Entertainment Network Limited Announces Executive Changes, Effective July 1, 2023
June 19, 2023 at 07:33 am EDT
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Entertainment Network (India) Limited announced that Mr. Subramanian Narayanan has tendered his resignation as the Group Chief Financial Officer (`Group CFO') of the Company (`ENIL'). With effect from July 1, 2023, he is taking up a larger role in the holding company of ENIL, that is, Bennet Coleman and Company Limited (BCCL). Accordingly, with effect from July 1, 2023, Mr. N Subramanian will cease to be the Group CFO and Key Managerial Personnel (`KMP') of ENIL under the provisions of Section 203 of the Companies Act, 2013 and under Regulation 30(5) of the Listing Regulations for determining the materiality of any event or transaction for making the required disclosures to the Stock Exchanges.
The Nomination & Remuneration Committee and Board of Directors of the Company, at their meetings held on June 19, 2023, approved the appointment of Mr. Sanjay Kumar Ballabh (currently holding the office of EVP- Finance) as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from July 1, 2023. Mr. Sanjay Kumar Ballabh is an alumni of Sr. Xavier's College, Kolkata and he is a Chartered Accountant and CMA with work experience of more than 27 years. He has worked majorly in the M&E sector in the last two decades.
Some of his past experiences are with Saregama, Sony, Star Network and Food Food. He has been group CFO at Swastik Productions before joining the Company as Head of Finance in June 2021.
Entertainment Network (India) Limited is an India-based advertising company. The Company generates its advertising revenues by the sales of airtime in the Companyâs frequency modulation (FM) radio broadcasting stations, activations, concerts and monetization of Companyâs digital and other media properties. The Company operates FM radio broadcasting stations in 63 Indian cities. The Companyâs subsidiaries include Alternate Brand Solutions (India) Limited, Entertainment Network, Inc., Entertainment Network, LLC, Global Entertainment Network Limited W.L.L., and Mirchi Bahrain W.L.L. Its brands include Radio Mirchi, Mirchi Plus, Mirchi 95, Mirchi Love and Kool FM. The Company operates in Ahmedabad, Akola, Amravati, Amritsar, Asansol, Aurangabad, Bengaluru, Bharuch, Bhavnagar, Bhopal, Chandigarh, Chennai, Coimbatore, Delhi, Nagpur, Pune, Guwahati, Hubli Dharward, Hyderabad, Indore, Jabalpur, Jaipur, Jalandhar, Jammu, Jamnagar, Jhansi, Jodhpur, Kolkata, and other.