New Delhi: Subhash Chandra, who resigned from non-executive director’s position on Zee Entertainment Enterprises board on Tuesday was appointed as chairman emeritus. This is an advisory role and does not carry “any remuneration”. Worth mentioning here is that following changes in promoter holdings, Chandra had relinquished the chairman’s office in last November.

Chandra now holds 5% stake in Zee after he sold 16.5% to a clutch of financial investors. Out of his 5% stake, 21% is pledged, as per shareholding data shared by the company to exchanges. Foreign portfolio investors now hold maximum share in the company. 

FPIs including Invesco Oppenheimer and Government of Singapore now hold 67% in the company. FPIs have appointed 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 nonexecutive 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, his family now occupies only one board position as his 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.