The matter is being heard at Telangana High Court.
As per his counsel, the total value of the TV9 stake sale deal was Rs 500 crore of which Rs 206 crore was paid through cheque while the remaining amount was paid in cash through offshore hawala networks.
As reported in May 2019, the National Company Law Tribunal (NCLT) had granted permission to SAIF Mauritius to withdraw the contempt case it had filed against IVision Media. The company informed the tribunal that it has entered into a settlement with Srini Raju and others.
As per SAIF Mauritius, they have entered into a compromise with the IVision Media and filed the Memorandum of Compromising stating that they are intending to withdraw the main petition.
As reported earlier, Srinivasa Raju’s Chintalapati Holdings, iLabs Venture Capital Fund, and other minority shareholders had sold their stake in Associated Broadcasting Company Pvt Ltd (ABCPL) to Alanda Media and Entertainment Pvt. Ltd. (AMEPL) totaling to 90.54% as on date in early FY19.