Hyderabad: Cyberabad Police officials continued their searches on the offices of TV9 Channel in Hyderabad for the second day on Friday.
A case was registered against V Ravi Prakash, CEO of TV 9 Channel and Associated Broadcasting Corporation Limited (ABCL) on Thursday for allegedly cheating the company's promoters by forging documents, prompting these searches, the police said.
However, on Thursday night Ravi Prakash said that the cases foisted against him were false. Addressing the public on a live program on the channel, a visibly charged Ravi Prakash denied the charges and said that he had not run away as projected by a section of media. Ravi Prakash also confirmed that he was still the CEO of ABCL and he was in Hyderabad.
Emergency meeting by the Board of Directors
It is reported that the board of directors are going to conduct an emergency meeting at 11 am on Friday morning to discuss the latest developments, legal status of the company and the further course of action to be taken in light of these developments.
It is said that they will also discuss the removal of the present CEO and decide whom to appoint as the new one.
A case was registered against Ravi Prakash and Telugu film actor Sivaji for allegedly cheating the company's promoters by forging documents. Searches were carried out by the Cyberabad police team at the office of the CEO in Banjara Hills and the residence of actor Sivaji, who is said to be in possession of some shares of Associated Broadcasting Company Limited (ABCL).
Alanda Media and Entertainment Ltd had bought majority stake in ABCL in 2018. Differences cropped up between the buyers and Ravi Prakash who is said to be holding a little over 8 per cent stake in the company, sources close to the development said.
Based on the complaint by P Kaushik Rao, one of the director's of Alanda Media and Entertainments Pvt Ltd, who alleged that the CEO had created fake documents and was trying to prevent the new management of the company from taking over the operations a case was filed, police sources said.
A case was registered against Ravi Prakash and the actor Sivaji, under IPC sections 420 (cheating), 468 (Forgery for purpose of cheating), 471 (Forged document) and 472 (making or possessing counterfeit seal), among others including under the IT Acts.