TV9 CEO Ravi Prakash Revoked, Mahendra Mishra Takes Charge as New CEOMay 11, 2019 12:28
(Image source from: ETVBharat.Com)
TV9 CEO Ravi Prakash Revoked, Mahendra Mishra Takes Charge as New CEO:- Amid growing uncertainty over founder and chief executive officer of TV9 V Ravi Prakash, the Board of Directors of Associated Broadcasting Private Limited (ABCPL)on Friday announced that all the powers of V Ravi Prakashand MKVN Murthy, Chief Financial Officer (CFO), were revoked and the two removed from their posts with immediate effect.
Besides, the ABCPL directors Sambasiva Rao, Kaushik Rao, Jagapathi Rao, and A Srinivas also announced that Alanda Media and Entertainments, which had earlier acquired 90.54 percent shares in ABCPL, and its nominee directors had taken the management control of TV9.
Sambasiva Rao, during the press conference, said Ravi Prakash and Murthy are no more whole-time directors of TV9, and that banks, public institutions, media and public at large were ‘notified not to deal with them or act on any of their instructions’.
Stating that a board meeting on Friday had passed a resolution revoking all powers vested with Ravi Prakash and Murthy, he said the duo were stripped of their positions on May 8 and the same were ratified at the extraordinary general meeting held on Friday.
ABCPL also decided to appoint Mahendra Mishra as interim CEO, while Singa Rao would support him as the chief operating officer. Mishra was handling the channel’s Karnataka operations till now and was with ABCPL since inception. This arrangement would continue until a permanent structure with a full-time CEO would be in place.
(Video Source: Hmtv News)
On the circumstances that led to the present situation, they said Alanda had acquired the 90.54 percent shares in August 2018. On becoming the majority shareholder, Alanda had nominated four persons to be appointed as directors on the ABCPL board, as per provisions of the Companies Act. The Ministry of Information and Broadcasting had also approved their appointment on March 29.
However, Ravi Prakash and Murthy failed to file the form DIR-12 with the Registrar of Companies (RoC) confirming their appointment. They also removed the company secretary by forging his signature to prevent him from updating the names of the new directors with the RoC.
The directors said Ravi Prakash and Murthy had malafide intention of not allowing Alanda to participate in the management of ABCPL.
The duo, with ‘selfish interest’ of controlling the company, had also filed wrong cases against the new directors and colluded with third parties for filing wrong cases against the company and creating a situation so that the new directors would not be able to function properly.
On the forgery allegations, Rao said Alanda would deal with them separately. The new management has to meet with various department heads to take stock of the situation.
“There will be no change with TV9. It will continue to be called TV9 and will continue to be with ABCPL,” Rao said adding that removal of Ravi Prakash was needed to protect the interests of the majority shareholder, Alanda Media.