Subhash Chandra on 18th August resigned from the non-executive director’s position of Zee Entertainment Enterprises Ltd. (ZEEL). The board accepted his resignation reluctantly. He was appointed chairman emeritus, a post he accepted the next day. The post does not carry any remuneration but is like a badge of honour for Chandra for his unmatched contributions to a company he founded.
In November 2019, Chandra had relinquished the chairman’s post following changes in promoter holdings. His stake in Zee fell to 5% after he sold 16.5% to a clutch of investors. The latest regulatory filings indicated that 21% of the promoter’s 5% shareholding in Zee is pledged. Foreign investors including Invesco Oppenheimer and the government of Singapore hold the largest block (67%). Zee had appointed R. Gopalan, an independent director of the company, as its chairman.
With Subhash Chandra stepping down from the non-executive director’s position at Zee, the family now has no seats on the board. Elder son Punit Goenka continues to be a director and the CEO in a professional capacity.