Commerce minister, Subramanian Swamy has now intervened and asked the cabinet to assist Askme to buy out the 98.5% share holding of investor, Astro.
Astro Holdings, which holds 98.5% stake in AskMe Group, refused to participate in the next round and also didn’t do the MBO (management buy out). Astro earlier skipped the company’s board meeting widening the differences with the minority shareholders.
Astro Holdings, which holds 98.5% stake in AskMe Group, skipped the company’s board meeting recently, widening the differences with the minority shareholders. Astro reportedly refused to accept the management’s proposal to include employees and creditors in board meeting. Minority shareholders have also alleged that Astro hasn’t cleared dues of Rs 300 crore.