As per the development, Sam Balsara has resigned as a Director of Madison Media Sri Lanka Private Ltd. and the Company’s name has been changed to Midas Media Pvt Ltd.
The directors of Media Factory have announced that they have purchased the majority stake held by Sam and Lara Balsara of Madison World in Madison Media SriLanka Pvt. Ltd and the company will now become a fully owned subsidiary of Media Factory Pvt Ltd. Sam and Lara Balsara have exited the Sri Lanka business.
Both parties have agreed that Midas Media and its Affiliates, Associates and Owners, Media Factory will immediately stop using the Madison name in any manner whatsoever nor claim ownership to the name Madison. Further, Sam and Lara Balsara and Madison in India or Sri Lanka will no longer be liable for any actions or financial liabilities or damages past, present or future of the Company nor will they benefit from any financial assets or accruals to the company of the past, present or future for which they have not been compensated. Sam and Lara Balsara will also not claim any right or ownership to the name Midas Media Pvt Ltd.
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Sam Balsara, Chairman, Madison World, India, said “We entered the Sri Lanka market, 12 years ago with the launch of Airtel in the country. Over the years we have built some great relationships both personally and professionally and I hope to continue those. I wish the current Directors of Media Factory and Midas Media all the very best”.
Kapila Vidanagamage, Director Media Factory, commented “Our relationship was based on mutual trust and respect. We understood the expectations at a very early stage and were able to deliver to the complete satisfaction of our local clients, but more importantly our partners in India. I would like to thank Sam and Lara for their trust and eventual friendship and would like to wish them both the best in all their future endeavors.”