SITI Networks appoints Raj Kumar Gupta as Independent Director

SITI Networks on Friday ratified the appointment of Raj Kumar Gupta as Additional Director in the category of Independent Directors with effect from February 5, 2021. The appointment has been done on the basis of the recommendation of the Nomination and Remuneration Committee confirming that Raj Kumar Gupta is not debarred from holding the office of Director pursuant to any SEBI order.

Raj Kumar Gupta is a Commerce Graduate from BITS University, Pilani and a Chartered Accountant. A veteran in Finance and Accounts Profession with experience of over 5 decades Gupta is a Senior Partner of Gupta Raj and Co Chartered Accountants providing Finance, Audit & Taxation services to various Business Houses.

SITI Networks has also approved the sale of 6,667 equity shares held by Variety Entertainment in the equity share capital of Voice Snap Pvt Ltd at an aggregate consideration of Rs 10 crores.

“The Board is of the view that the technology and expertise of Voice Snap can not be used for the business of the Company or Variety Entertainment or any other group company/subsidiary of the Company. Moreover, since Voice Snap uses Primary Rate Interface (“PRI”) lines of telecom at core of their solution. The Board is of the view that it may not bring in synergies and future growth of Variety or the Company or any other group company subsidiary of the Company,” said SITI Networks in a regulatory filing.