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Zee Media Settlement With Related Party Passes Despite Institutional Veto

The resolution involved writing off nearly Rs 127 crore from the Subhash Chandra-founded company's books.

Rishabh Bhatnagar

A newsroom at one of Zee Media's tv channels. (Image: Zee Media website)

The resolution to approve Zee Media Corp.'s settlement with Diligent Media Corp., that involved writing off nearly Rs 127 crore from the Subhash Chandra-founded company, passed despite opposition from institutional investors.

Zee Media is among India's largest news networks with 14 news channels. It was founded by Subhash Chandra. Other companies in Chandra's Essel Group have also been facing institutional shareholder unrest.

Earlier in the year, Zee Entertainment Enterprises Ltd.'s largest shareholder, Invesco Developing Markets Fund, sought to change the company's board composition and oust Chief Executive Offer Punit Goenka. Goenka is Chandra's son. The matter is now being litigated in court.

At Dish TV Ltd., Chandra's brother Jawahar Goel is the promoter. Yes Bank Ltd., the company's largest shareholder, has sought a reconstitution of the board. That matter too has ended up in court.

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Rishabh Bhatnagar
Rishabh writes on technology, startups, AI, and key economic ministries in ... more
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