Zee board approves organisational restructuring
MD & CEO Punit Goenka will assume direct charge of the critical business verticals including the domestic broadcast business.
MD & CEO Punit Goenka will assume direct charge of the critical business verticals including the domestic broadcast business.
The proposed structure is aimed towards arriving at a cost-effective operational model, says ZEE.
A board-appointed committee advises that the identified business verticals will need to substantially reduce losses and enhance their performance levels.
The three-member committee will be headed by former Allahabad High Court judge Dr Satish Chandra and will have Uttam Prakash Agarwal and P V R Murthy as the independent directors.
ZEE says it has been in the process of providing all the comments, information or explanations requested by SEBI
Both companies have reportedly engaged in talks in Mumbai in their last-ditch efforts to save $10 billion
The concerted moves of Zee Business' guest experts made in tandem with dishonest traders indicate that the entire operation was being run like a sustained and premeditated racket.
Chandra family owns 3.99% stake in ZEE while domestic institutions and foreign institutional investors own 43.59% and 28.19% stake, respectively.
ZEE says it has also started "appropriate legal action" to contest Sony, BEPL’s claims in arbitration proceedings before SIAC
As the Sony-Zee deal turns sour, competition will likely intensify in the sector, with reported merger of Reliance and Disney Star, say analysts