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Mouli Raman resigns from OnMobile board; CEO Rajiv Pancholy becomes managing director

Rajiv Pancholy

OnMobile CEO Rajiv Pancholy has also been appointed as the managing director of the company effective yesterday, OnMobile has informed BSE.

Pancholy was appointed as the OnMobile CEO last month after OnMobile co-founder Mouli Raman had stepped down as the Managing Director and Chief Executive Officer earlier in month. OnMobile mentions that OnMobile co-founder Mouli Raman is also stepping down from his position on the board.

OnMobile has also appointed Francois Charles Sirois as an additional director on the board, effective yesterday. Sirois is the president and CEO of OnMobile Systems Inc, which is the largest shareholder in OnMobile Global. Last month, it had bought an additional 10.16% stake in the company for Rs 47 crore, through an open offer, thereby increasing its stake to 43.46%. Apart from this, Sirois is also the president and CEO of the Canada-based global media and technology holding Telesystem.

Last month, OnMobile has reported Rs 124.3 crore loss for the quarter ended March 31, 2014, due to a goodwill non-cash impairment charges of Rs 68 crore arising from the Telisma acquisition and the Synchronoss IP settlement of Rs 35.4 crore, as part of the Voxmobili divestment. Note that Synchronoss had earlier filed a lawsuit, alleging that Voxmobili and Onmobile USA LLC had infringed some of its patents.

The net revenues however increased by 10.5% year-on-year (YoY) to Rs 203.5 crore for the quarter, from Rs 184.1 crore in the previous quarter. Note that these do not include revenue figures for OnMobile Live (previously Livewire).

Including OnMobile Live revenues, the company had posted a net loss of Rs 139.5 crore for the quarter, as compared to a net profit of Rs 10.8 crore. The total revenues was almost flat at Rs 225.1 crore from Rs 225.5 crore in the same quarter last year.

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