After stake sale, Subhash Chandra quits as Zee Entertainment chairman

Chandra will be non-executive director and 'mentor' to management

Subhash Chandra, who ushered in the cable and satellite revolution in India with Zee TV, has stepped down as chairman of the board at the company he founded three decades ago. The decision was taken following a board meet on Monday.

Chandra, who will turn 69 years old on Saturday, becomes non-executive director with immediate effect.

Zee has also reconstituted its board, appointing three new independent directors — former IAS officer R Gopalan, retired IPS officer Surendra Singh, and art collector Aparajita Jain. The reconstituted board consists of six independent directors and two members from Essel Group.

Company sources said Chandra’s decision was