TV9 To Sack CEO Ravi Prakash?

Hyderabad: The TV9 management is learned to have decided to sack its CEO V Ravi Prakash, a familiar figure in electronic media. The new management comprising My Home group and Mega Engineering which came together to form Alanda Media and Entertainments Pvt Ltd holds 90% of the stake in the company. The new management complained that in spite of acquiring 90% of the stakes, Ravi Prakash was creating problems for it and that he had also forged the signature of the company secretary. Their complaint was based on this act of forgery on his party, Alanda Media stated. The company also said that it had filed a case of cheating against Ravi Prakash in the matter. The complaint stated that Ravi Prakash in collusion with others was conspiring to harm the interests of the firm. However, Ravi Prakash appeared on TV9 at 9 pm on Thursday and refuted the charges against him. Interestingly, he made no mention of the forgery case or on other aspects of the case.

Associated Broadcasting Company (ABCL) owned by Srinivasa Raju (Chintalapati holdings) and iLabs Venture Capital Funds, launched TV9 in Telugu, Kannada, Marathi, Gujarati, English and Hindi channels. Chintalapati Holdings and iLabs Venture Capital Funds held 90% of the shares in ABCL. Ravi Prakash joined the firm as CEO and later became director. He and his associate owned 8% of the stake. In August 2018, Srini Raju sold his entire holdings to Alanda Media and signed off the deal in the same month, passing on the reigns of the management to the new firm. The relevant documents were also filed with the registrar of companies in this matter. Subsequently, the ABCL Board passed a resolution seeking permission of the I&B Ministry at the Centre for the appointment of four new directors. Ravi Prakash and a fellow director MKVN signed on this resolution following which the I&B Ministry lent its approval to the proposal on March 29.

In spite of the fact that all formalities had been completed, Ravi Prakash posed hurdles when it came to convening a Board meeting along with the new directors, the management stated. The four newly appointed directors met on April 23 and asked the company secretary to file their appointment letters with the registrar of companies. This is where the case takes a critical turn. Ravi Prakash is said to have forged a document, stating that the company secretary had resigned, according to Alanda. The company secretary also lodged a complaint with ROC in this respect. Subsequently, the ROC approved the appointment of the new directors. The Alanda Media took serious objection to Ravi Prakash’s style of functioning and decided to oust him from the position of CEO.

Alanda Media lodged a complaint that Ravi Prakash in collusion with Telugu actor Sontineni Sivaji had forged documents and was impeding the smooth functioning of the company.

Alanda also alleged that Ravi Prakash was responsible for theft of critical data which they suspect he would have passed on to outside sources, it further stated in its complaint. Actor Sivaji had approached the National Company Law Tribunal in the matter stating that Ravi Prakash had claimed that he held 20 lakh shares (8%) in the company and signed an agreement to sell 40,000 shares to him in February 2018 for which he made the required payment. Sivaji further alleged that Ravi Prakash had been stalling the transfer of shares on one pretext or the other and that he did not inform him about the changes in the management of ABCL. Alanda further stated that from Sivaji’s complaint it appeared that Ravi Prakash and Sivaji were out to create hurdles for the new management in the takeover process. Alanda further pointed out that the share purchase agreement which Sivaji concluded with Ravi Prakash was done on plain paper.

Also Read: Telangana Police Searches On TV 9 Office Continues For Second Day