Subhash Chandra steps down as Zee Media chairman

Subhash Chandra has resigned from the post of director and non-executive chairman of Zee Media.

In a filing to the BSE, Zee Media said that its board in a meeting held today "took on record the resignation of Dr. Subhash Chandra as Director & Non-Executive Chairman of the Company with effect from May 24, 2016."

It further said that its board also approved appointment of R K Arora, CEO, as an Additional Director of the company.

"... Based on recommendations of Nomination & Remuneration Committee, approved appointment of R K Arora, CEO as an Additional Director and upon such appointment, his appointment as an Executive Director & CEO of the Company for a period of 3 years with effect from May 24, 2016," said Zee Media.

Zee Media, formerly known as Zee News, is one of the leading news networks of India.

It has news channels which includes Zee News, Zee Business, India 24x7, Zee Punjab Haryana Himachal, Zee Madhya Pradesh Chhattisgarh, Zee 24 Taas, 24 Ghanta, Zee Kalinga News, Zee Purvaiya and Zee Rajasthan News.

Zee Media today posted a consolidated net profit of Rs 18.26 crore for the fourth quarter ended March 31, 2016 on account of reduction in operating expenditure.

The company had reported a net loss of Rs 7.17 crore in the same quarter, last fiscal.

Its net sales during the quarter under review were down 3.32 per cent to Rs 134.16 crore as against Rs 138.78 crore in the same quarter, a year ago, the filing said.