The Board of ZEE Entertainment Enterprises Ltd ., during the meeting held today, completed the process of reconstitution of the board and appointed three new independent directors in lieu of two independent and one nominee Director of Essel Group, namely Mrs. Niharika Vora, Mr. Sunil Sharma and Mr. Subodh Kumar, respectively.
The founder of ZEE and the pioneer of India’s private satellite televisidn industry, Shri. Subhash Chandra, during the meeting, expressed his intent to step aside as the Chairman of the Company, which he founded way back in 1992.
The Board accepted his resignation with regret and applauded his vision for the Company and the industry at large. While Shri. Chandra stepped aside from the Chair, he also expressed the desire to step aside as a board member.
However, the entire board requested him to not only continue as a board member but also to be the ‘mentor’ to the executive management and its MD & CEO.
The reconstitution of the board was to strengthen and induct independent members with varied experiences to build value and provide a strong signal to the existing and new institutional investors who have recently reposed theirfaith in the intrinsic value of the Company, by investing Rs. 4770 Crore.
The reconstituted board consists of six independent directors and two members from the Essel Group.