According to Raghav Bahl, he voluntarily chose the option to step down as he though that this exit was the best decision to take in everybody’s interest.
“In January 2012, when we announced our transaction with Reliance, it was completely, fully and transparently disclosed. It was clear why I had taken the advances, what we would do with them, how all the voting rights were vesting in me and how, finally, Reliance had the option to take control at a moment’s notice. Because I was clear in my head about three things. One, the transaction had to be fully and transparently revealed. Two, I would stay only as long as I had unmitigated and total control over the group, which meant that I exercised the voting rights on 73 per cent of promoters equity, without any dilution of control in any manner. To be fair to Mr. Mukesh Ambani, he fully honoured that commitment. Over the last two years, I had complete and unfettered control. No Reliance person was on our board or in our management or would even enter our offices. Three, it was always clear to Mr. Ambani and to me that as soon as Reliance exercised its rights to take voting control away from me, which it had the right to do at a moment’s notice, I would walk away and become a friend, philosopher and guide. There was no way that I would stay back as a professional executive with Mr Ambani.” clarified Raghav Bhal.
One of the most enduring myths perpetrated in media reports was the fact that Haresh Chawla left Network 18 as he did not agree with the terms of the Reliance deal.
“The fact is that Haresh decided to leave in the first half of 2011; it was a natural end to a long innings. He felt the need to move on, I agreed, and that was that. It was early in 2011. The Reliance deal was nowhere in the line of sight, so he simply could not have objected to it.” stated Raghav Bhal.
Guess all this outs all the speculations to rest. Here’s wishing Raghav Bhal all he best for his future!!
On July 07, 2014 Reliance Industries announced a new board for Network 18 and since then there has been too much written and spoken about the reason...2.0