Two directors quit Zee citing mismanagement

Mumbai: Two directors Subodh Kumar and Neharika Vora have resigned from Zee's Board, citing laxity in spending of CSR amounts, non implementation of certain decisions of the Board's earlier meetings among others, hinting at mismanagement in the company.

Apart from Kumar and Vora, Zee informed the exchanges on Wednesday that Sunil Sharma (Independent Director) has resigned subsequent to the sale of shares by the promoter group, and reconstitution of the Board.

The two directors had broached concerns like: "Non implementation of certain decisions of the Board meeting held on October 17, 2019 relating to treasury operations and no action on large outstanding from Dish TV and Siti cable for the content supplied by ZEEL".

On the CSR fund issue, the company said that the CSR funds have been allocated in compliance with the law (and this has been certified by the chairman of the CSR committee) and necessary certification obtained.

"A scheduled bank had appropriated Rs 200 crore of the company's fixed deposits towards promoter loans and the management did not take legal action," the directors said.

To which the company said that the issues pertaining to the wrongful revocation of the bank guarantee stand resolved with the company having being secured by the promoter companies and appropriate legal notices were sent to the bank at the relevant time.

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