 "Subhash Chandra has resigned from Zee, a company he founded almost 30 years ago. Photo:Bloomberg")
Subhash Chandra-led Essel group firm Zee Learn has drawn the ire of proxy advisory and governance firm Institutional Investor Advisory Services (IIAS) for misgovernance.
“Zee Learn’s board and management have not provided the requisite leadership resulting in poor capital allocation decisions, including a botched-up acquisition. Plagued with high debt and weakening cash flows, the problems are exacerbated by pledged promoter equity,” IIAS said in a note to its clients titled ‘Zee Learn fails its tests’
IIAS has said “investors may need to wrestle the company out of the promoters’ control and influence.”
Shares of Zee Learn have halved in the
