After gaining ownership of the channel, Menon sold off ACL'S 50 per cent stake in its cable TV distribution company, Asianet Satellite Communications Ltd (ASCL) to Mumbai-based Raheja group, who had been holding 50 per cent share in the venture through Hathway Investments PvtLtd.

Sashi Kumar, who had conceived, nurtured and established Asianet after his stints as a journalist in both print and visual media, said he was seriously looking at setting up a TV software production company which would be "something more specialised than the existing ones." However, he would not embark on anything that directly competes with Asianet, Sashi Kumar said, while ruling out launching another satellite channel.

"I do not want to go through all the difficulties that I had faced in developing Asianet. Besides, I don't want to limit myself to a region; I would like to do something on a national level," he said.

Though he was at pains to reiterate that he pulled out of Asianet on personal grounds, Sashi Kumar admitted that there was some problems with the Rahejas in running the show.

"There was some misunderstanding between the partners of ASCL. Each of us had five nominees in the board and managing director was our nominee.But there was a perception at some point of time that he was actingmore like their (Rahejas') nominee. So we removed him," he said. The sacking of the managing director without consent of the nominees of Rahejas had resulted in a legal battle between the partners. But with Rahejas' now taking over ASCL, the court case need not be pursued, he said.