Hyderabad: A day after the Cyberabad police carried out searches at the office of the CEO of TV9 channel, Ravi Prakash, and the residence of a Telugu actor yesterday and registered a case against both of them for allegedly cheating the company’s promoters by forging documents, the company removed him from his post.
In the place of Ravi Prakash, Mahendra Mishra has been appointed as the Interim head. Speaking at a press conference, Sambasiva Rao, newly appointed director of Associated Broadcasting Company Pvt. Ltd (ABCPL), said, “In view of the mala fide intentions and fraudulent acts of Ravi Prakash on May 8, the Board removed him as CEO and EGM (Extraordinary General Meeting) held today ratified it. The Board has also removed M K V N Murthy, Whole Time Director and CFO with immediate effect.” The Board has also appointed four persons as per the provisions of the Companies Act, which was approved by the Ministry of Information and Broadcasting. Former veteran journalist Singa Rao was also appointed as Chief Operating Officer to assist the new CEO.
The case was registered based on a complaint by P Kaushik Rao, Director of Alanda Media and Entertainments Pvt Ltd, who is one of the stake owners.
Alanda Media and Entertainment had bought majority stake in ABCL last year, but there were differences between them and the CEO.
Kaushik Rao alleged that the CEO created fake documents and was trying to prevent the new management of the company from taking over the operations.
According to media reports, important documents and electronic evidence were seized by the police team and they would be given to FSL (Forensic Science Lab) for further analysis.
Ravi Prakash, in a video message, denied that he had run away and that false cases were filed against him. ABCL runs the bouquet of channels and actor Shivaji is said to be in possession of some shares of the company.
A case was registered under IPC sections 420 (cheating), 468 (Forgery for purpose of cheating), 471 (Forged document) and 472 (making or possessing counterfeit seal), among others including some under IT Acts against the CEO and the actor.