Today the founder of Network18 media group Raghav Bahl resigned as the Managing Director of Network18, but will continue as a non-executive director on the board of the company.
Reliance Industries said that that Independent Media Trust (IMT), of which it is the sole beneficiary, has completed the acquisition of control of Network 18 Media and Investments and its subsidiary TV18 Broadcast Limited. In May Reliance took over the company for INR 4,000 crore, founded by Bahl in 1993.
As a consequence of the takeover, Network18 saw the exit of senior management executives including group CEO B Sai Kumar, COO Ajay Chacko and CFO RDS Bawa.
Bahl resigned from the company on May 29 as managing director when Reliance Industries Limitied (RIL) announced the acquisition of the media group.
According to a statement by Reliance Industries Limited (RIL), after this transaction Independent Media Trust (IMT) and RIL have become promoters of Network18 and TV18.
Recommended Reading: RIL Acquires Network18 Group For 4,000 Crores
