The Hindu : National : Subhash Chandra co-opted on UNI Board

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Wednesday, Sep 27, 2006
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Subhash Chandra co-opted on UNI Board

"Takeover" in ``brazen defiance'' of Dasmunsi's directive: employees

New Delhi : The Board of Directors of the United News of India (UNI) on Tuesday said the basic character of the company would remain unchanged and its activities expanded to give it a global footprint.

The Board meeting was preceded by the annual general meeting (AGM) at which accounts for the year ended March 31, 2006 were unanimously approved.

Vir Sanghvi of HT Media and Arindam Sengupta of Bennett, Coleman and Co. Ltd were unanimously re-elected as Directors of the company.

The AGM was attended by representatives of almost all shareholders of the company. At the Board meeting that followed, Subhash Chandra, Jawahar Goel, P. C. Lahiri and C. S. Vishwanathan were co-opted as Directors.

Manoj Kumar Sonthalia, Chairman of the Board of Directors, said the Board unanimously resolved to offer on a rights basis and at a premium the balance un-issued shares of the company to all shareholders, by giving 21 days' notice.

"The reconstituted Board of Directors discussed at length concerns raised by various parties, including employees, and would like to assure all of them that the basic character of the company shall remain unchanged, the activities of the company which today comprise English, Hindi and Urdu news services, and photo and graphic services, will be expanded to give it a global footprint by utilising all existing resources, including manpower. The intention of the founding fathers to have a viable news agency offering independent news to its subscribers would be reinforced,'' Mr. Sonthalia added.

Opposition

The Joint Action Committee of the UNI Employees has rejected the induction of Mr. Chandra, Zee Television Group Chairman, and his associates into the Board.The JAC and the general body meeting of employees said the "take-over" had been done in ``brazen defiance'' of Information and Broadcasting Minister P. R. Dasmunsi's directive for deferring the decision by at least a month.

The JAC resolved that it would intensify its agitation and seek the intervention of political leaders, including UPA chairperson Sonia Gandhi, Prime Minister Manmohan Singh, the former Prime Minister, Atal Bihari Vajpayee, CPI(M) general secretary Prakash Karat and other prominent leaders and social activists.

It also decided that it would initiate talks with prominent newspaper owners who are shareholders of UNI to block the deal.

"We fear that the takeover would spell doom for UNI which was established in 1961 under Section 25 of the Companies Act and was meant to be run on cooperative lines," it said. — UNI

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