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Perturbed by recent market upheaval, ZMCL Non-Exec Dir Vishwapati Trivedi quits

Just 3 days after being appointed a Non-Executive Independent Director on the Zee Media Corporation Board on January 24, 2019, Vishwapati Trivedi, IAS (Retd.), has tendered his resignation. 

In a note informing the Bombay Stock Exchange and National Stock Exchange of this development, Zee Media stated that, “The recent developments at Essel/ Zee Group, especially the big upheaval in the market and unprecedented fall in the share value coupled with media reports and Mr Subhash Chandra’s open letter (of which he was not aware before appointment), had left him perturbed and amazed and considering that he will not be able to contribute in such turbulent times, he would like to resign as Director of the Company with effect from January 27, 2019.” 

After joining the IAS in 1977, Trivedi served in the Government for over 4 decades. During his Government Service, he had handled various finance and industry related assignments. He was Director in the Department of Company Affairs, then at International Monetary Fund (IMF), Washington D.C., USA. Later worked as Managing Director of Madhya Pradesh Financial Corporation, Joint Secretary - Department of Industrial Policy and Promotion, Chairman & Managing Director - Indian Airlines Ltd. and Joint CMD Air India. Trivedi held the position of Secretary to the Government of India in the Ministry of Shipping and the Ministry of Mines. He was also Chairman of the Inland Waterways Authority of India. After retirement he was appointed, Chairman of National Shipping Board, a Statutory Maritime Advisory body. 

In another senior level exit, Rajiv Singh has put in his papers as Chief Operating Officer of Zee Media. He will continue in this post till February 28, 2019. He also resigned as a Board member, which will come into effect from close of business on January 31, 2019. 

Meanwhile, at a meeting of the Board of Directors of Zee Media on January 24, 2019, Punit Goenka was appointed as an Additional Director in the category of Non-Executive Non-Independent Director with effect from January 24. As Managing Director & Chief Executive Officer of Zee Entertainment Enterprises Limited, Punit Goenka has been successful in enhancing the company’s performance and in driving the company towards its set goals. Goenka is also responsible for expanding the company’s international presence across 173 countries, and its reach to over 1.3 billion viewers.

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