Sameer Manchanda quits IBN18 Broadcast as Jt MD

Media firm IBN18 Broadcast today said its Joint Managing Director Sameer Manchanda has resigned from the company to focus on his cable distribution business, Den Networks.

In a filing to the Bombay Stock Exchange (BSE), the company said: "Sameer Manchanda, Joint Managing Director of the Company, has resigned from the office of Joint Managing Director as well as from the directorship of the Company with immediate effect."

When contacted, Manchanda said he had resigned to focus on his cable venture, Den Networks.

"Den Networks is growing tremendously and I felt it required my full-time attention. There is a Trai order which focusses on digitising cable distribution and so I have multiple tasks at hand," he said.

Manchanda would now work as DEN Chairman and Managing Director.

In a related development, IBN18 promoter Raghav Bahl has also resigned from the board of directors of Den Networks.

"Raghav Bahl ceases to be a director of the Company wef October 22, 2010 consequent to this resignation," Den Networks said in a filing to the BSE.

The reason for his exit could not be ascertained.