In an unexpected turn of turn of events, Anil Ambani owned business news channel, BTVI has announced to shut down its operations on Saturday midnight.
Conveying “heartful thanks to followers and viewers” the channel wrote on Twitter, “We have paused our broadcast operations”.
Mail informing closing down of the operations was sent to all employees on Saturday night by the HR of the company.
“Channel has been going through deep financial crisis for months. Though, management tried their best to revive the financial conditions but failed,” said a former employee of the channel.
Talking to NH, he added, “Contrary to the emerging reports, the truth is that the BTVI management tried their best. They were in talk with a South India based businessman but could not seal the deal due to liabilities and various other factors, following which promoters decided to shut down the operations.”
When asked why was the announcement made on the last day of the month when it was expected, the former employee of the BTVI said, “Perhaps, management did not want to drag it further as it would have only increased the financial burden of the company.”
As per the employee, salary for the month of August has not been credited yet.
“It is expected that management will start process for the final settlement from Tuesday as Mumbai office where HR sits will be closed on Monday due to Ganesh Chaturthi,” added the former employee.
Financial woes of the BTVI can be understood by the fact that a few months back due to non-payment of rent, a floor of the channels’ office in Mumbai was taken away by the owner of the building. “After many rounds of talk, channel was allowed to resume its operation from the building,” said a former employee.
“Over the next few days, we will communicate the future steps towards ensuring a smooth transition of our operations,” reads a message shared by the channel on Twitter.