Two ZEE Entertainment directors resign over management decisions

Our Bureau Mumbai | Updated on November 28, 2019 Published on November 28, 2019

Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday disclosed that two of its directors had quit over decisions taken by the management.

Subodh Kumar (non-independent director) and Neharika Vohra (independent director) had quit earlier this week. According to filings by ZEEL with the stock exchanges, the reasons cited by the two former directors include concerns over film advances given in 2018-19 to the tune of ₹2,200 crore and appropriation of ₹200 crore by a scheduled bank from the company’s fixed deposits towards promotor loans for which the management had not taken legal action.

Other reasons include alleged laxity in spending for CSR (the amounts were given to a related party foundation/trust), non-implementation of a certain decision of the board meeting held on October 17, relating to treasury operations, no action on large outstanding from Dish TV and siticable for the content supplied by ZEEL.

“The board of directors has noted that all of the issues raised by the resigning directors have been duly discussed, deliberated and acted upon from time to time in the previous committee or board meetings in which the said directors were also present,” ZEEL said in a statement.

Another director Sunil Sharma (independent director), in his resignation letter dated November 24, informed that subsequent to sale of shares by the promoter group and reconstitution of the board, he had tendered his resignation.

Published on November 28, 2019
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