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NDTV interim CEO Suparna Singh resigns after CBI books promoters for alleged FDI norms violation

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NDTV interim CEO Suparna Singh resigns after CBI books promoters for alleged FDI norms violation

Media company NDTV Thursday said that its Interim CEO Suparna Singh has resigned from her role with immediate effect. Singh who was the former head of NDTV Convergence was named as its CEO in December 2017.

"Suparna Singh has informed the company that she will step down from her responsibilities as Interim CEO with immediate effect," NDTV said in a regulatory filing.

"Pursuant to a board resolution on December 4, 2017, the board resolved to appoint Suparna Singh as its CEO subject to the receipt of requisite approval from the Ministry of Information and Broadcasting," the media company further said.

"This approval was promptly applied for on December 12, 2017, but has not yet been received. Subsequently, Suparna Singh and the company entered into an appointment agreement to appoint Singh as the CEO where the appointment was conditional upon receipt of such approval. Accordingly, Suparna Singh has been acting as the interim CEO during this interregnum, the company said," NDTV added.

Also Read: NDTV founders Prannoy Roy, Radhika Roy stooped at Mumbai airport from flying abroad

The media company said that the matter will be placed before board and committee members for consideration. It, however, did not divulge the details regarding the reason for her resignation.

Singh, who has been with NDTV since 1994, was chosen as its CEO following journalist Vikram Chandra's resignation from the role in the year 2016. She was also the Director of Strategy at the NDTV Group. Singh while being the head of NDTV Convergence was also taking care of the content and expansion of NDTV's digital segment. She established and headed NDTV's Metro Nation (its first English language, city-based channel in India) in September 2007.

The development comes a day after the CBI booked NDTV promoters Prannoy Roy and his wife Radhika Roy, and others in connection with alleged violation of foreign direct investment rules in a 2007-09 investment, a charge denied by the company. The probe agency has also booked the media outlet's former CEO Vikramaditya Chandra under charges of criminal conspiracy, cheating and corruption, officials told PTI.

It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions. A CBI team conducted searches at Chandra's residence on Wednesday, the news agency reported.

This is the second FIR against NDTV as the CBI is already probing a case of alleged bank loan default against the company.

Also Read: NDTV promoters, former CEO booked for alleged FDI norms violation