Congress Member of Parliament and Industrialist Naveen Jindal was recently included in an ownership dispute between the shareholders of Positiv TV. Positiv TV is a news broadcaster with a wide client base in the northern states.
A petition was filed by Manoranjana Sinh, one of the shareholder and a co-founder of the broadcasting firm. In the petition, it was alleged that Jindal had acquired interests in Positiv TV through the extension of a loan worth INR127 crore to Matang Sinh, Positive TV promoter and chairman.
The development comes after Jindal's father in law, Abhey Oswal, expanded his shareholdings in the news broadcasting business. He acquired 14.7% equity in the news broadcaster NDTV back in 2011. He is also co-promoter of a recently launched Hindi Television Channel, News Nation. In an interview with Economic Times, "Jindal has made a back-door entry into companies in which I'm a shareholder, founder and promoter. We have now moved a prayer in the CLB saying Matang Sinh should be explicitly asked to state whether or not Naveen Jindal has loaned him money. That is coming up for hearing later this month."
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