Subhash Chandra (File photo)
MUMBAI: Zee Entertainment Enterprises (Zee) has appointed founder Subhash Chandra as chairman emeritus following his resignation from the non-executive director’s position on Tuesday.
An advisory role, the chairman emeritus position does not carry “any remuneration”. Last November, Chandra relinquished the chairman’s office following “changes in promoter holdings”.
Chandra’s stake in Zee fell to 5% after he sold 16.5% to a clutch of financial investors. Latest regulatory filings showed 21% of the promoter’s 5% shareholding in Zee is pledged. Zee, in which foreign portfolio investors including Invesco Oppenheimer and Government of Singapore hold the largest block (67%), named R Gopalan, an independent director of the company since November 2019, as its chairman.
In a regulatory filing, Zee said Chandra tendered his resignation on August 18 as the non-executive director of the company, which the board accepted “reluctantly”.
In recognition of the fact that Chandra founded the company and considering his unmatched contributions, as a mark of respect, the board requested him to act as chairman emeritus with effect from August 19 and the same was accepted by him, the statement added. “In this advisory role, his rich experience and farsightedness will help the company immensely and his services, guidance and mentorship will be availed from time to time”.
With Chandra stepping down from the non-executive director’s position at Zee, the family now has no board seats, although elder son Punit Goenka continues to be a director and CEO in a professional capacity. Typically, promoters’ representation on the board is in accordance with their shareholding.