When ZTL chairman Subhash Chandra brought in R.K. Singh as chief executive and created a caucus of senior executives like Deepak Shourie, Dev Naganand, Uma Ganesh, everyone said that managing director Vijay Jindal had fallen out of favour with the mediapreneur and his days were numbered with ZTL. However, Jindal stayed put and the wags stopped wagging their tongues.

Today, it become clear that it was only a matter of time. The company sent out a press release saying that "it has now been decided between the Company and Mr.Vijay Jindal that in order to harness his entrepreneurial capabilities the Company will support him to set up his own media investment company."

Jindal is slated to hold 60 per cent of the Rs 100 million equity capital of the new company with 40 per cent being held by ZTL. The press release additionally states that "following this Mr.Vijay Jindal will be relieved from the executive responsibilities of the company and would be Advisor to the promoter shareholder for a period of next three years."

The release quotes Chandra as saying "that the Group encouraged executives to graduate and become entrepreneurs. We are with them in their pursuit to realise their dreams."

The press release quotes Jindal as saying that he was "looking forward to getting into film production and various media related activities which will not be in conflict with the business interest of ZTL."

The decision was taken at the board meeting held yesterday to decide on the company's Q2 results. Following the acceptance of the new order, the board abolised the post of managing director with Deepak Shourie, R.K.Singh and Dev Naganand being appointed as wholetime Directors.