ODM wins court battle with shareholder
July 17, 2014
By Chris Forrester
On Digital Media (ODM), which traded in South Africa as TopTV and which went the local version of Chapter 11 bankruptcy back in October 2012, has won a legal victory with one of its smaller shareholders and which was holding up the transfer of ownership to StarSat, a broadcaster which is part of StarTimes Group.
Last week saw South Africa’s High Court reject an application from minority shareholder Mergan Moodley, who wanted to stop the business rescue scheme, and who claimed that he was unfairly disadvantaged by the changes in ODM’s shareholding make up.
Judge PA Mayer also ruled that Moodley had to pay the costs of the several respondents in the case as well as ODM. The other majority shareholders had approved a rescue in April 2013.
The decision means that the formal transfer of ODM/StarSat can go ahead.