ZEE’S CHANDRA ASKED TO EXIT ONE OF HIS FIRMS

SINGAPORE: A US hedge fund has urged Indian media mogul Subhash Chandra to sell his shareholding in his group’s education arm to pave the way for a change in management, according to a person familiar with the matter. Moon Capital Management has asked Chandra to offload the majority stake he and his Essel Group holds in Zee Learn Ltd and give a board seat to the asset manager, the person said, asking not to be identified as the discussions are private. The person cited concerns about debt at the group, corporate governance and strategy as the reasons for the request. Moon Capital, which oversees more than $2 billion in long-short equity strategies, has been a Zee Learn shareholder since 2015, the person said, and is the largest unaffiliated holder of the company’s stock. Chandra and his group owned about 57% of the education firm’s shares as of the end of December, most of which are pledged, according to data from BSE Ltd. It still lacks the firepower that it has in the U.S., where investors such as Carl Icahn, chairman of Icahn Enterprises, routinely campaign against management teams they judge to be underperforming.

NEWDELHI:THE National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart.

A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the Interim Resolution Professional (IRP) appointed by NCLT to hand over the records and assets of the company back to its promoter immediately.

Earlier, on October 24, 2019, the Bengaluru Bench of the National Company Law Tribunal (NCLT) had admitted the insolvency plea filed by Cloudwalker Streaming Technologies, an operational creditor of Flipkart. “We set aside the impugned order dated October 24, 2019 passed by the adjudicating authority (NCLT) and the application filed under Section 9 by the operational creditor Cloudwalker Streaming Technologies Pvt. Ltd, company petition is rejected,” said NCLAT.

It further said: “The Flipkart India Pvt. Ltd (corporate debtor) is released from the corporate insolvency resolution process.” NCLAT order came over a petition filed by Neeraj Jain, Director of Flipkart India Private Ltd.

“Interim resolution professional will handover the records