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"The board and the CEO are in discussion regarding a mutual separation but those discussions are not completed yet," said spokesperson Melinda Connor.
She said no further comment would be made to the media until the matter was concluded.
On Wednesday TV journalist Thinus Ferreira reported that Govender was
facing termination within the company due to mounting pressure from
investors.
Icasa ruling
Last week the Independent Communications Authority of SA (Icasa) ruled that TopTV could not air its controversial, dedicated pornography channel.
The decision followed a lengthy process of public consultation after the pay television network's application to launch three porn channels.
Icasa ruled at the time that it was decided that women's right to dignity outweighed TopTV's right to freedom of expression, and the rights of viewers to receive pornography on television.
Connor said the regulator had committed to giving reasons for its decision within 30 days.
"We are still waiting for Icasa's report back," she said.
TopTV was awarded a pay-TV licence in September 2007 and the licence was issued in July 2008.
According to The Media Online website, TopTV had about 373 000 viewers in December, at a cost of between R99 and R269 per month.
