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Raj Kundra resigns as CEO of Best Deal TV
MUMBAI: Blaming demonetisation as the culprit, Raj Kundra has quit as the CEO of Best Deal TV. His last day was 15 January.
Uncertainty looms large on the future of the home shopping channel as it is predominantly owned by Kundra along with his celebrity wife Shilpa Shetty.
Kundra drafted his resignation on 15 December through email wherein he stated that “I would like to officially resign as CEO of Best Deal TV. All good things come to an end I guess. We nearly conquered the industry, so close yet so far. The demonetisation, whilst a bold and most needed step, unfortunately came at a very bad time for our industry and we have seen nothing but collateral damage.”
Best Deal TV suspended operations in December 2016 after experiencing loss in business due to demonetisation, which directly affected cash-on-delivery (CoD). In India, CoD is the most preferred way of payment.
Best Deal TV was launched in March 2015 as a free-to-air (FTA) channel by the celebrity couple who jointly owned around 63%. Bollywood actor Akshay Kumar owned 8% as part of his endorsement deal with the channel. UY Industries MD Deepak Kothari invested a significant amount and owned around 26% stake in Best Deal TV.
The free-to-air (FTA) channel is available across all major cable and DTH platforms as well as online.