TV9 gets a new CEO
Ravi Prakash, the founder and CEO of TV9, has been replaced after the Board of Associated Broadcasting Pvt Ltd (ABCPCL) passed a resolution revoking all powers vested with him. The decision comes just 24 hours after Ravi Prakash went live on the air to assure viewers that he was still the CEO. “The Board of ABCPCL in its meeting held on May 8 and the shareholders in the EGM held on May 10 have passed a resolution revoking all powers vested with Director and CEO Ravi Prakash and Director and CFO M K V N Murthy with immediate effect,” a statement by Alanda Media & Entertainments Pvt Ltd said.
Alanda said that ABPCL will continue to function as a separate unit, with them being the majority shareholders.
The statement also stated, “banks, public institutions and media are hereby notified not to deal with them or act on any of their instructions.” The Cyberabad police in Hyderabad on Thursday said that they had registered two cases against the leading television news channel’s CEO and some others of the company on charges of forgery, cheating and criminal conspiracy. The dispute relates to Alanda Media buying more than 90% stake in TV9 recently. The company has alleged that Ravi Prakash actively opposed Alanda's move to appoint four directors and also allegedly indulged in forgery.
“Alanda acquired 90.54% shares in ABCPCL in August 2018 from the erstwhile promoters of ABCPCL. On becoming the majority shareholder, Alanda nominated four persons to be appointed as Directors on the board of ABCPCL. The four were duly appointed as per provisions of the Companies Act and were also approved by the Information & Broadcasting Ministry,” the statement said.
However, Alanda alleged that Ravi Prakash and Murthy did not file the DIR-12 form with the Registrar of Companies (ROC) to register this appointment and also “removed the Company Secretary by forging his signature” with ‘malafide’ intent. A request to convene a Board Meeting was also allegedly declined. “This proves that Ravi Prakash and Murthy had the malafide intention of not allowing Alanda, the majority shareholder, to participate in the management of ABPCL through its new directors," the statement said.
In their statement, Alanda said that they appointed Mahendra Mishra, who had been handling the channel’s Karnataka operations till now, as the Interim CEO. Mishra had been with ABCPCL since its inception, the statement said. Singa Rao was appointed as Chief Operating Officer (COO) to aid the Interim CEO. “The organisation is committed to its core values of delivering unbiased and high-quality journalism to millions of audiences… the board would like to thank them and assure that the organisation would strive hard to live up to their expectations at all times,” the statement concluded.