Sri Adhikari Brothers Television Network board walks out

MUMBAI: The entire board of Sri Adhikari Brothers Television Network (SABTNL) resigned en masse today, casualties of a corporate takeover that swept through the Mumbai-listed broadcaster. Grow House Wealth Management, acting for Kurjibhai Premjibhai Rupareliya and Leading Leasing Finance and Investment Company, is allegedly behind the coup.

Six directors—from the chairman down—tendered their resignations within hours of each other, citing a change in management and control triggered by an open offer under India’s takeover regulations. The exodus marks a clean break between the company’s old guard and the new regime moving in.

Leading the charge out the door were Ravi Gautam Adhikari, chairman and non-executive director, and Kailasnath Markand Adhikari, managing director. Three independent directors—Pritesh Rajgor, Ganesh Prasad Raut and Umakanth Bhyravajoshyulu—followed suit, along with non-executive director Latasha Laxman Jadhav.
All six cited the same reason in near-identical letters: the change in control pursuant to an open offer under regulations 3(1) and 4 of the Securities and Exchange Board of India’s substantial acquisition and takeover rules. Each confirmed there were no other material reasons for jumping ship.

Last month Grow House Wealth Management launched an open offer to acquire up to 53,46,238 equity shares—representing 13.24 per cent of SABTNL’s emerging voting share capital. The synchronised departures leave the company scrambling to reconstitute its board and comply with listing requirements.

For investors, the question now is what Rupareliya and Leading Leasing Finance plan to do with their new prize. The old regime knew when to make a graceful exit. The new one has rather larger shoes to fill—and a broadcasting empire to run.

(Updated on 21 November at 22 hours)
 

MUMBAI: The entire board of Sri Adhikari Brothers Television Network has resigned en masse, casualties of a corporate takeover that swept through the Mumbai-listed broadcaster today.

Six directors—from the chairman down—tendered their resignations within hours of each other, citing a change in management and control triggered by an open offer under India’s takeover regulations. The exodus marks a clean break between the company’s old guard and whoever is taking the reins.

Leading the charge out the door were Ravi Gautam Adhikari, chairman and non-executive director, and Kailasnath Markand Adhikari, managing director. Three independent directors—Pritesh Rajgor, Dr Ganesh Prasad Raut and Umakanth Bhyravajoshyulu—followed suit, along with non-executive director Latasha Laxman Jadhav.

All six cited the same reason in near-identical letters: the change in control pursuant to an open offer under regulations 3(1) and 4 of the Securities and Exchange Board of India’s substantial acquisition and takeover rules. Each confirmed there were no other material reasons for jumping ship.

The synchronised departures leave the company scrambling to reconstitute its board and comply with listing requirements. For investors, the question now is who is taking control—and what they plan to do with their new prize.

The old regime, at least, knew when to make a graceful exit. The new one will have rather larger shoes to fill.