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Tag: Srinivas Palakodeti

  • Sahara One appoints Srinivas Palakodeti as CFO

    MUMBAI: Sahara One has roped in IndusInd Media & Communications Ltd chief operating officer and chief financial office (CFO) Srinivas Palakodeti as CFO.

    Palakodeti will supervise and control all financial affairs of all businesses of Sahara One, and will report to Sahara One CEO Shantonu Aditya.
     
     

    Aditya said, “It gives me great pleasure to welcome Srinivas Palakodeti who joins Sahara One as CFO. Srinivas has 16 years experience covering the areas of investment banking, project and corporate finance, business development and financial planning along with substantial exposure to cable television operations. I am sure that as Sahara One stands poised with expansion plans, Srinivas will add immense value to the business.”
     
     

    Palakodeti’s other previous assignments were with SBI Capital Markets LTD, Ashok Leyland Investment Services LTD and KJMC Financial Services LTD in the areas of investment banking, project finance and corporate finance.

    Palakodeti said, “I am pleased to be a part of a strong and growing company like Sahara One, which has several exciting plans on the anvil. I am confident that with these plans and the excellent professional teams in place in each business of Sahara One, the company is poised for strong growth.”

    Palakodeti is an engineering graduate from the Institute of Technology, Banaras Hindu University, and holds a Post Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad.

  • ESPN files winding up petition against InCableNet

    ESPN files winding up petition against InCableNet

    MUMBAI: First was the shut-off. Now the courts have been drawn into the dispute.

    A week after ESPN Star Sports (ESS) cut off signals to Hinduja Group MSO INCableNet over outstanding subscription dues it says have crossed Rs 71 million, it today instituted winding up proceedings in the Bombay High Court.

    The petition filed before the court states that despite several service agreements in place, INCableNet had consistently failed to pay up on monthly dues and was in admitted default to the tune of Rs 40 million.

    A statement issued by ESS says the Bombay High Court has admitted the petition and listed it for hearing on 29 January, 2004.

    In the petition, ESS states that it has entered into various service contract(s) with InCableNet to distribute ESPN and Star Sports channels in Mumbai and other cities, which it services. InCableNet was to pay monthly subscription fees. 

    However, ESS alleges, InCableNet has failed to make payments towards the subscription fees in accordance with the contract(s). Despite InCableNet’s failure to pay the fees, ESS claims to have kept the services on and made bonafide attempts to persuade InCable to discharge their payment obligations.

    The petition ends stating, despite several repeated promises and written commitments, InCableNet has backed out of its promise to pay the admitted sum of over Rs 40 million.

    On 10 November, ESS had discontinued the signals of its channels ESPN and Star Sports to IIMCL stating that “IIMCL had failed to pay routine monthly dues, despite repeated collection efforts”.

    ESS Software VP, affiliate sales, Sricharan Iyengar had pointed out earlier this month that they had received a letter from IncableNet CFO Srinivas Palakodeti, who had assured to pay them Rs 30.65 million, the outstanding amount then. This letter was dated 27 August 2003, but ESPN has not yet realised the money.

    A response on the issue is awaited from InCableNet.

  • InCableNet claims ESS misleading public

    InCableNet claims ESS misleading public

    MUMBAI: Seems like Hinduja Group’s MSO InCableNet has finally decided to even the scores with ESPN Software India.

    In a point-by-point rejoinder issued today, InCableNet accused ESPN Star Sports (ESS) of misleading viewers and the cable-operator fraternity in general, “with half-truths”.

    InCableNet reserves the right of defending its commercial interest in court and will also seek to recover damages caused by ESPN’s actions, it says in a company release.

    The MSO’s heated response comes after ESS’ statement yesterday, that it has filed a winding up petition against InCableNet in the Bombay High Court. 

    In the release, the MSO states that ESS’ version of the commercial negotiations that transpired between the two companies from May 2003 till first week of November 2003, is one-sided.

    “InCableNet has not yet been served a copy of the winding up petition prior to its filing in the court, which is the standard corporate practice,” the release states.

    Referring to the letter sent to ESS by IncableNet CFO Srinivas Palakodeti on 23 August, the release states, that the company had in fact, laid down three terms and conditions which ESS chose to ignore in its public statements.

    The conditions were: 

    * Withdrawal of complaints/FIR’s filed by ESS

    * Signing of the term sheet/agreement for CAS arrangement

    * and that ESS agrees and takes steps to ensure that such defaulting operators do not migrate to other networks. It also insisted that ESS agreed to take steps on its discretion as may be necessary such as not issuing new decoders, switching off dummy operators in order to protect InCableNet and to ensure that business interests are not adversely affected.

    InCableNet says, subsequent to this letter, commercial negotiations and exchange of correspondence have taken place till November 2003.

    The MSO says that when ESS switched off signals to subscribers in Mumbai and Delhi on 10 November, they issued a letter to ESS expressing deep shock for the loss caused. However, ESS failed to respond to the letter in which InCableNet had requested them to adopt a constructive approach and switch on the signals.

    InCableNet accuses ESS of having chosen to take an unconscionable step without any notice or provocation whatsoever, and without considering their will to discuss issues across the table.

    Finally, the release says that they suspect ESPN of resorting to coercive measures as a prelude to increasing the rates on eve of a cricket season. “A similar step had been taken by ESPN on the occasion of the last World Cup cricket matches,” it specifies.

    INCableNet states their digital CAS service is completely ready and a large number of set-top-boxes await deployment in Mumbai. “Failure of leading broadcasters like ESS to conclude CAS agreements has led to non-implementation of CAS and confusion in the minds of viewers. They must be made aware that their pay channel bills will again rise in January 2004 due to annual increase by broadcasters,” the release concludes