Alandha Media Directors held a press conference after holding an internal meeting to appoint Mahindra Mishra (TV9 Kannada Head) as Interim CEO and Gottipati Singa Rao as Chief Operating Officer (COO). Ravi Prakash was sacked as TV9 CEO by the new Management.
At the press meet, Executive Director S Sambasiva Rao informed Alandha Media & Entertainment Pvt Ltd acquired 90.5 percent of stake in the Associated Broadcasting Company Private Limited (ABCL) 9 months ago. He added, 'Alandha Media appointed 4 Directors in ABCL. Then TV9 CEO Ravi Prakash and CFO Murthy hasn't cooperated with the new management. They tried to have control over the management inspite of having just 8 percent stake. So, We conducted Board Meeting on May 8th to sack Ravi Prakash and Murthy with the approval of share holders. Met the staff of TV9 and assured all possible help to continue the operations smoothly with team work. We appointed Mahindra Mishra and Gottipati Singa Rao as CEO and CFO of TV9. Ravi Prakash and Murthy are no more part of the management'.
When quizzed what was the reason behind sacking Ravi Prakash, New Directors accused the Ex-CEO of trying to prevent them from taking over the Management inspite of owning 90.5 percent stake. 'Ravi Prakash is a share holder. He owns over 8 percent in the remaining 9.5 percent. In any company, The ones holding majority stake will have control over the management. Ravi Prakash will have no role in management. He can continue as a minority shareholder, attend shareholder meetings and sell his shares to someone else if he wants,' says Sambasiva Rao.
Regarding the clean chit Ravi Prakash offered to himself in the whole issue, Mr.Rao made it clear Management will take action if there are any irregularities. He accused Ravi Prakash of forging the signature of a key employee to prevent the new management from taking over the media house.
At the press meet, Executive Director S Sambasiva Rao informed Alandha Media & Entertainment Pvt Ltd acquired 90.5 percent of stake in the Associated Broadcasting Company Private Limited (ABCL) 9 months ago. He added, 'Alandha Media appointed 4 Directors in ABCL. Then TV9 CEO Ravi Prakash and CFO Murthy hasn't cooperated with the new management. They tried to have control over the management inspite of having just 8 percent stake. So, We conducted Board Meeting on May 8th to sack Ravi Prakash and Murthy with the approval of share holders. Met the staff of TV9 and assured all possible help to continue the operations smoothly with team work. We appointed Mahindra Mishra and Gottipati Singa Rao as CEO and CFO of TV9. Ravi Prakash and Murthy are no more part of the management'.
When quizzed what was the reason behind sacking Ravi Prakash, New Directors accused the Ex-CEO of trying to prevent them from taking over the Management inspite of owning 90.5 percent stake. 'Ravi Prakash is a share holder. He owns over 8 percent in the remaining 9.5 percent. In any company, The ones holding majority stake will have control over the management. Ravi Prakash will have no role in management. He can continue as a minority shareholder, attend shareholder meetings and sell his shares to someone else if he wants,' says Sambasiva Rao.
Regarding the clean chit Ravi Prakash offered to himself in the whole issue, Mr.Rao made it clear Management will take action if there are any irregularities. He accused Ravi Prakash of forging the signature of a key employee to prevent the new management from taking over the media house.