Subhash Chandra steps down as Chairman of Zee Entertainment. OYO net loss widens to INR2,385 cr in FY19.
Stepping Down: Media baron Subhash Chandra has stepped down as the Chairman of Zee Entertainment with immediate effect, in light of the recent changes in shareholding and complying with a rule which mandates that Chairman of a company's board cannot be related to its Managing Director (MD) and Chief Executive Officer (CEO). Punit Goenka, the present MD & CEO of Zee Entertainment Enterprises, is the son of Subhash Chandra.
He will however, remain an non-executive director.
Last week, Subhash Chandra-led Essel group had reported that it was planning to sell 16.5% stake in Zee Entertainment to financial investors in order to repay loan obligations to certain lenders of the group, following which Essel Group's stake in Zee Entertainment will be reduced to 5%. Business Today
In Other News: Hospitality platform OYO Hotels and Homes has reported a rise in net loss to INR2,384.69cr for the fiscal ended March 2019 vs INR360.43 in the previous year on the back of increased operating and employee benefit expenses.
Operating expenses jumped more than 390% to INR6,131.66cr, while employee benefit expenses rose nearly six-fold to INR1538.85cr. ToI
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