https://variety.com/2018/biz/asia/tv18-viacom18-india-contol-1202683872/
https://www.indiaforums.com/forum/bepannaah/5048121/raj-nayak-steps-down-as-coo-of-vivacom-18?pn=3
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Since May 2017 Raj Nayak is NO longer Colors CEO, neither is he Progamming / Content head of Colors channel. Raj Nayak was promoted as group COO of entire Viacom 18 group in May 2017 which thus elevated him into a higher role. 
Seems there was a press release on 11th Sep 2018, that Viacom 18 group went thru a massive rejig in 2018 and Raj was then assigned to some other group revenue head role away from COO role. It reminds Big boss 12 was launched after this group rejig along with sudden decision of time slot change to 9pm. (all earlier promotions said 10.30 pm week days
) Now as per current media reports, Raj was unhappy with group portfolio rejig that happened in Sep 2018, and that could be one reason behind his quitting. 
https://www.livemint.com/Consumer/7TD0jNfOTiYMTy9fbeaGCM/Viacom18-restructures-management-team.html
Read above article. It clearly says since Sep 2018, Manisha Sharma & Nina Elavia Jaipuria are heading Content & Business of Colors channel and COO is Ajith. Based on my observation most of these sudden experiments with time slots, new soap launches, scrapping old soaps, sudden content changes in existing soaps etc. have started going on a jet speed in Colors since Sep 2018.
So we can't conclude firmly whether its Raj or this new team that has been causing huge disruption in Colors channel last few months
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Manisha and this Jaipuria female are personally responsible for the downfall of colors. Their leader is none other than Sudanshu Vats, the CEO of the entire GRP. As long as Raj Uncle was BB was manageable, their daily content relatable. Manisha destroyed everything in 2018, I think she was given some sort of warning. 2019, they are keeping their shows on air and two of them are getting goof trps along with BB
Pls be assured as long as Ambanis hand is over rangu no one will touch it with a bare bole, unless he decides to shut it down.