Nearly a week after promoters sold 16.5 percent of stake in Zee Enterprises Ltd (ZEEL) to the financial investors, its chairman Subhash Chandra has stepped down from his position with immediate effect.

After promoters sold the stake to financial investors, the ZEEL stake came down to five percent.

“Chandra expressed his intention to resign as chairman with immediate effect given the change in shareholding and the board has accepted his resignation. Chandra had founded the company in 1992,” the media company said in a regulatory filing to the stock exchange.

Accepting his resignation the board said, “this was also in line with Sebi listing regulations that prohibit the chairperson of the board from being related to the managing director or the chief executive officer of the company.”

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