Crest Communications has appointed A K Madhavan as Chief Executive Officer (CEO) for its Indian operations. The decision was taken by the Board of Directors at the Extraordinary General Meeting (EGM) held on March 5. The Bombay Stock Exchange was informed that Madhavan would take charge from April 1, 2004.
Prior to this appointment, Madhavan was the International Business Head for Crest Communications India. In his new role, he will be in charge of the entire Indian operations, which he says now comprises of only animation business for the international markets.
At the EGM, the Board of Directors also approved the issue of 17.79 lakh warrants convertible into equity shares on preferential basis to the promoters. This is equivalent to 10 per cent of the paid up capital of the company. The Board also approved an increase in the limit of investment by FIIs & NRIs upto 74 per cent (including a ceiling of 24 per cent by NRIs) of the equity capital of the company.
The company is primarily into animation software. It specializes in multi format digital production and post-production editing. Its mainline business includes commercial television serials and packaging, ad films, 3D/2D animation and special effects.
Madhavan is currently also gung ho about Crest being associated with ‘Jakers’! The Adventure of Piggley Winks’ which was nominated for two categories at the prestigious ANNIE awards of the US in February 2004 and for one category in the EMMY awards. The company successfully delivered this Sunday prime time animated series comprising 40 half-hour episodes to Mike Young Productions within 10 months. The series is aired on PBS, the largest terrestrial station in the US.