Recently media veteran Subhash Chandra has resigned as the chairman of Zee Entertainment Enterprises Limited. At the same time, the company told the stock markets that Chandra's resignation was accepted under SEBI guidelines. Earlier, SEBI had directed that the chairman of the board and the managing director or CEO of the company should not be the same person. Under this, Chandra has resigned as chairman. However, he will remain a non-executive director of the company.
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According to the information received from the sources, let us tell you that the company also talked about the reorganization of the board. The company reported that its board consisted of three independent directors. After this, the number of board members has increased to six, in addition to these two members of Essel Group have also been given place in it. At the same time, in September, the company sold its 11% stake to Invesco-Oppenheimer for Rs 4,224 crore.
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At the same time, a report has revealed that through this a loan of four thousand crores rupees was paid. Significantly, Atlanta based company Invesco has a 7.74% stake in Zee Entertainment since 2002. At the same time, Chandra's resignation has come at a time when he has also disclosed that when the Essel Group, which is struggling with a debt crisis, is trying to sell its stake to get rid of debt.
