The following is the resignation letter of Monika Halan, editor of Outlook Money. I am reserving my comments till later, but the cat about awards is out of the bag!
I am deeply upset to tell you that I have resigned. For the last three
years we've been like a close-knit family and to leave like this so
suddenly is not nice I know. But there is an increasing conflict of
interest between edit and management and my work ethics do not allow
me to be a party to this. As always, transparency is the key word and
I want to share why I am taking this step.
1. The OLM Awards are being used to fulfil the advertising goals of
the Group. In fact, we were all part of the meeting where we were told
that the award should have gone to LIC despite it not making the cut
since it is a large company with many readers as policyholders. In a
subsequent mail from the President, I was told that the concern is
that LIC has withdrawn all ads to the Outlook Group. I see it as a
clear conflict of interest between ad and edit, especially since edit
has sincerely worked on the awards in an attempt to make them the most
unbiased awards in the country -- and for which we involved eminent
market professionals like Dr R.H. Patil of CCIL and Ravi Narian of
2. Edit is being blamed for falling circulation. When we were doing
1.5 lakh copies a fortnight there was no sharing of credit with edit
by the management. But in the middle of a global downturn when the
circulation of a market-linked product like OLM slips, edit is being
blamed. I think all of you pull really hard, work sincerely and have
re-created a sinking brand to a world class product that OLM is today.
On behalf of all of you comprising this fantastic team as well as
personally, I do not accept this blame.
3. There is direct management intrusion into edit now. We are being
asked to get our cover stories cleared by the publisher and send our
stock picks to Outlook Profit for clearance. I think this is an insult
to a team that has proved its worth many times over.
I think the Group will be happier with a more pliable editor. I am not
Good luck to you all. And keep in touch -- you guys rock! One last
meeting tomorrow at 11? See you.
Editor, Outlook Money
8th Floor, NAFED House,
New Delhi -110014