Mumbai, Ta. November 25, 2019, Monday
Subhash Chandra has resigned as chairman of Zee Entertainment, which has finally been accepted by the company's board. However, it was clarified that he would remain non-executive of the company.
According to information received on this, Subhash Chandra's resignation has been accepted by the board of Zee Entertainment Enterprises as chairman, Chandra will be the company's non-executive director.
The company said in a regulatory filing to the stock market that with the change in share holding, Subhash Chandra had expressed his desire to resign as chairman with immediate effect.
It is clarified that six independent directors have been appointed by the Zee Board and all appointments will be subject to the approval of shareholders. Subhash Chandra and Punit Goenka Zee will continue on the board as representatives of Essel Group.
The Essel Group, led by Subhash Chandra, said on November 20 that it would be sold to finance lenders to pay its loan obligations by holding 16.5 per cent in its flagship Vibration Zee Entertainment.
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