Media entrepreneur Subhash Chandra has resigned from his post as the chairperson of Zee Entertainment Enterprises Limited, the company said in a regulatory filing on Monday. The company said Chandra expressed his desire to resign following changes in the pattern of shareholding in the company.
The firm also said that regulations of the Securities and Exchange Board of India mandate that the chairperson of the board should not be related to the managing director or the chief executive officer of the company.
However, Chandra will remain a non-executive director.
On November 20, Chandra had announced his intention to sell 16.5% of his shares to repay loans of the company. The company said in a statement that a portion, around 2.3%, of this sale might go to OFI Global China Fund. OFI Global China Fund is a private investment vehicle of the United States-based Invesco Oppenheimer Developing Markets Fund, according to Mint.
On Monday, Zee said that its Chief Compliance Officer and Company Secretary M Lakshminarayanan has also resigned. Ashish Agarwal will be the new company secretary.
The company also told the stock exchanges that it has reconstituted the board of directors, and appointed three new independent directors – R Gopalan, Surendra Singh and Aparajita Jain.