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IndusInd Media CEO Deepak Varma leaves

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MUMBAI: Barely two months after being recruited as the chief executive officer of Hinduja TMT subsidiary IndusInd Media & Communications, Deepak Varma has quit the company.

Srinivas Palakodeti, who was chief financial officer, has been elevated as the company's chief operating officer. HTMT is in the process of de-merging its information technology and media businesses.

"The cable TV industry operates in a way that is not in sync with the understanding that I have had with my past job experiences," Varma tells Indiantelevision.com. Varma was earlier serving as chief operating officer of BPL Mobile Communications Mumbai. After quitting BPL, Varma was working with a telecom company abroad.

"The cable TV industry could not accept Varma's style of operations. A group of IndusInd's distributors protested against him," a source in the company said.

Varma had taken over from General Anand who retired on health grounds. But soon after being in charge, he fell out with the distributors and found it difficult to understand the complexities of the cable industry.

HTMT is in the process of constituting two debt-free listed companies with mirror shareholding. While information technology and telecom businesses will form part of the technology company, media, including film content and cable TV distribution and broadband, will be part of the new entity.

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