In what can be termed as a major development in the Telugu Media Space, TV9 Board has shown door to the Channel CEO Ravi Prakash with the allegations of funds misuse and forgery allegations. Alanda Media Entertainments took over TV9 purchasing 90% Stake from Srini Raju's ABCL Corporation. Alanda Media tried to have new directors in the Channel Board.
But Ravi Prakash who holds 8% stake in the company has not agreed to it. But Actor Shivaji came to the scene all of sudden and has complained to the National Company Law Tribunal claiming that he is one of the shareholders of the TV9. Ravi Prakash has a 20 Lakh Share in ABCL, which owns TV9 which amounts to 8 percent stake.
Shivaji claims to have bought 20 Lakh to buy 40,000 shares from the company on February 20, 2018. Ravi Prakash reportedly promised to transfer the shares in one year time. TV9 New Management also named Shivaji in the complaint against Ravi Prakash. It has to be seen if this controversy will pull down TV9 from The Number One Position which it has been holding for years now.
