A settlement was reached a couple of days ago between the Hindujas and the three directors of IndusInd Media. According to the compromise formula, the shareholding pattern in Entertainment Television, which owns the Asia Television Network brand, will remain unchanged. Kohli, Shah and Radhakrishnan enjoy a majority stake in the company.

Early this year, the Hindujas alongwith their associates acquired 76 per cent stake in Entertainment Television. Kohli, Shah and Radhakrishnan are identified as the Hinduja Associates. The balance 24 per cent is held by Siddharth Srivastava.

Srichand P Hinduja participated in the negotiations after the three directors of IndusInd Media threatened to resign. They played a major role in establishing INCablenet as one of the country's leading multiple system operator (MSO), offering multi-channel transmission to 2.3 million homes. Their departure would have affected the growth of IN Network.

"There is no problem now. Things have been sorted out," Kohli told The Financial Express.

Though Kohli refused to point out the areas of dispute, sources said there were problems over equity holdings in the companies where the trio hold a stake. They hold 20 per cent equity in Cable Video Opera (CVO), a cable movie channel. While the Hindujas have 51 per cent equity in CVO, the balance 49 per cent is with the Cable Master Group of Time, Indus and Bombino.

The three directors also have stake in IndusInd Media which operates under the brand IN Network.

The trio, sources said, wanted more control over the management and operations of the various companies. There were some differences in approach which have been sorted out.

In a significant move, Ram Hingorani has been appointed as the chief executive officer ofIndusInd Media. He was the CEO of CVO. Media analysts deduce this to be a part of the compromise formula as Hingorani's new assignment comes after the Hindujas and the three directors arrived at a settlement.

Besides, the business partnership with Hindujas the trio independently run Encore Electronics Ltd which manufactures satellite dishes and equipment. They joined hands with the Hindujas to expand the growth of the cable business. A split would have affected IN Network as the trio command personal loyalties with cable operators.

IN Network operates IN Cablenet which services 1 million homes with close to 80 per cent market share in Mumbai. The network runs city-specific channels called IN Channels. The Hindujas have lined up major expansion plans for the network where the three directors will play a crucial role.