{"id":48876,"date":"2013-11-04T17:06:54","date_gmt":"2013-11-04T15:06:54","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=48876"},"modified":"2013-11-04T17:09:09","modified_gmt":"2013-11-04T15:09:09","slug":"shareholders-withdraw-toptv-interdict","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/media\/48876\/shareholders-withdraw-toptv-interdict\/","title":{"rendered":"Shareholders withdraw TopTV interdict"},"content":{"rendered":"

On Digital Media (ODM<\/a>)\u00a0has confirmed that the legal action threatened by two minority shareholders\u00a0has been withdrawn.<\/p>\n

ODM,\u00a0stated that First National Media Investment Holdings (FNMIH) and Mergan Moodley withdrew their urgent application to the South Gauteng High Court which sought to interdict and prevent the business rescue practitioner of ODM, Peter van den Steen, from taking steps to implement a business rescue plan with\u00a0Chinese firm\u00a0StarTimes<\/a>.<\/p>\n

ODM,\u00a0parent company of pay-television operator\u00a0TopTV<\/a>,\u00a0announced at a media briefing on Thursday, 31 October 2013, that it would relaunch its pay TV satellite offering as \u201cStarSat\u201d \u2013 effectively killing of TopTV.<\/p>\n

First National Media Investment Holdings (20.4%) and Atchuthanandan Moodley (0.7%) had a combined holding of 21.1% in ODM.<\/p>\n

“ODM is pleased by this decision as it believed the application, filed on the 18 October 2013, had no credible merit to start with.”<\/p>\n

“It started to undermine the outcome of a successful rescue, caused unnecessary delays and has wasted company resources. Unfortunately, the time wasted on the opposition of the application cannot be recovered,” the\u00a0company\u00a0said in a statement.<\/p>\n

The only issue outstanding in the urgent application is that of the liability for ODM\u2019s legal costs arising from the withdrawal of the claims, the group added.<\/p>\n

Judgment on this issue has been reserved to 10h00 on Monday, 11 November 2013.<\/p>\n

Peter van den Steen,\u00a0the business rescue\u00a0practitioner of On Digital Media\u00a0said: \u201cWe welcome the move by FNMIH and Mr Moodley to withdraw the application.”<\/p>\n

“Since the adoption of the Business Rescue plan we have been acutely aware of the challenges we were going to be faced with and have adequately dealt with any concerns arising from the implementation of the business rescue process.\u201d<\/p>\n

\u201cIt is unfortunate that two of ODM\u2019s minority shareholders (there are seven shareholders in total) chose the courts to voice their dissatisfaction. I remain committed to the implementation of the rescue plan and the return of ODM to a state of solvency,” he said.<\/p>\n

More on TopTV and ODM<\/h3>\n

Goodbye TopTV, hello StarSat<\/strong><\/a><\/p>\n

Shareholders take TopTV to court<\/strong><\/a><\/p>\n

TopTV rescue deal drags on<\/strong><\/a><\/p>\n

TopTV to proceed with StarTimes bid<\/strong><\/a><\/p>\n

TopTV porn gets the go-ahead<\/strong><\/a><\/p>\n

TopTV rescue details revealed<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On Digital Media (ODM) has confirmed that the legal action threatened by two minority shareholders has been withdrawn.<\/p>\n","protected":false},"author":10,"featured_media":48882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5554],"tags":[26,37,1215,6942,5625,35],"class_list":["post-48876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media","tag-headline","tag-odm","tag-on-digital-media","tag-starsat","tag-startimes","tag-toptv"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=48876"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48876\/revisions"}],"predecessor-version":[{"id":48884,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48876\/revisions\/48884"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/48882"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=48876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=48876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=48876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}