Raj Kundra steps down as CEO of Best Deal TV amid demonetisation losses: What next?
It seems like Best Deal TV — the home shopping channel owned by Raj Kundra and Shilpa Shetty — is in financial trouble.
Reports stated that Kundra stepped down as CEO of Beast Deal after the company was forced to suspend operations for a period of two months as sales fell drastically post-demonetisation.
Economic Times reported that it had accessed Kundra's resignation email dated 15 December 2016, which stated:
“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. Demonetisation, whilst a bold and most needed step, unfortunately came at a very bad time for our industry and we have been nothing but collateral damage."
The decision to suspend operations was taken on 13 December, just two days before Kundra stepped down.
However, reports note that the company was not meeting payments to vendors even before the demonetisation drive was announced on 8 November 2016. Vendors have claimed that they are owed dues running back several months, which have not been cleared despite repeated requests. Economic Times had previously reported that these vendors were considering legal action against Best Deal.
Best Deal is a joint venture between Kundra, Shilpa Shetty, Akshay Kumar and UY Industries' Deepak Kothari.
Updated Date: Jan 23, 2017 14:50 PM