Sun TV Network appoints R Mahesh Kumar as new MD following K Vijaykumar’s resignation
MUMBAI: Sun TV Network Managing Director (MD) and CEO K Vijaykumar has resigned from the company with effect from 31st March 2019. R Mahesh Kumar, who currently serves as president, has been elevated as MD of the company.
K Vijaykumar will continue as the Executive Director of the Board with effect from 1st April 2019. Additionally, the company has appointed Kaviya Kalanithi Maran, daughter of Sun TV Network promoter Kalanithi Maran as an Additional Director and Executive Director.
The company has also appointed R Mahesh Kumar as an Additional Director. Sridhar Venkatesh and Desmond Hemanth Theodore have been appointed as Additional Directors (Independent). The appointments are effective from 1st April.
“This is to inform you that the Board of Directors of the Company in its meeting held on 20th March, 2019 has appointed Mr. R. Mahesh Kumar as an Additional Director as well as Managing Director, Ms. Kaviya Kalanithi Maran as an Additional Director and Executive Director, Mr. Sridhar Venkatesh and Mr. Desmond Hemanth Theodore as an Additional Directors (Independent) with effect from 1s1 April, 2019 for a period of five years, subject to the approval of shareholders of the Company,” the company said in a filing to the BSE.
“We affirm that Mr. R. Mahesh Kumar, Ms. Kaviya Kalanithi Maran, Mr. Sridhar Venkatesh and Mr. Desmond Hemanth Theodore are not debarred from holding the office of director by virtue of any order of Securities and Exchange Board of India or any other authorities,” the company added.
It further stated, “Further, Mr. K. Vijaykumar, Managing Director and Chief Executive Officer of the Company has resigned from the post of Managing Director and Chief Executive Officer with effect from closing hours of 31st March 2019, however shall continue as an Executive Director with effect from Jst April 2019.”
The company proposes to obtain shareholders’ approval through Postal Ballot to re-appoint J. Ravindran, Nicholas Martin Paul, M.K. Harinarayanan, Mr. R. Ravi Venkatesh as Independent Directors for a further period of 5 years w.e.f. 25th September, 2019.
It has also sought approval for the continuation of S. Selvam as a Non-Executive Director who has already attained the age of 75 years in accordance with the amendment in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company will also seek approval for continuation of payment of remuneration payable to Kalanithi Maran, Chairman and Kavery Kalanithi, Executive Director in accordance with the amendment made in sub-regulation 17(6)(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Other items for which shareholders’ nod will be sought include alteration of Memorandum and Articles of Association of the company and approval for increase in authorised share capital of the company.