TV18 Broadcast appoints Adil Zainulbhai as chairman, Q1 net profit stands at Rs 9 cr

New Delhi: Adil Zainulbhai, an independent director on Reliance Industries, was today appointed chairman of the firm’s media outlet, TV18 Broadcast Ltd - the company that owns news channels CNN-IBN and CNBC-TV18.

Zainulbhai replaces Manoj Mohanka, who “had expressed his unwillingness to continue as the chairman of the Board of Directors,” TV18 Broadcast Ltd said in a regulatory filing.

Mohanka will, however, continue as non-executive independent director on the Board of the company.

Besides Zainulbhai and Mohanka, TV Broadcast board now has Rohit Bansal, a nominee director of the promoters, and Raghav Bahl, the erstwhile owner of the media company.

Meanwhile, in a separate filing, TV18 Broadcast said that it has appointed Deepak Gupta as company secretary and compliance officer with effect from 22 July 2015. TV18 Broadcast also reported a net profit of Rs.8.86 crore on Wednesday for the quarter ended 30 June 2015, from a net loss of Rs 109.06 crore for the corresponding period of last fiscal.

Meanwhile, the company’s total income during the quarter under review fell by 6.63 percent to Rs 132.15 crore from Rs 141.55 crore for the similar quarter ended 30 June 2014.

The company’s scrip at the Bombay Stock Exchange fell by 12.31 percent or 5.20 points at Rs 37.05 from its previous close of Rs 42.25 per equity share.

(Disclosure: Firstpost is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited.)

PTI & IANS