Atlas Equifin files petition alleging Sony mismanagement

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Atlas Equifin files petition alleging Sony mismanagement

Sony India is facing a revolt from its minority shareholders which could derail the company 's fund raising plans. CNBC-TV18 learns that minority shareholders of SET India have petitioned the Bombay High Court, seeking restraining orders on Sony India 's capital call to its shareholders.

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By Arun Giri, CNBC-TV18

Sony India is facing a revolt from its minority shareholders which could derail the company 's fund raising plans. CNBC-TV18 learns that minority shareholders of SET India have petitioned the Bombay High Court, seeking restraining orders on Sony India 's capital call to its shareholders.

A petition has been filed in the Bombay High Court by the minority shareholders of SET India, who hold significant stake upwards of 15-20%. It is a company called Atlas Equifin and is represented by five main shareholders. Prominent among them is Jackie Shroff, Sudesh Iyer, Raman Maroo, Balchandra Sule and Rakesh Agarwal. A couple of them live abroad in Singapore.

It was reported a couple of months back that Sony was facing a financial crisis and would seek USD 40 million capital infusion from its current equity shareholders. Its majority shareholder is Sony US. They have sought a USD 40 million infusion from all its the shareholders. Around USD 12 million is coming from its minority shareholder- Atlas Equifin .

The minority shareholder refused and said the company has been fundamentally mismanaged. That is the core of the petition from Atlas Equifin. They are grieved at the way Sony India is being run. Sources said that another petition may be filed in Los Angeles where Sony US is based, against that company.

The Bombay High Court is likely to hear this matter on Wednesday or Thursday.

Minority shareholders are saying that SET India cannot seek any more capital and does not have a right to do so.

The management of Sony India did not respond to this. But it can be confirmed that minority shareholders filed a petition in the Bombay High Court against the company.

CNBC-TV18 Disclaimer
This information is source-based and has not been provided to the stock-exchanges.