Chairman of Zee Entertainment Enterprises Limited (ZEEL) Subhash Chandra resigned from his position on Monday, 25 November, news agency ANI reported. According to the report, Chandra would still remain a Non-Executive Director of the company.
According to reports, Chandra’s resignation comes after the entertainment company failed to raise funds despite selling stakes to multiple investors.
This comes few days after Chandra-led Essel group, a promoter of Zee Entertainment Limited said it will sell its 16.5 percent stake in the company to financial investors.
The decision to sell the stake in Zee was its second attempt to raise funds to pay off promoter entity debt.
Earlier this year, Essel Group had sold up to 11 percent in Zee to Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore.
At that, Invesco already owned 7.74 percent stake in Zee Entertainment. These divestments in its flagship company, as well as some infrastructure assets, were prompted by large debt taken by Essel Group entities.
(With ANI inputs)
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