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Aveek Sarkar to chair MCCS board
BS Corporate Bureau in New Delhi | September 23, 2003 10:44 IST
The board of directors of Media Content and Communication Services Ltd, the company set up to uplink the Star news channel, has been reconstituted with eight members. ABP Ltd's Aveek Sarkar is the chairman of the company.
The other members of the board are Star India Chief Executive Peter Mukherjea, Star India CFO G Subramaniam, Aveek Sarkar's younger brother Aroop Sarkar, ABP Managing Director A Lahiri, former diplomat Naresh Chandra and journalist S Nihal Singh.
The company will soon induct one more member on its board.
Besides, as a part of the restructuring of MCCS and other affiliate companies, operations and assets of companies like TouchTelecontent and Rent Works are being merged with MCCS.
TouchTelecontent and Rent Works were set up by the Star group to outsource various functions like uplinking facilities, studios and other infrastructure facilities for the news channel.
Star News had entered into an outsourcing relationship with these two companies so that it could work with a low equity capital base.
According to sources, all the functions and facilities of Star News will be owned by MCCS under the present arrangement.
MCCS communicated this to the government today after submitting the revised application seeking permission to uplink the channel.
The Kolkata-based ABP Ltd will invest Rs 74 crore (Rs 740 million) for a 74 per cent stake in MCCS, while Star will invest Rs 26 crore (Rs 260 million) for its stake in the company.
The Star group has picked up its holding in MCCS through Star News Broadcast Ltd.
According to sources, the company has also communicated in its application that Ravina Raj Kohli will continue as the chief executive of the company, while Sanjay Pugalia will be the chief editor of the channel.
"We are putting together the details of how the channel will work. A channel like Star News gives us great scope to expand," said Aveek Sarkar.
Sarkar and Mukherjea today met Information and Broadcasting Minister Ravi Shankar Prasad and other ministry officials.
Recasting Star News