Putting an end to the controversy over TV9 news channels, its chief executive officer V. Ravi Prakash was removed by the new Board of Directors. An interim CEO Mahendra Mishra and a new chief operating officer (COO) Singa Rao were appointed by the Board.
The newly-appointed Board of Directors, S. Sambasiva Rao, Kaushik Rao, Jagapati Rao and Srinivas, addressed a press conference here and announced that the Board meeting held on May 8 had removed CEO Ravi Prakash and Chief Financial Officer (CFO) K.V.N. Murthy from the Board. The decision was approved at the shareholders meeting held on Friday.
Mr. Sambasiva Rao said that Alanda Media and Entertainments Pvt Ltd had acquired 90.54% shares in the Associated Broadcasting Pvt. Ltd., the promoter of TV9, in August 2018.
As majority shareholders, Alanda appointed four new directors on the ABCPL Board. The Ministry of Information and Broadcasting had approved their appointment on March 29.
Mr. Rao alleged that Mr. Ravi Prakash, however, with malafide intentions, obstructed their entry to the Board. Mr. Ravi Prakash and Mr. KVN Murthy, who were also full-time directors, failed to file the information with the Registrar of Companies. Moreover, they removed the Company Secretary by “forging his signature” to prevent uploading details of the new directors with the RoC as mandated by the law.
Mr. Ravi Prakash also declined the request of the new directors to convene the Board meeting by misinterpreting the orders of NCLT, Mr. Rao alleged. All this was done with “malafide intention” of not allowing Alanda to participate in the management of ABCPL and with the “selfish interest” of controlling the company. Wrong cases were also filed against the new directors, he alleged. Mr. Sambasiva Rao said since Mr. Ravi Prakash and Mr. K.V.N. Murthy have been removed, banks, public institutions, media and public should not deal with them or act on their instructions.