According to TV Formula, the Public Registry is delaying the registration of personnel changes made within the company’s executive team.

As Formula reports, the company submitted an application to the Public Registry on June 1, 2025, requesting the registration of changes to the director and supervisory board. In accordance with the Registry’s request, the registration process was temporarily suspended. On June 10, the company submitted all the additionally requested documentation. The decision was supposed to be reflected on the next working day; however, despite the legally defined deadline having passed, the National Agency of Public Registry has yet to complete the process.

Formula states that this delay is hindering the organization’s operations.

According to the TV company, on May 14, 2025, Formula’s general assembly approved the dismissal of Zurab Gumbaridze from the position of director and appointed Mikheil Mshvildadze—who owns a 38.25% stake in the company—as the new director. The former director, Zurab Gumbaridze, was elected as chairman of Formula’s supervisory board. The company is now awaiting the Public Registry’s registration of these changes.