Deepak S Parekh and Adil Zainulbhai inducted as Independent Directors. Raghav Bahl also on the Board as Non-executive Director
BestMediaInfo Bureau | Delhi | July 7, 2014
Reliance Industries Limited has announced that Independent Media Trust (IMT), of which RIL is the sole beneficiary, has completed the acquisition of control of Network18 Media and Investments Limited including its subsidiary TV18 Broadcast Limited.
Apart from nominees of IMT, Deepak S Parekh and Adil Zainulbhai have been inducted as Independent Directors on the board of Network18. Raghav Bahl will continue to be on the Board of NW18 as Non-executive Director.
With the completion of this transaction, IMT and RIL have become promoters of NW18 and TV18. The open offers to the public shareholders for acquisition of equity shares of NW18, TV18 and Infomedia Press Ltd as announced on May 29, 2014 by IMT are in process and the Draft Letter of Offer has been filed with SEBI for its comments.