The last thing Forbes India Editor Indrajit Gupta expected to hear was that he was redundant. But that is what he was told by two people from the editorial and management of the Network18 group on May 27 when they offered him a severance plan which he refused to accept without having a discussion with his lawyers, The Hindu reported. But that request was summarily rejected, and when Mr. Gupta refused to resign, he was dismissed without assigning any reasons.
Mr. Gupta told The Hindu on Saturday that after him, Managing Editor Charles Assisi was forced to quit and the next day two others, Executive Editor Shishir Prasad and Director (Photography) Dinesh Krishnan met with the same fate. Mr. Krishnan and Mr. Prasad were told to sign letters absolving the company of all its dues in the form of Employee Stock Ownership Plan (ESOP) and they would be offered a new value ESOP scheme, the details of which would be made available at a later date. Not willing to accept this opaque arrangement, both Mr. Prasad and Mr. Krishnan were forced to resign.
Read the full report here