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<ul><li><keyword id="19912128" type="General" weightage="20" keywordseo="chandra" source="keywords">Chandra</keyword> hit upon the idea to launch a TV channel after he saw big hotels showing CNN via satellite dishes during the Gulf War.</li><li><keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> was India’s first private TV channel and had pioneered many superhit TV shows, reality shows and kickstarted the careers of many media barons.</li><li>Chandra entered the infrastructure business and planned a hostile takeover of IVRCL which failed.</li><li>By the mid-2010s, his new ventures had piled up a huge debt which pushed him to sell stake in crown jewel, Zee.</li></ul>Remember Hum Paanch? <keyword id="20328693" type="General" weightage="20" keywordseo="zee-antakshari" source="keywords">Zee Antakshari</keyword>? Phillips Top 10? These shows, now shared around social media by nostalgia lovers, were the first taste of Hindi TV programmes for many millennials. The generation saw the country move away from one or two channels with very limited entertainment programming; with the entry of private companies into satellite programming, forcing Indians to buy TVs that needed remotes. The man who made this revolution possible was Subhash Chandra, a bright young man from Hisar. Born into an Agrawal Bania family, Chandra entered into business early in his life, and in the 70s before TV wasn’t around in India. After his family business fell into debt, he had to abruptly leave college, go back to Haryana and work on repaying debts. He started off running a pulse polishing mill with moderate success, but his fortunes improved as he supplied grains to Food Corporation of India (FCI). By late 80s and early 90s, he was exporting rice and soybeans to Russia, and had also started a packaging company. It was all running smoothly, until one election season he saw that politicians were renting out vans with projectors and screens for their roadshows. He later learnt that Five-Star Hotels owned satellite dishes and were telecasting CNN during the Gulf War. That’s when the idea of broadcasting content with ads in between came to him, he told Outlook Business in <a href="https://www.outlookbusiness.com/specials-34/secret-diary-of-an-entrepreneur_2018/live-in-the-present-dont-recount-and-regret-the-past-4353">Secret Diary of Subhash Chandra</a>. <div type="image" title="hum paanch twitter" msid="107136147" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X) &amp;lt;/p&amp;gt;"></div> The realm of reality TV As he went about it, he was laughed off by DD executives, who coolly told him that they employ hundreds of people and equipment worth thousands of crores. He then intended to lease a transponder in Hong Kong and broadcast from there. STAR’s Li Ka-shing was not so receptive to the idea of broadcasting business in India. After many twists and turns, he rented a transponder; and India’s got its first Hindi channel in the Star bouquet in 1992. Initially there was only three hours of programming, with reruns of old DD serials. But it soon branched<a href="https://www.livemint.com/Opinion/JV7xB6PWkkl5q2Glq8tT8K/The-zee-story-turns-20.html"> out with chat shows </a>like Chakravyuha. Many media barons like Ronnie Screwala who produced the chat show started their careers at Zee. Pritish Nandy also had a show on it called Fiscal Fitness. The hugely popular Aap Ki Adalat, which now airs on India TV, also debuted on Zee. Rajat Sharma, its popular interviewer, also expanded the group’s political vista. The Union Minister Smriti Irani was briefly a stringer for Zee News which was launched later by the group. She, however, also became the star of Star Plus’ super hit TV show Kyunki Saas Bhi Kabhi Bahu Thi in early 2000s. In addition to comedy shows, Zee diversified into drama shows like Neena Gupta starring Parampara in addition to <keyword id="20328692" type="General" weightage="20" keywordseo="zee-horror-show" source="keywords">Zee Horror Show</keyword>. Its hugely popular Antakshari show was hosted by stars like Renuka Shahane, Pallavi Joshi and Annu Kapoor. <div type="image" title="annu kapoor" msid="107136187" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X)&amp;lt;/p&amp;gt;"></div> Bags of fan mail In spite of growing success, Chandra had to convince advertisers to shift from print and outdoor ads to TV advertising. He did it by lugging along bags of fan mail sent by viewers of his shows. By the time other players saw how valuable reaching all over India with Hindi shows was, he was miles ahead. He added more channels across movies, music in addition to news, across languages to his bouquet. By the time the world entered the new millennium, he had captured a large chunk of India’s eyeballs, not to mention hearts. The deal with Richard Li, son of Li Ka-shing also included an option to buy 25% stake in the venture within a year. By the time he realised it was good business, the option had long expired. Chandra refused to sell him the stake, took his company public, and the issue was subscribed 60 times over. The goatee-sporting man had become one of India’s first media barons and a billionaire. A failed hostile takeover By 2004, his media conglomerate was running steady, but Chandra, true to himself, was already hunting for the next big bet. The sector he chose was infrastructure. Back then, India was building roads, adding power generation as well as distribution assets, and setting-up ports and airports with a renewed fervour. Many small regional players like GMR and GVK became national companies after they won large-scale airport projects. It seemed like a good business. However, by the time Chandra entered it in 2008, the sector was showing signs of fatigue, due to credit crunch and more. Players were seeing the effects of adding heavy debt onto books. One such company was Hyderabad-based IVRCL which had a good set of projects, sizeable orderbook but was crushing under debt, in 2012. It was borrowing money for working capital purposes, and projects were moving ahead slower. Chandra believed that a hostile takeover of the company would catalyse its infra business which was executing a few highway projects. He went in and acquired a tad over 12% stake in the company when IVRCL too changed track. It stopped bidding for new projects, started monetising its projects and paring down its debt. Eventually Chandra had to sell off his stock at a loss. Takeovers are a high stakes game. Though the financials were never disclosed, the assumption, based on the company’s market cap at that time, he might have spent ₹200 crore on it. On the other hand, its own infrastructure business never scaled up later on, and continued to report deep losses for the next few years. It was a strategy gone wrong, as he later admitted in his open letter. Politics to pledging In 2016, Chandra made his political debut to become a Rajya Sabha MP representing BJP in Haryana. The close contest between him and the Congress candidate R K Anand was also interesting in other ways too. Chandra was declared winner after 14 votes were made invalid as they used the wrong pens. In 2022, Chandra changed his ‘native home <a href="https://www.newslaundry.com/2022/06/08/why-subhash-chandras-rajya-sabha-dreams-are-now-congresss-nightmares">town’ to Rajasthan</a> and filed his nomination as an independent candidate backed by BJP. He however accepted defeat after he fell short of over 40 votes. On the other end, his business was branching out into many businesses, with varying successes, soaking in capital. It entered financial services, acquired Peerless Mutual Fund, investment banking, private equity and much more. It went into education with a chain of K-12 schools, gold refineries in addition to related media businesses like Fun Cinemas and Dish TV. He also had plans for a wellness company. These expansions came at a cost, and a huge debt. The group soon had 87 operating companies which had straddled debt to the tune of ₹17,000 crore, as per estimates. How was so much money raised? The promoters had to pledge their shares in listed entities like Zee Entertainment, Dish TV, Zee Media Corporation, SITI Networks, <keyword id="19960022" type="General" weightage="20" keywordseo="zee-learn" source="keywords">Zee Learn</keyword> and Shirpur Gold refinery. Reports suggest that <a href="https://www.thequint.com/amp/story/news%2Fbusiness%2Fdoes-zee-news-need-a-commercial-bank-subhash-chandra#read-more">anywhere between 60-90% of their </a>shares in these companies were pledged with lenders in the mid-2010s. The chickens however came to roost in 2018 when the<a href="https://economictimes.indiatimes.com/markets/stocks/news/ilfs-crisis-spilling-beyond-finance-chandras-zee-feeling-the-heat/articleshow/67734787.cms?from=mdr"> NBFC IL&amp;FS bankruptcy spooke</a>d the markets, making it tough for him to rollover debt. The loss of crown jewel Soon, the promoters were forced to sell the stake that they had pledged. Zee’s promoter shareholding fell from 42% to a dismal 4% in its crown jewel, Zee Entertainment. In the meanwhile, its flagship Zee’s earnings also started dwindling, worrying analysts and investors; that led the market regulator to look into it. Between 2021 and 2023, its profits slid by 48%. In 2021, for the second time in two years, Chandra admitted to his mistakes that led to default. He announced <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/subhash-chandra-claims-91-debt-with-43-lenders-settled/articleshow/85007881.cms?from=mdr">that he had settled</a> 91% of his debts with 43 lenders. “I have no regrets for parting with a substantial ownership in the business and specially in the jewels of the crown,” he said in an open letter. Apart from the promoter crisis, the businesses were moving at a slow pace too. Satellite pay TV has become less attractive to viewers now used to streaming. Dish TV, owned by his brother, has been losing steam as well. Edtech is facing its own existential crisis. His digital ventures of Zee5 progressed but at a slow rate due to heavy competition. There are no updates on his plans for its metaverse venture, oddly named Maayaverse. On top of it, Zee’s plans to merge with Sony fell through, after two years of negotiations. Sony is also seeking a $90 million termination fee, which Zee intends to contest. That means more legal troubles, barely a year after it settled a dispute with J C Flowers, an asset reconstruction company. Chandra and his son Puneet Goenka are now part of a <a href="https://www.ndtv.com/india-news/sebi-subhash-chandra-punit-goenka-sebis-flowcharts-explain-how-zee-bosses-allegedly-faked-loan-recovery-4119857">probe by market regulator SEBI</a>, to see if money was siphoned off from the listed entities. That would be a tough spot to any businessman, let alone one who is devoid of crown jewels and without a seat in the parliament. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/webstories/subrata-roys-journey-from-lucknows-sahara-shahar-to-londons-grosvenor-house-to-tihar-jail/slidelist/105234003.cms">Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail</a>

From A to Zee: Subhash Chandra’s spectacular rise and fall

<ul><li>Subhash Chandra announced the resignation from his position at a company board meeting organised on November 25. He will continue as non-executive director of the company. </li><li>ZEE was launched back in 1992 by Chandra and he has continued playing a key role in its journey. </li><li>The Board committee also appointed three new independent directors Sunil Sharma, Niharika Vora and Subodh Kumar.</li></ul>Subhash Chandra, the Founder and Chairman of Zee Entertainment Limited, has resigned from his position. The resignation was announced during a company board meeting organised on November 25. The board accepted his resignation but insisted him to continue being the company's non-executive director. Chandra founded the company back in 1992. Chandra’s resignation comes after a few major global investors bought 16.5% stake in Essel Group’s ZEEL. The discussion was taken in order to repay loan obligations to certain lenders of the Group. Earlier this year, Essel Group had also sold 11% in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for ₹4,224 crore. Subhash Chandra’s son, Punit Goenka, will continue being the CEO and MD of ZEEL.

Subhash Chandra quits as Chairman of ZEEL

<ul><li>Subash Chandra has an indelible place in the Indian history as the one who launched the country’ first satellite TV channel ‘Zee TV’ in the year 1992. </li><li>Reaching a top position among the top business tycoons of India was not an easy journey for this motivated entrepreneur. </li><li>Here are a few interesting facts about Subash Chandra that will inspire many. </li></ul>In 1992, Subash Chandra launched the first ever satellite TV in India called Zee TV. On November 25, 2019, the billionaire had to abide by SEBI regulations and relinquish his chairmanship of the company he founded - Zee Entertainment Enterprises after pledging his shares. Nevertheless, he continues to be associated with the company as a non-executive director. Here are a few interesting facts about Subash Chandra. Growing years Chandra was born in Adampur in Haryana and belonged to an Agarwal Bania family. As his family’s debt swelled to Rs 3.5 lakh, they could not support his education. He dropped out of school and took up the family business of trading and working with the Food Corporation of India. In 1992 he started Zee TV, the second private commercial TV channel and in 2003 he started Dish TV, the first ever satellite television provider in the country. His innovation in food grains supplies In 1983, Chandra had an innovative idea to store the food grains held in stock by the Food Corporation of India. Earlier the grains were stored in godowns. Chandra came up with the idea of keeping the grain in open yards and covering them with specially designated plastic sheets. He prepared the ground by convincing the FCI and procured machines from Switzerland to manufacture the special sheets. Since there were no trained engineers to coordinate with the production process, more than 98% of the production went to waste. Eventually he sent engineers to Switzerland and trained them to start the manufacturing process afresh and proved to be successful. Essel World is born Towards the end of 1980s, Chandra visited DisneyLand in the US. Inspired by his learning, he purchased hundreds of acres of land in North Mumbai and created Essel World, which was the first ever amusement park in India in 1989. Though Essel World did not give the expected success, it paved the way for the creation of Zee TV which came to challenge the domination by Doordarshan, the government-owned TV channel. An inspirer Subash Chandra launched a new show in order to motivate the youth and help them face and overcome the difficulties of life. The show was entitled “Dr Subash Chandra Show”. In 2004, Chandra was awarded the Global Indian Entertainment Personality of the Year Award. He won many notable awards like Entrepreneur of the Year Award by Ernst &amp; Young and Business Standard’s Businessman of the year in 1999; Indian News Broadcasting awards in 2010; and more. See Also: <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Interesting Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Interesting facts about Ritesh Agarwal</a>

Subhash Chandra: interesting facts of chairman of the essel group

<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">Zee Entertainment</keyword> has backed out from a $ 1.4 billion licensing agreement with <keyword id="19976118" type="General" weightage="20" keywordseo="disney-star" source="keywords">Disney Star</keyword> for the TV broadcast right for cricket matches.</li><li>This is reportedly a fallout of collapse of its merger deal with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>Sony Corporation had on Monday announced the termination of the $ 10 billion merger.</li></ul> Zee Entertainment has backed out from a $ 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of collapse of its merger deal with Sony, according to industry sources. Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), which has already missed the first instalment of around $ 200 million, will not move ahead, industry sources told PTI. The instalment to be paid to Disney Star was part of the $ 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development. Sony Corporation had on Monday announced the termination of the $ 10 billion merger agreement with ZEEL, while seeking $ 90 million for breach of conditions besides initiating arbitration. As per the merger agreement between ZEEL and Sony, the Japanese entity was supposed to invest $ 1.575 billion in the merged entity and have a majority stake. There were no immediate comments from ZEEL over the development. Three days after Sony called off the deal, ZEEL MD &amp; CEO <keyword id="20130441" type="General" weightage="20" keywordseo="punit-goenka" source="keywords">Punit Goenka</keyword> addressed a townhall meeting of around 3,000 employees across the globe, in which he asked them to move forward and chase new opportunities. "Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year," he said. On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years. Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said. This was done with the in-principle approval from the International Cricket Council (ICC). Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body. As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said. ZEEL on Wednesday approached the National Company Law Tribunal (NCLT) to get Sony to honour a $ 10 billion merger deal. Sony had resisted the demand by Subhash Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger. It has also initiated appropriate legal actions to contest the claims of $ 90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a>

Zee Entertainment backs out from $1.4 bn deal with Disney Star

New Delhi, Nov 25 () Media mogul Subhash Chandra has resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL), with immediate effect.
 While accepting his resignation, the board said this is in line with the Sebi Listing Regulations that prohibit chairperson of the board from being related to the managing director or the chief executive officer of the company, ZEEL said in a regulatory filing on Monday.
 The firm also said its board has been reconstituted and three new independent directors R Gopalan, Surendra Singh and Aparajita Jain have been appointed in lieu of two independent and one nominee directors of Essel Group, promoter of Zee Entertainment.
 The reconstituted board consists of six independent directors and two members from the Essel Group.
 "The reconstitution of the board was to strengthen and induct independent members with varied experiences to build value and provide a strong signal to the existing and new institutional investors who have recently reposed their faith in the intrinsic value of the company, by investing Rs 4,770 crore," ZEEL said in a regulatory filing.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002.
 Chandra will remain the company's non-executive director, which he founded in 1992, it added.
 "The board accepted his resignation and noted that this is in line with the requirements of Regulation 17(IB) of SEBI Listing Regulations, which inter alia mandates that the chairperson of the board shall not be related to the managing director or the chief executive officer of the company," the firm said.
 His resignation comes at a time when debt-ridden Essel Group is looking to further divest promoters' stake in the company to repay the debts.
 Promoter and promoter group shareholding in the company went down to 22.37 per cent in the quarter ended September 30, from 35.79 per cent in the quarter ended June 30.
 The Subhash Chandra-led cash-starved Essel Group on November 20 said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In a related development, ZEEL's board also accepted the resignation of two independent directors Neharika Vohra and Sunil Sharma, with effect from November 24 as part of the process.
 It has also accepted the resignation of its company secretary M Lakshminarayanan and appointed Ashish Agarwal.
 "In view of changes in the promoter shareholding in the company and reconstitution of the board (being intimated separately), M Lakshminarayanan, has resigned as chief compliance officer and company secretary and the key managerial personnel of the company, with effect from the close of business on November 25, 2019," it said.
 Gopalan, 67, is a former bureaucrat and the country's former finance secretary. While Surendra Singh, 63, is a retired police officer and Aparajita Jain, 39, is a contemporary art professional.
 "The board also intends to onboard members who would bring additional skill sets including digital transformation," said ZEEL adding the reconstituted board "conducted their first meeting today, which was chaired by Gopalan".
 ZEEL has reported a revenue of Rs 6,857.86 crore for 2018-19. KRH RKL HRS

Subhash Chandra resigns as chairman of Zee Entertainment Enterprises

<ul><li><keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> did not just launch the first private television channel in India, he also paved the way for the rise of Hindi television content. </li><li>Subhash Chandra was known for his meteoric rise. After all, he added 59 channels in 25 years to shape his ‘jewel in the crown’.Subhash Chandra was known for his meteoric rise. After all, he added 59 channels in 25 years to shape his ‘jewel in the crown’.</li><li>Troubles started when Chandra decided to enter into infra business and took up endless loans</li><li>Subhash Chandra lost half of his wealth in a year </li></ul>Subhash Chandra did not just launch the first private television channel in India, he also paved the way for the rise of Hindi television content. Back then, their competitor Star TV had continued with its strategy to beam American and British television shows, before shifting gears to follow Zee’s path. Till date, Zee is successfully using its legacy content to build its OTT platform. But it will carry on without Chandra who resigned as the chairperson of <keyword id="141413" type="DOMAIN" weightage="20" keywordseo="Zee-Entertainment-Enterprises">Zee Entertainment Enterprises</keyword> (ZEEL) recently. He will continue to be a non-executive director while Punit Goenka his son will continue as the MD and CEO. Subhash Chandra once sat at the helm of India’s only private TV channel but his ambition to aggressively expand into infrastructure and real estate -- changed the course of his fortunes 
	<div type="Slideshow" msid="72251730" hostid="261" title="Subhash Chandra the man who started TV revolution in India now bows out after piling on $1.6 billion debt" firstImageMsid="72251845" slideCount="3"></div>

Subhash Chandra the man who started TV revolution in India now bows out after piling on $1.6 billion debt

<ul><li>Running against a deadline to repay a mammoth debt, Subhash Chandra has put Zee Entertainment Enterprise on the block.</li><li>The cash-strapped group is in conversation with five companies from Japan, US, Europe, and India, Chandra told the Economic Times.</li><li>Suitors are interested in buying a controlling stake in Zee, one of the largest media houses in the country.</li></ul>This may be music to the ears of the Essel Group's lenders. Chairman Subhash Chandra has revealed that five companies ranging from the west coast of the US to Europe, India, and as far east as Japan are in talks to pick up a stake in Zee Entertainment Enterprises. The Chairman of Essel Group <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/objective-is-to-repay-everyones-money-and-that-too-happily-says-essel-group-chairman-subhash-chandra/articleshow/68983331.cms" data-type="tilCustomLink" target="_blank">told the Economic Times</a> that non-binding term sheets will be ready latest by first week of May. "You might get surprised with the names," he added. Subhash Chandra, with a net worth of $2.5 billion as of March 2019 <a href="https://www.forbes.com/profile/subhash-chandra/#371a82d8be6f" data-type="tilCustomLink" target="_blank">according to Forbes</a>, was one of the country's leading industrialists before the sky came crashing down. Some wrong bets, which he was not willing to let go in good time, led to significant pile up in group debt. Now, he has time till September 30 to repay its dues. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 The market was abuzz with rumours that one of the suitors was Sony before it pulled out. Chandra did not confirm or deny the specualtion, and instead said, "I would maintain the same stance. One really can’t say anything at this stage." Zee Entertainment, run by Chandra's sons Punit and Amit, has 76 channels reaching 1.3 billion viewers in 173 countries. Is Chandra willing to give up control of Zee, or will he sell a smaller stake? "It all depends on the respective business preferences of the shortlisted players. It is (more) complicated than it seems and we will collectively arrive at a decision which is best suited for the company and for its stakeholders," Chandra said. NOT JUST ZEE The Essel Group has interests in amusement parks, packaging, infrastructure, a cruise business under the brand Jalesh and lotteries. Stakes in almost all these businesses are on the block. "If you look at the sale of assets of our infra business, I believe it will be completed between July and September. With that ₹15o-160-billion debt of operating companies and ₹3,000 crore of corporate debt will get cleared off. So overall about Rs 200 crore of debt will easily get wiped off. Rest will be taken care of by the stake sale in Zee," Chandra said. SEE ALSO: <a href="https://www.businessinsider.in/zee-group-buys-time-to-sell-assets/articleshow/67826362.cms" data-type="tilCustomLink" target="_blank">Zee group buys time to sell assets</a> <a href="https://www.businessinsider.in/indias-lehman-moment-seems-closer-as-top-mutual-funds-defer-dues/articleshow/68831689.cms" data-type="tilCustomLink" target="_blank">India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors</a>

Zee Entertainment has five companies from Japan, Europe, US, and India vying for a stake: Subhash Chandra

<ul><li><keyword id="2826400" type="COMPANY" weightage="20" keywordseo="The-Essel-Group">The Essel Group</keyword> is planning to sell 16.5% stake in ZEEL.</li><li>The Group seeks to sell up to 16.5% stake in ZEEL to financial investors, in order to repay loan obligations to certain lenders of the Group for whose benefit such shares are currently encumbered .</li><li>The Group seeks to sell 2.3% stake in ZEEL to <keyword id="8354451" type="UNKNOWN" weightage="20" keywordseo="OFI-Global-China-Fund">OFI Global China Fund</keyword>, LLC and/or its affiliates.</li><li>The Group has taken this step to generate adequate liquidity for the repayment process. </li></ul> The Essel Group is planning to sell 16.5% stake in <keyword id="1417408" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Limited">ZEE Entertainment Enterprises Limited</keyword> (ZEEL) to financial investors. The Group seeks to sell up to 16.5% stake in ZEEL to financial investors, in order to repay loan obligations to certain lenders of the Group for whose benefit such shares are currently encumbered (and who have consented to such share sale by the Group). Out of the aforesaid, the Group seeks to sell 2.3% stake in ZEEL to OFI Global China Fund, LLC and/or its affiliates. Pursuant to the aforementioned transactions, the post-transaction overall holdings of the Group in ZEEL will be 5%, out of which encumbered holdings of the Group will reduce to 1.1% of ZEEL. This development reaffirms the Group's positive progress on its overall asset divestment approach, undertaken to generate adequate liquidity for the repayment process. The Group is also working actively on further divestments including its media/ non-media assets and remains confident to complete the same.

The Essel Group to sell 16.5% stake in ZEE Entertainment Enterprises Limited

<ul><li><keyword id="599253" type="PERSON" weightage="20" keywordseo="Punit-Goenka">Punit Goenka</keyword> will be the MD &amp; CEO of ZEEL for the next five years.</li><li>He was appointed CEO in July 2008 and has been MD of the <keyword id="6354777" type="COMPANY" weightage="20" keywordseo="Media">media</keyword> firm since January 1, 2010.</li><li>The statement also said that approval on the <keyword id="388617" type="PERSON" weightage="20" keywordseo="reappointment">reappointment</keyword> will be sought from shareholders subsequently.</li></ul> In a statement to the <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>, the Board of Directors of <keyword id="174248" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Ltd">Zee Entertainment Enterprises Ltd</keyword>. (ZEEL) has decided to reappoint Punit Goenka, in principle as the Managing Director &amp; CEO of the company, for a further period of 5 years upon conclusion of his current term on December 31,2019. The statement further said that shareholder approval would be sought subsequently. Goenka, the elder son of Essel group promoter and Zee chairman <keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> was appointed CEO in July 2008 and has been MD of the media firm since January 1, 2010.

Punit Goenka reappointed as MD and CEO for ZEEL

Mumbai, Mar 16 () The Essel Group on Monday said all the credit facilities availed by the group from the crippled Yes Bank are fully secured and that only the infra arm has taken the debt from the bank.The group in a statement also confirmed the Enforcement Directorate summon for group founder Subhash Chandra on March 18.The statement further claimed that "the Zee group has never made any transactions with Rana Kapoor (Yes Bank co-founder and the past MD who is now in ED custody) or his family or for that matter any private entities controlled by them and that "all credit facilities availed were fully secured".The ED has alleged that many companies including the Essel Group, Anil Ambani Group, HDIL, DHFL, among others have borrowed money from Yes Bank by giving kickbacks to Kapoor."We wish to confirm that the Enforcement Directorate has summoned Subhash Chandra on March 18 to make a statement on the information which is already available with them," the Zee group said in a statement. The statement further said Chandra will certainly be present to make the statement and will be more than happy to extend any support or cooperation requested by the ED. "However, the group wishes to clarify that most of the credit facilities were availed of by its infrastructure business and there is no debt on ZEEL, ZMCL, etc," it said. BEN MKJ

Zee Group says all loan from Yes Bank fully secured as ED summons Subhash Chandra on Mar 18

<ul><li>According to <keyword id="353090" type="COMPANY" weightage="20" keywordseo="Zeel">ZEEL</keyword>'s statement to the BSE, <keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> has tendered his resignation, as the Non-Executive Director of the Company.</li><li>He has been appointed as <keyword id="193135" type="POSITION" weightage="20" keywordseo="chairman-emeritus">Chairman Emeritus</keyword> and 'will continue to guide the Board and Company's Senior Management'.</li><li><keyword id="123778" type="PERSON" weightage="20" keywordseo="R-Gopalan">R Gopalan</keyword> has been appointed as Chairman of the Board.</li></ul>Zee Entertainment Enterprises Limited (ZEEL) has announced the appointment of Subhash Chandra as Chairman Emeritus. It also announced that R Gopalan has been appointed as Chairman of the Board. In its statement to the Bombay Stock Exchange (BSE), ZEEL said, "Shri Subhash Chandra, vide his letter dated August 18, 2020 has tendered his resignation, as the Non-Executive Director of the Company, which was reluctantly accepted by the Board of Directors. In the mentioned letter of resignation, Shri. Chandra expressed a great sense of satisfaction, having witnessed a Company which he founded 27 years ago, emerge into a global media &amp; entertainment powerhouse. He also expressed his passion as an entrepreneur, to consistently work towards creating a better tomorrow and mentioned about his undivided attention needed for the same. " The statement further said that the Board had requested him to act as 'Chairman Emeritus' with effect from August 19, 2020 which was accepted by him. "In this advisory role, his rich experience and farsightedness will help the Company immensely and his services, guidance and mentorship will be availed from time to time. This position will not carry any remuneration. "As Chairman Emeritus, Shri. Chandra will continue to guide the Board and Company's Senior Management," read the statement. R. Gopalan was appointed as an Additional Director in the category of Independent Director on November 25, 2019. Gopalan, who has done Master of Public Administration &amp; Management from Harvard University, MA in Economics from Boston University and Bachelor's in Chemistry from Madras University, has a rich experience in economic and financial administration of the country with long stints in Ministry of Commerce and Finance Ministry, and in Manufacturing and Services Sectors. He has been appointed as the 'Chairman of the Board' with immediate effect, added the statement.

ZEEL appoints Subhash Chandra as Chairman Emeritus, R Gopalan as Chairman of the Board

New Delhi, Nov 25 () The Singapore government and Monetary Authority of Singapore have hiked their total holding in Zee Entertainment Enterprises Ltd (ZEEL) to 8.44 per cent by acquiring shares through secondary market placement, according to a regulatory filing by the company.
 GIC Pvt Ltd on account of Government of Singapore (GOS) and Monetary Authority of Singapore (MAS) acquired a total of 2.85 crore shares, amounting to 2.967 per cent stake in ZEEL on November 21.
 While GOS acquired 1,44,76,963 shares aggregating 1.507 per cent stake, MAS acquired 1,40,23,037 shares accounting for 1.46 per cent shareholding, the filing said.
 Based on the closing price of Rs 345.25 per share on BSE on the day of acquisition, the transaction is valued at over Rs 980 crore.
 Before the acquisition, GOS held 4.28 per cent stake, while MAS' stake stood at 1.193 per cent aggregating to a total of 5.473 per cent, ZEEL added.
 The Subhash Chandra-led cash-starved Essel Group on November 20 said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002. RKL RVK

Singapore govt, monetary authority hike stake in Zee Entertainment

<ul><li><keyword id="4241922" type="PERSON" weightage="20" keywordseo="ALTBalaji">ALTBalaji</keyword>, from the home of Indian television queen Ekta Kapoor, and Zee’s OTT platform <keyword id="6245082" type="UNKNOWN" weightage="20" keywordseo="ZEE5">Zee5</keyword> have announced a content partnership. </li><li>With the partnership, the two platforms will co-create content for users. </li><li>This comes at a time when both Netflix and <keyword id="758541" type="ORGANIZATION" weightage="20" keywordseo="Amazon-Prime">Amazon Prime</keyword> are encouraging more and more Indian content on their platforms.</li></ul>Homegrown <keyword id="5293670" type="UNKNOWN" weightage="20" keywordseo="OTT-platforms">OTT platforms</keyword> ALTBalaji and Zee5 have teamed up to co-create content which will be available for streaming on both platforms. As per the agreement, they will co-create over 60 original Hindi series. ALTBalaji and Zee5 are backed by large media companies – ALTBalaji is the web initiative of soap opera queen Ekta Kapoor’s Balaji Telefilms. And, Zee5 is the OTT platform of Subash Chandra owned Zee Group, which has over 45 channels across languages in India. Both Ekta Kapoor and Subhash Chandra are giants of the television space who lack a similar might in the online streaming space. 
 
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 Content wars Netflix and Amazon Prime Video are producing India content, wooing its audiences with path-breaking content. Some of their series like Sacred Games, Leila, Made in Heaven and 4 More Shots Please enjoy the same popularity as top-rated TV shows in India. Hotstar which leads the race with its sports programming and screening of globally popular shows like Game of Thrones, also recently put out an Indian adaptation of the popular US show The Office. Zee5 and ALTBalaji both have struck a chord with Indian audiences with their Hindi TV series programming. Now, they want to launch Hindi web series together, and catch younger audiences into the net, and move into the sweet spot created by OTT giants. But in a price sensitive market like India, content is not the king. Zee5 comes with a subscription plan of ₹99 a month, whereas ALTBalaji offers subscription at ₹100 for three months. Bringing them both together, will bring in savings and convenience to the audience. OTT giants too have been coming up with schemes that do not cut into the pockets. Amazon Prime offers a monthly plan of ₹129, and recently announced a 50% cashback for those between the age of 18-24. Netflix too, which is the most premium service in the market, announced a ₹199 mobile-only subscription plan. Here is how much top OTT platforms cost: <table style="border-width: initial; border-style: none; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Subscription </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Netflix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Hotstar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">ZEE5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Amazon Prime Video </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Monthly </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹500-₹800 (across plans) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹299 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹99 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹129 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Yearly </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹6,000-₹9,600 (no annual plan discount) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹999 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹999 </td></tr></tbody></table> “Over time, we have seen a steady increase in viewership of regional original content and this partnership will be a great opportunity for our viewers to enjoy the best of both worlds – the one created by ALTBalaji and us. We believe, this will be a game-changer for both – the industry as well as the audiences,” said Tarun Katial, CEO, ZEE5 India.

Indian OTT platforms ALTBalaji and Zee5 team up to take on Hotstar, Netflix and Amazon Prime

New Delhi, Nov 21 () Shares of Zee Entertainment Enterprises on Thursday zoomed over 12 per cent after Essel Group said it is planning to sell 16.5 per cent stake in its flagship firm to meet its loan repayment obligations.
 The scrip jumped 12.40 per cent to close at Rs 345.25 on the BSE. During the day, it zoomed 14.99 per cent to Rs 353.20.
 On the NSE, it climbed 11.72 per cent to close at Rs 343. During the trade it advanced 18.56 per cent to Rs 364.
 In terms of the traded volume, 70.32 lakh shares of the company were traded on the BSE and over 10 crore units on the NSE during the day.
 Subhash Chandra-led cash-starved Essel Group on Wednesday said it is planning to sell a 16.5 per cent stake in its flagship ZEE Entertainment Enterprises to financial creditors to meet its loan repayment obligations.
 "Essel seeks to sell up to 16.5 per cent stake in ZEEL to financial investors to repay loan obligations to certain lenders for whose benefit such shares are currently encumbered and who have consented to such share sale by it," the company said in a statement.
 In September, the group had sold 11 per cent in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore. SUM SHW
SHW

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