Subhash Chandra quits as Chairman of ZEEL
- Subhash Chandra announced the resignation from his position at a company board meeting organised on November 25. He will continue as non-executive director of the company.
- ZEE was launched back in 1992 by Chandra and he has continued playing a key role in its journey.
- The Board committee also appointed three new independent directors Sunil Sharma, Niharika Vora and Subodh Kumar.
The board accepted his resignation but insisted him to continue being the company's non-executive director. Chandra founded the company back in 1992.
Chandra’s resignation comes after a few major global investors bought 16.5% stake in Essel Group’s ZEEL. The discussion was taken in order to repay loan obligations to certain lenders of the Group. Earlier this year, Essel Group had also sold 11% in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for ₹4,224 crore.
Subhash Chandra’s son, Punit Goenka, will continue being the CEO and MD of ZEEL.