Deepak Parekh, Adil Zainulbhai inducted as independent directors on Network18 board

Raghav Bahl will continue as non-executive director of the media company.

Reliance Industries (RIL) has announced that Independent Media Trust (IMT), of which RIL is the sole beneficiary, has completed the acquisition of control of Network 18 Media and Investments, including its subsidiary, TV18 Broadcast.

Raghav Bahl, founder of Network18, will continue to be on the board as non-executive director. Besides, Deepak S Parekh, chairman, Housing Development Finance Corporation (HDFC) and Adil Zainulbhai, senior advisor, McKinsey India, have been inducted as independent directors on the board of Network18 Media and Investments.

With the completion of this transaction, IMT and RIL have become promoters of NW18 and TV18.

As announced on May 29, 2014 by IMT, the process of making open offers to the public shareholders for acquisition of equity shares of NW18, TV18 and Infomedia Press, has begun. The draft version of the offer letter has been filed with SEBI.

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