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Chennai-based SRM Group’s proposed English news channel runs into trouble

With no work in progress over the last four months, the senior management has been asked to take voluntarily salary cuts till the time the channel goes on air

BestMediaInfo Bureau | Delhi | December 19, 2013

tv-channelsAlmost one and a half years after Chennai-based New Generation Media Corporation, run by one of the promoters of SRM Group of Companies, decided to launch a 24x7 English news channel, its plans have run into troubled waters with reports that the group is not serious about launching the channel and is shutting down its Delhi and Chennai offices.

However, highly placed sources in the industry say that the plan to launch the English news channel hasn't been scrapped; it has been postponed and there’s no clear launch date. But the sources informed that there is no work in progress for the last four months and the senior management of the channel has been asked to take voluntarily salary cuts till the time the channel goes on air after which full salary will be restored.

A query sent to Shyam Kumar, CEO, New Generation Media, went unanswered.

According to the sources familiar with the situation, the reasons attributed for the delay in launching the channel are “lack of funds after the recent launch of Tamil GEC Pudhu Yugam and income-tax raids at the group’s offices in Chennai earlier this year”.

The CEO of New Generation Media had flown to Delhi three days ago and the staff was told that there was no shutdown but at the same time he also said that there is no clarity when the channel will be launched, said a source.

The group is also working on a golden handshake formula (severance package) for employees who don’t want the pay cut and instead prefer moving out.

New Generation Media owns Puthiya Thalaimurai Tamil news channel, 'Puthiya Thalaimurai' magazine, ‘Pudhu Yugam’ Tamil general entertainment channel, educational institutions and other facilities.

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