According to Hindustan Times, TV9 former CEO Ravi Prakash moves tribunal to buy a majority stake in the company. He filed a petition in The National Company Law Tribunal alleging that the company, which was making huge profits when it was in his hands, has now gone into debt, shut down some channels and its share value has fallen even worse. he claims he is in the capable position to buy the entire company as per the current share value.
Ravi Prakash, who was founder-director of ABCL was sacked as director and CEO on May 10 last year for allegedly cheating the company promoters.
in the petition, he said since the new management takes over the channel, the company lost profits and gone into debt. he further added, before deducting interest, class, taxes the profit would have been up to Rs 30 crore. but now the Rs. 30 crore profit is gone and Rs. 43 crore in losses generated. Also, the company estimates that there will be losses for another four years. The share price is crucial for any company. If the share price continues to fall, it means that the company is losing faith in the market. The situation with TV9 Group right now is the same. The share value fell to Rs 78 from Rs 270 during the year. Raviprakash mentioned these matters in his petition filed in NCLT.
