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.

Subhash Chandra, the Founder and Chairman of Zee Entertainment Limited, has resigned from his position. The resignation was announced during a company board meeting organised on November 25.

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.