Subhash Chandra, the founder of India’s first satellite television company, Zee has resigned and stepped down as the Chairman of Zee Board with immediate effect as his stake in the company came down to a mere 5%.
Crux of the Matter
Subhash Chandra will continue as a non-executive director Zee Board as Essel Group representative.
Zee board has appointed six independent directors which will have to be approved by the shareholders.
The Chandra family’s stake in ZEE has fallen down to 5% from 41% a year ago.
The reason for the sharp decline is mostly because of a series of inappropriate and expensive infrastructure bets which were borrowed heavily from mutual funds and non-bank firms to fund road and renewable energy projects.
To meet its loan repayment obligations Essel Group on 20 November had said that it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors.
The group has sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for ₹4,224 crores in the month of September.
Curiopedia
Essel Group is an Indian conglomerate company presently headed by Dr Subhash Chandra, based in Mumbai, Maharashtra, and established in 1926. Essel Group has its diverse business presence in sectors of Media, Entertainment, Packaging, Infrastructure, Education, Precious metals, Finance and Technology. Currently, the Zee TV network, consisting of 90 channels that reach 1.3 Billion people over 174 countries. More Info
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