Essel Group's Stake In UNI Is Null And Void, Says Company Law Board

Here’s an unexpected development: the Essel Group’s acquisition of stake in the newswire agency UNI has been declared ‘null and void’ by the Company Law Board. The Hindu reports that the transfer of unsubscribed shares to Media West, a firm promoted by the Essel Group was not transparent. UNI, which was struggling, has been asked to refund Rs. 27 crores to Media West, and also refund Rs. 5 crores. The CLB was acting on a petition by the Anand Bazar Patrika (ABP) group, one of the shareholders of UNI. Other shareholders include HT Media, Times of India group, ABP and The Hindu.

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