National Company Law Tribunal (NCLT) has rejected the petition of former TV9 CEO Ravi Prakash. He moved a plea in the NCLT urging not to allow withdrawal of the petition filed by SAIF III, a Mauritius company. SAIF III had invested in IVision Media, a firm floated by Srini Raju. However, funds from IVision Media were transferred to the ABCL. The TV9 news channels are under the control of the ABCL. The NCLT gave orders allowing SAIF III to withdraw its petition as both parties made out of court settlement. Even, a petition filed by Sivaji also struck down.