Fresh charges over Indian Film Company

In a fresh salvo in the battle between Raghav Bahl and shareholders led by hedge fund Altima Partners, over the performance of the financial performance of Indian Film Company (IFC), Altima has said the management is not providing them with the latest share register despite numerous requests for it over the last two weeks.

Bahl, who is the principal promoter of IFC with over 21 per cent stake, is also the founder and largest shareholder of Network18, the broadcasting group which runs TV channels such as CNBC-TV18, Colors and Awaaz. IFC has distributed blockbusters such as Jab We Met, Welcome, Singh is Kinng and Ghajini.

The aggrieved shareholders, who have come together under the banner of The Indian Film Company Requisition Group (IFCRG), has said in a fresh communication to IFC that they were legally entitled to get access to the share register. A copy of the communication was provided by Bankside Consultants, the PR agency representing IFCRG.

IFCRG has called an extraordinary general meeting (EGM) on February 5 to oust Bahl and Alok Verma from the directorship of IFC, alleging that the company has shown poor financial performance despite the high box-office successes of its films. However, IFC has vehemently denied the charges of withholding the share register.