Blackburn's owners have insisted that deputy chief executive Paul Hunt has left the club as a cost-cutting measure rather than being sacked over a leaked letter.
Venkateshwar Rao, who also is adamant the club is not for sale despite their relegation from the Barclays Premier League, said the departure had nothing to do with the leaking of Hunt's letter to the owners, written in December, asking them to sack manager Steve Kean and spend more money on new signings.
Rao said: "It is not sacking because of that. Some staff have to go to bring the budget down, it is nothing to do with it [the letter]."
Asked if Indian poultry giants Venky's wanted to keep Blackburn in the long term, Rao told the Times of India: "Yes - it is a company of ours and there is nothing whatsoever in [the speculation]. These allegations are not correct."
The Rovers owner said he expected criticism from fans in the wake of relegation but that they had a right to do so.
"We were relegated so naturally they are going to do that," he said.
"We have to come out of this situation that's the most important thing. The fans have the right to do what they want.
"It's bound to happen when someone loses that somebody criticises. We have to come out of this situation. Nobody is to be blamed."
Venky's have continued to stand by Steve Kean as manager and the Rovers boss has said he does not know what savings he will have to make on the playing staff.