Zee Entertainment Enterprises' chairman Subhash Chandra quits

New Delhi: Media mogul Subhash Chandra has resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL), with immediate effect. While accepting his resignation, the board said this is in line with the Sebi Listing Regulations that prohibit chairperson of the board from being related to the managing director or the chief executive officer of the company, ZEEL said in a regulatory filing on Monday.

The firm also said its board has been reconstituted and three new independent directors R Gopalan, Surendra Singh and Aparajita Jain have been appointed in lieu of two independent and one nominee directors of Essel Group, promoter of Zee Entertainment.

The reconstituted board consists of six independent directors and two members from the Essel Group.

"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 their faith in the intrinsic value of the company, by investing Rs 4,770 crore," ZEEL said in a regulatory filing.