Koel Purie-Rinchet quits as Director of TV Today Network
Koel Purie-Rinchet, daughter of India Today Group’s TV Today Network promoter Aroon Purie, has resigned as director from the company owing to other pre-occupations, according to media reports. This will be effective starting tomorrow, August 11, 2017,
This news comes in quick succession to Ashish Bagga quitting as Group CEO of India Today. TV Today Network operates the news channels India Today TV and Aaj Tak. Aroon Purie’s daughter Kallie Purie is now helming the daily affairs after Bagga put in his papers.
TV Today Network Ltd stock price jumped on Friday with the shares closing at Rs 249.15 on NSE, up 15% amid unconfirmed rumours that the media conglomerate is in stake sale talks. FE Online was not immediately able to confirm the news. The shares of the company, which owns popular hindi news channel Aaj Tak, were buoyant since morning, and sustained the gains throughout the day, ahead of the company’s fiscal first quarter financial results due later today.
TV Today Network was recently in news after Chief Executive Officer Ashish Kumar Bagga resigned citing personal reasons with effect from 31 July 2017. This week, a report on Exchange4media.com says that Koel Purie-Rinchet, daughter of India Today Group’s promoter Aroon Purie, has also resigned as director from the company owing to other pre-occupations, with effect from 11 August 2017.
TV Today’s shares have been under pressure of late, falling from a 52-week high of Rs 359.85 in November to Rs 227 now. This calendar year too, shares have fallen over 18% as of yesterday’s close amid overall buoyant equity markets, while the benchmark indices Sensex and Nifty have gained over 20% since January.
The TV Today Network is an English and Hindi news television network based in India. It is listed on the exchanges of BSE and the NSE and consists of the several news channels namely, Aaj Tak(Hindi), India Today Television (English), Tez (Hindi), Delhi Aaj Tak (Hindi). The network also publishes the Business Today magazine. Aroon Purie, an Indian businessman is the founder-publisher and editor-in-chief of India Today and also the chief executive of the India Today Group. The network is largely owned by the Aroon Purie controlled Living Media India ltd. which publishes India Today magazine and the Delhi-based Mail Today daily tabloid.
In 2012, the Aditya Birla Group picked up a 27.5% stake in Living Media for an undisclosed amount. Reports suggest that the Birla group hiked the stake substantially over that level in the following years. Unconfirmed reports suggest that the Birla group was looking to exit its investment in Living Media
Source – Web