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Sab Kanaujia Steps Down From Verismo Networks; Mela To Be Spun Off?

Sab Kanaujia has stepped down as the President, Entertainment Services, Verismo Networks and GM, Mela with immediate effect. Sab Kanaujia stated in his personal blog, that the reason for his resignation was the disagreement with Prakash Bhalerao, the CEO of Verismo Networks on the strategy and the direction in which Verismo's multi-platform consumer entertainment service Mela was headed. He claimed that the Verismo Board agreed with his strategy on several aspects but were not ready to confront Prakash, who is a majority stakeholder in Verismo. Going forward, Kanaujia writes that he has submitted a proposal to the Verismo board to spin Mela out from Verismo as an independent entity controlled by the management team, and is currently in discussion with the board. He stated that if they don't reach on an agreement, he will open a new company for which he is already in talks with a few potential strategic partners. He said: "South Asia is the most diverse content factory in the world. Bollywood is the biggest film industry in the world from annual production and consumption perspective. There is not a single service today that fulfills the demand of global fans for this content in a convenient manner. If one gets the execution right with the right strategy, it presents an extremely attractive business opportunity. We have some really interesting ideas on how to capitalize on this opportunity." Verismo in India In August 2011, Intel Capital funded Verismo Networks had acquired Sab Kanaujia's Digital Entertainment Corporation of India (DECI) and launched an entertainment services division…

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