Hyderabad: The ongoing bloodbath in TV9 Network has reached its flashing point with Alanda Media & Entertainment, the majority shareholders in Associated Broadcasting Pvt. Ltd (ABCPL) taking management control of the Network with the appointment of Mahindra Mishra as its interim CEO.
Thus, the explanation issues yesterday by its founder V Ravi Prakash through Live Broadcasting in TV9 Telugu channel, rejecting the news on his dismissal and other allegations stands invalid, as the management has officially announced that he and the CFO KVN Murthy are no longer associated with the company. The new management has openly notified that the powers of Ravi Prakash and KVN Murthy were revoked with immediate effect.
The Media Brief issued by Alanda Media & Entertainments Pvt. Ltd reads as following:
M/s Alanda Media & Entertainments Pvt. Ltd (Alanda) has acquired 90.54% shares in Associated Broadcasting Pvt. Ltd (ABCPL) in August, 2018 from the erstwhile promoters of ABCPL. On becoming the majority shareholder, Alanda has nominated four persons to be appointed as Directors on the board of ABCPL.
The Board of ABCPL has duly appointed these four persons as per the provisions of the Companies Act. The Ministry of Information and Broadcasting, Govt. of India has also approved their appointment on the Board of ABCPL on 29.3.2019.
However, Mr. V.Ravi Prakash, Whole-Time Director and CEO and Mr. M.K.V.N.Murthy, Whole-Time Director and CFO failed to file the form DIR-12 with the Registrar of the Companies (ROC) confirming their appointment. They also removed the Company Secretary by forging his signature so as not to upload the names of new Directors with ROC. However, based on the true facts, the names of new directors have been uploaded. Further, the request of the four new directors to convene the Board Meeting was also declined, by misinterpreting the orders of NCLT dt.4.9.2018.
This proves that Mr.V.Ravi Prakash and Mr.M.K.V.N.Murthy had malafide intention of not allowing Alanda, the majority shareholder to participate in the management of the ABCPL through it’s new directors. In fact they did not even properly represent ABCPL before the NCLT, where in ABCPL was un-necessarily dragged into.
As the interest of the ABCPL and the majority shareholder had to be protected, the new directors convened the Board meetings on 23.4.2019 and 4.5.2019 for appointment of the lawyers to represent the case of ABCPL before NCLT and also to represent before various Government authorities.
Mr V.Ravi Prakash and Mr.M.K.V.N.Murthy with selfish interest and malafide intentions of controlling the company by themselves have filed wrong cases on the new directors and colluded with third parties for filing wrong cases against the company and creating a situation so that the new directors will not be able to function properly.
In view of the above malafide intentions and fraudulent acts of Mr.V.Ravi Prakash and Mr.M.K.V.N.Murthy, the Board of ABCPL in its meeting held on dt.8/5/2019 and the shareholders in the EGM held on dt.10/5/2019 have passed a resolution revoking all the powers vested with Mr.V.Ravi Prakash, Whole-time Director & CEO and Mr.M.K.V.N.Murthy, Whole Time Director & CFO with immediate effect.
Now Alanda and its nominee directors have taken the management control of TV9. Mr.V.Ravi Prakash and Mr.M.K.V.N.Murthy are no more Whole-time Directors and the banks, public institutions, media, public at large are hereby notified not to deal with them or act on any of their instructions.
ABCPL and its shareholders express its deep commitment to restore and uphold the values of journalism in the TV9 group of channels. The Board affirmed that the organisation’s real assets are its credibility and commitment to a better society and these must be maintained at all costs.
To ensure smooth transition and functioning of the group channels, ABCPL has decided to appoint Mr Mahendra Mishra as the Interim CEO who will lead the organisation with the help of respective channel heads till we have arrived at a permanent structure with a full-time CEO. Mr Mishra has been handling the channel’s Karnataka operations till now and been with ABCPL since inception. Also Mr. Singa Rao, is appointed as COO, who will support Mr Mahendra Mishra in his new role.
The organisation is committed to its core values of delivering unbiased and high-quality journalism to millions of audiences who have supported us during our 15 years of glorious journey. The board would like to thank them and assure that the organisation would strive hard to live up to their expectations at all times.