Mumbai: Subhash Chandra resigned as Chairman of the Zee Entertainment Enterprises’ board with immediate effect. He will continue as non-executive director.
“In light of the changes in shareholding, Mr. Subhash Chandra has expressed his intention to resign as Chairman of the Board with immediate effect. The Board accepted his resignation and noted that this is in line with the requirements of Regulation 17 (lB) of SEBI Listing Regulations, which inter alia mandates that the Chairperson of the Board shall not be related to the Managing Director or the Chief Executive Officer of the Company,” the company said in its filing to stock market.
While Subhash Chandra and Punit Goenka will continue on Zee Board as Essel Group representatives, Zee board has also appointed six independent directors that are subjected to approval of the shareholders.
Last Wednesday, Essel Group, the promoter entity of Zee Entertainment said that it plans to sell 16.5 per cent stake in broadcasting and cable TV operator to financial investors.
