RDS Bawa, CFO for Network18 Group, quits

After B. Saikumar, CEO and Ajay Chacko, COO of Network 18 Group quit, now the Chief Financial Officer, RDS Bawa has bid adieu to the company. Serving Network18 for 19 years, there has been no formal reason cited for leaving the group. Three major wings of Network18 quit after announcement of acquisition by RIL. LINK

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That said, RIL’s board has approved a funding of up to Rs 4,000 crore to Independent Media Trust (IMT), of which RIL is a sole beneficiary, to acquire control in Network18 including its subsidiary TV18 Broadcast and to make open offers post the acquisition. IMT will be using these funds to acquire 78% stake in Network18 and 9% stake in TV18 and to acquire shares tendered in the Open Offers. IMT will be making open offers simultaneously to public shareholders to acquire shares of Network18, TV18 and Infomedia Press Limited. Expect a lot of people to quit now. Link

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