Media and leisure firm Zee Entertainment Enterprises Ltd (ZEEL) has appointed Subhash Chandra as chairman emeritus, following his resignation as non-executive director after 27 years of founding the firm.
His appointment shall be effective from Wednesday. This could perchance mean that Chandra who became previously chairman would now continue to be linked to the enterprise in an honorary model.
ZEEL has also appointed R Gopalan, extinct financial companies secretary, because the unusual chairman. Gopalan has been serving as extra director (honest) at Zee since November 2019.
“In recognition of the truth that Chandra founded the firm and brooding about his unmatched contributions, as a mark of respect, the Board requested him to act as ‘Chairman Emeritus’ with quit from August 19, 2020 and the identical became well-liked by him. This space will no longer carry any remuneration. As Chairman Emeritus, Shri. Chandra will continue to recordsdata the Board and the Company’s Senior Administration,” ZEE talked about in a submitting to the Bombay Stock Alternate on Tuesday.
The media firm on Tuesday posted a consolidated earn profit of Rs 29 crore for the quarter ended June, down 95 p.c from Rs 530 crore in Q1 FY20.
In regulatory filings, Zee talked about its total profits in the April to June quarter dipped by 36 p.c to Rs 1,338 crore from Rs 2,112 crore in the identical length a yr up to now. Commercial revenues dropped by 64 p.c to Rs 421 crore from Rs 1,187 crore.
Zee talked about there has been a stable enhance in viewership shares across the network put up COVID-19 lockdown and the broadcaster enjoys 19.2 p.c all-India leisure allotment over the closing four weeks.
Its home subscription revenues grew by 6.2 p.c on a better unpleasant, essentially led by Zee5 subscription earnings.
Basically based mostly mostly on authorities directives, COVID-19 lockdown restrictions hold started to take a seat down down encourage, enabling declare material manufacturing to originate. Right here is anticipated to consequence in an lengthen in enterprise narrate for the neighborhood, the firm talked about.
The neighborhood has also taken diverse steps geared in opposition to augmenting liquidity, conserving money alongside side diverse ticket-saving initiatives and sale of non-core and quite plenty of sources.
With inputs from ANI