INSUBCONTINENT EXCLUSIVE:
stepping down as chairman from the Zee Board, appears to have not gone down well with the investors on Tuesday.The shares of Zee tanked nine
per cent to hit an intra-day low of Rs 312.5 apiece on the BSE before recovering slightly to trade at Rs 322.40, down 6 per cent.Subhash
Chandra, who ushered the cable and satellite revolution, announced late Monday that he would step down as Zee's chairman."In light of the
changes in shareholding, Subhash Chandra has expressed his intention to resign as Chairman of the Board with immediate effect," Zee
Entertainment said in a regulatory filing.Chandra, however, will continue to be a non-executive director of the company, it added."The board
accepted his resignation and noted that it is in line with the requirements 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
He will remain as Non-Executive Director of the Company," the regulatory filing said.Punit Goenka, Subhash Chandra's son, is the current
MD and CEO of the company.Last week, major global investors had invested in Chandra-led Essel Group's stake sale of 16.5 per cent in Zee
Entertainment Enterprises, after the promoters of the company decided to sell major portion of its stake.The planned stake sale in ZEEL to
financial investors was conducted in order to repay loan obligations to certain lenders of the group.(This story has not been edited by
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