ZEE Board accepts Subhash Chandra’s resignation; Board reconstituted
In light of the changes in shareholding, Subhash Chandra, founder of Zee Entertainment Enterprises Ltd (ZEEL), expressed his intention to resign as Chairman of the company with immediate effect during a meeting of the ZEEL Board held today. The Board accepted his resignation, while applauding his vision for the company and the industry at large.
While Chandra stepped aside from the Chair, he also expressed the desire to step aside as a Board member. However, the entire Board requested him to not only continue as a Board member, but also to be the ‘mentor’ to the executive management and its MD and CEO.
The Board 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. Chandra will remain as Non-Executive Director of the company.
ZEEL also completed the process of reconstitution of the Board and appointed three new independent directors in lieu of two independent and one nominee Director of Essel Group – namely Niharika Vora, Sunil Sharma and Subodh Kumar, respectively.
The reconstituted Board consists of six independent directors and two members from the Essel Group.
The reconstitution of the Board is to strengthen and induct independent members with varied experiences to build value and provide a strong signal to the existing and new institutional investors, who have recently reposed their faith in the intrinsic value of the company by investing Rs 4,770 crore.
Pioneer of India’s private satellite television industry, Chandra had founded ZEEL way back in 1992.