constitution of PEPL (a dormant company till then) as the holding company of PTL. ZTL funded PEPL to enable it to subscribe to the PTL shares issued on preferential basis and to acquire PTL shares in the open offer. PEPL acquired 20,00,000 shares on preferential basis and 19,25,031 shares under open offer. The promoter shareholders transferred their stake of 22.50 lakh shares of PTL to PEPL and Rao continued to occupy the position of managing director of PTL and PEPL.

But in August 2004, Zee came to know from informal sources in the market that there were irregularities in the functioning of PEPL and PTL. ZTL appointed M/s Guru and Ram, Chartered Accountants, Chennai, to look into the matter which submitted the final report on 9 December, 2004.

"Keeping the Board of PEPL and ZTL in the dark, the promoter shareholders fraudulently with dishonest intentions, misappropriated 6,264,631 equity shares of PTL held by PEPL to provide security for raising loans in the name of Rao, brother GSR Krishna Murthy and their related entities/companies, primarily Padmalaya Studios Private Limited and Padmalaya Vision Ltd," Zee informed SEBI.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/19/BARC.jpg?itok=6hNM0QtI
Four news genres saw no change in BARC week 2

All the four genres apart from Hindi news urban market saw no change in second week of the year. Aaj Tak continued to groove on the same tracks in the rural, urban and U+R genres as it did the previous year. India TV and News18 India interchanged their positions in the Hindi news urban market.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/19/Kapil_Sharma_Show.jpg?itok=SXRBwXr7
Sony Entertainment Television leads urban areas in week 2 of BARC

Sony Entertainment Television jumped to second position to fifth position as compared to the previous week in the Hindi (U+R) genre in Broadcast Audience Research Council (BARC) data for week 2 of 2018. Zee Anmol retained its first position in the rural market. Sony Entertainment Television and...

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/aaj.jpg?itok=WTXjyKeT
Aaj Tak becomes the world’s first News Channel to be awarded YouTube’s ‘Diamond Play Button’

India’s No.1 news channel Aaj Tak creates history yet again! The prestigious ‘Diamond Play Button’ bestowed by YouTube, recognises Aaj Tak as the global no.1, the first and the only news channel in the world to have crossed the 10 Million Subscriber mark.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/news.jpg?itok=PDqQIFhw
News18 India launches campaign; asserts channel’s leadership

News18 India, Network18’s general Hindi news channel, recently launched a campaign with a humorous and quirky film to drive home its leadership position in the crucial primetime band in the highly competitive Hindi TV news segment.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/flix.jpg?itok=1RgvxTpA
Join Drac’s Pack on their cruise as &flix presents its next #FlixFirstPremiere ‘Hotel Transylvania 3: Summer Vacation’

It is seldom that you get to see the hilarious side to a monster trying to get himself a date with the help of a technological app like Siri! Have you ever seen a monster film that is full of fun, frolic, laughter, romance and adventure?

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/9xm.jpg?itok=ZerfjJqA
9XM On Stage with Salim Sulaiman

To celebrate the Republic Day week, 9XM - India’s most popular Bollywood music destination announces the launch of 9XM On Stage a splendid musical night created in honour of the Indian Armed Forces.

Television TV Channels Music and Youth
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/pritam.jpg?itok=tVS2_5SL
Prime Focus joins hands with Pritam and Kwan to create JAM8

Integrated media services company Prime Focus Ltd has announced its collaboration with Jam8, a musical platform founded by Indian music composer/director Pritam, and KWAN, a talent management company to serve as a 360-degree creative solution provider for the M&E industry.

Television Production House Film Production
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/18/star.jpg?itok=Xao8ACOH
Star Movies Kids is the new kid on the block

A few years ago Star India decided to hive off some bits of its repertoire and focus exclusively on its main GEC Star Plus and the emerging sports scenario. Surprisingly, the channel is now taking a new turn by targeting the youngest viewers. As per industry sources, the Uday Shankar-led network is...

Television TV Channels Kids
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/01/17/cn.jpg?itok=BRpRY0Oq
Zapak and Cartoon Network India partner to launch ‘Ben 10 - Alien Run’ mobile game

Anil D. Ambani led Reliance Entertainment’s Zapak, India’s leading Gaming Destination, in association with Cartoon Network India, rings in the New Year with an epic launch for fans and gamers alike, with Ben 10 - Alien Run Mobile Game.

Television TV Channels Kids

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories