Raghav Bahl resigned today as the Managing Director of Network18, but will continue as a non-executive director on the board of the company, which he had founded. He has also relinquished all executive responsibilities related to TV18, and will continue as a non-executive director. Sanjay Roy Chaudhuri has resigned from the TV18 board.
Reliance Industries today announced that Independent Media Trust, of which RIL is the sole beneficiary, has completed the acquisition of control of Network 18 Media and Investments Limited and its subsidiary TV18 Broadcast Limited. Following this acquisition, IMT has appointed, apart from its own nominees, Deepak S Parekh and Adil Zainulbhai as Independent Directors.
Raghav Bahl, Ritu Kapur, Vandana Malik and Subhash Bahl will no longer be promoter group of the Network18 or TV18, which shall now comprise of RIL, IMT, RB Mediasoft Pvt Ltd, RB Media Holdings Pvt Ltd, Adventure Marketing Pvt Ltd, Watermark Infratech Pvt Ltd and RB Holding Pvt Ltd. Network18 will also, along with IMT, look to acquire shares of Infomedia under the open offer.
For more details on RIL’s acquisition of Network18, see our comprehensive timeline of events:
– All of our Reliance-Network18 Coverage
P.s.: Probably not a good tie to mention this, but anyone remember the “18 till I die” campaign when TV18 was rebranded as Network18?