Is the media baron Ch. Ramoji Rao in financial difficulties? Has he lost grip over the financial affairs of his group companies, especially on Margadarsi Chit Funds Ltd?

You may not agree with the view but a section of the media says that a disenchanted Ramoji, unable to increase the TRP ratings of his various channels in an increasingly competitive TV channel sector in the state, has put on sale his TV channels except the ETV-2.

Media reports say that Ramoji is negotiating a Rs.2400 Cr deal with the international Sony group to sell his TV channels as he was unable to run them. He seems to have decided that the deal would also bring him out of the financial crisis which was the result of continuous attacks carried out by the Rajahmundry congress MP Mr Undavalli Arunkumar in the recent past.

That the Ramoji group is in financial difficulties is not without reason. On Sunday last, nearly 100 customers of the Margadarsi Chit Funds raided its offices at Anna Nagar in Chennai and alleged that the company has been cheating them without making payments on time. Reports said that the crowd left the offices after the police had intervened and talked to the customers.

In another incident, Ramoji Rao’s lawyer informed a Visakhapatnam court on Tuesday during the hearing of a cheating case against him that the land lease documents of its Visakhapatnam Eenadu offices were pledged to the Saifabad branch of the Union Bank of India in Hyderabad. The incidents make us believe that the media baron is facing an unprecedented funds crunch forcing him to put up his channels for sale. Reports said he wanted to retain with him the ETV-2 channel.

Media circles believe that an announcement on the take over of the Ramoji TV channels by the Sony Group may be made in the next few days.