HDFC Chairman Deepak S. Parekh and former chairman of McKinsey India Adil Zainulbhai have been inducted into the board of Network 18 as independent directors following its takeover by Reliance Industries Ltd (RIL). A senior advisor at McKinsey India, Mr. Zainulbhai is also independent director on RIL’s board.
RIL, on Monday, announced that Independent Media Trust (IMT) , of which RIL is the sole beneficiary, has completed the acquisition of control of Network 18 Media and Investments Limited (NW18), including its subsidiary TV18 Broadcast Limited (TV18).
Raghav Bahl, the erstwhile promoter of NW18 and TV18, will continue to be on the board of NW18 as a non-executive Director, RIL said.
“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 as announced on May 29 by IMT are in process and the draft letter of offer has been filed with SEBI for its comments,” RIL said in a statement.
