Subhash Chandra has resigned as Chairman of Zee Entertainment Board. Subhash Chandra’s resignation has been accepted, Will act as a Non-Functional Director. Subhash Chandra decided to resign to abide by the rules. According to Subhash Chandra, the chairman of a company’s board cannot be associated with its MD and CEO. Subhash Chandra and Puneet Goenka will be on the Zee Entertainment Board as representatives of the Essel Group.
ZEE in debt
According to a Bloomberg report, Over 50% of Zee Entertainment’s shares have been mortgaged against of debt. Essel Group has asked borrowers for a more time to repay their debt. Holding shares as mortgage, Subhash Chandra has taken a total debt of Rs 1.9 lakh crore from various companies. Subhash Chandra may need to sell part of his business from his TV network to pay off his debt. It is worth mentioning that the stock price of Zee Network Enterprises Limited has reached the bottom low in the last five years.