The dissident shareholders of AIM listed The Indian Film Company (IFC) have reached an agreement with the company's management. According to an understanding reached by the shareholders and the management, the company has appointed Atul Setia and Deepak Gupta as additional non-executive directors.  

Altima, a hedge fund who holds 14.39% in IFC, had earlier demanded removal of Raghav Bahl as company's director. The hedge fund had formed a group of shareholders called IFC Requisition Group (IFCRG), and demanded review of the business, including an assessment of past performance and future strategy. IFC is promoted by Television 18 chairman and managing director Raghav Bahl who holds 21.64% and is the single largest shareholder of the company. The company has also agreed a strategic review to look into enhancing long term shareholder value in the future.  

Atul Setia is a partner at Altima, while Deepak Gupta is unconnected with IFCRG or Network18. The strategic review of the firm will be carried out by Setia, Gupta and Sanjeev Manchanda of Network18. Setia has also undertaken an agreement under which if 'his and his associates' shares fall below 10%, he will resign the executive director post. Gupta has also undertaken a similar agreement.  

London's Alternate Investment Market is turning out to be a tight rope walk for Indian firms. KSK Emerging India Energy Fund (KEF), a £100 million fund listed in AIM, was wounded up after the shareholders, which included large hedge funds, passed a resolution for the same.

Another Indian fund that faced problem similar to Indian Film Company was Trikona Trinity Capital. The AIM listed real estate fund focused on India, which is managed by Trikona Capital, appointed two directors to the board from UK based hedge fund Carrousel Capital.

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