Indian Film Co. CEO resigns

Viacom18 Group's Chawla to take over in interim

NEW DELHI -- The Indian Film Co. announced Monday that its CEO Sandeep Bhargava has resigned and will be relieved of his position with effect from June 30.

TIFC, which recently released U.K. director Gurinder Chadha's “It’s A Wonderful Afterlife,” is the film investment arm of broadcasting group Network18, which also runs equal joint venture Viacom18. Network18 also owns film  distribution subsidiary Studio18.

Until a replacement for Bhargava is announced, Network18 and Viacom18 Group CEO Haresh Chawla will take interim charge of operations.

“Over the last two years Sandeep has made TIFC a successful business venture and we wish him luck in his future endeavors. Soon we will start the next phase of our growth in the films business through TIFC and Studio18 and we shall share the details of that in time to come,” Chawla said in a statement.

TIFC was founded as a specialist film investment company that listed on London's Alternative Investment Market in June 2007, where it raised 55 million pounds ($80.8 million) to fund its portfolio of films. That includes recent arthouse release “Road, Movie,” which was the first Indian film to be picked up for distribution by Hong Kong-based Fortissimo Films.

Meanwhile, Studio18 has also seen a recent management shakeup including the departure in March of one of its founding team members, senior VP, marketing, distribution and syndication, Priti Shahani, who is slated to join Reliance Big Pictures as head of strategy and marketing.
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