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Status quo ordered on UNI share transfer
NEW DELHI — Delhi High Court yesterday ordered status quo on the sale of equity in news agency United News of India (UNI) after one of the bidders complained its higher offer had been ignored.
"The parties are directed to maintain status quo as of date," judge Rekha Sharma said while ordering the status quo on a petition by media company Chand J. Prakash of Bhopal challenging the decision of the UNI board to transfer 60 per cent shares of the company to Mumbai-based Mediawest India Pvt Ltd.
Mediawest is an investment company of Zee TV owner Subhash Chandra, who was co-opted on the UNI board on Tuesday. This had led to protests from UNI employees, who termed it a "brazen defiance" of Information and Broadcasting Minister Priya Ranjan's request to the agency's board to defer the issue for a month.
Sharma also issued notice to UNI, the Registrar of Companies and Mediawest and asked them to reply by October 5.
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