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April 7, 2001
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Money > Business Headlines > Report April 7, 2001 |
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Tele Shopping Network to shut shopNetScribes/Rajiv Banerjee Tele Shopping Network, the telemarketing arm of United Television, is set to shut down its operations across India over the next one month. UTV chief executive officer Ronnie Screwvala announced this to TSN employees on Friday. While TSN employees have confirmed this, Screwvala was unavailable for comment. Lower-than-expected revenues over the last two years and high infrastructure costs seem to be the main factors that prompted this decision. All the 48 employees at TSN's Bombay office are expected to lose their jobs over the next few weeks. They would be paid their salaries and all other dues, including providend fund by the end of the month. The telemarketing arm has been incurring losses during the past six years of its existence. The losses amount to an average of over Rs 20-30 million annually. TSN.com, which was an online shopping portal, has already shut down its operations two months back. The UTV group, comprising six companies, was incorporated in 1990. The six companies include United Studios Ltd, UTV Interactive, United Singapore, United Malaysia, UTV Toons and Vijay TV. |
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