Videocon, Subhash Chandra's Essel Group cross swords over d2h merger

According to the deal, if the merger failed, the advanced amount of Rs 1,626 crore becomes payable

Electroparts India, a promoter entity of the Videocon Group, which moved the Delhi High Court against Essel Group promoter companies, has sought its dues from the latter and alleged that the Subhash Chandra-owned firms have reneged on the merger agreement. The petition will come up for hearing on Wednesday.

In an open letter last week, Essel Group Chairman Subhash Chandra admitted that the merger transaction between Videocon d2h and Dish TV was “a mistake” which resulted in a huge loss. 

Dish TV, which closed at Rs 23.85 a share on Monday, has seen its share price falling by 67 per cent and