New Delhi, Nov. 27 -- With an immediate effect the media baron Subhash Chandra has resigned from the top post of his flagship company Zee Entertainment Enterprises Ltd (ZEEL).

The move comes in line with the requirements of Regulation 17 (lB) of SEBI Listing Regulations prohibiting Chairperson of the board from being related to the Managing Director or the Chief Executive Officer of the company.

The resignation comes as his family saw its stake in ZEE falling to 5 per cent from 41 per cent, a year ago after a series of mistimed and expensive infrastructure bets. Having resigned from the post, Chandra will continue as a Non-Executive Director.

Published by HT Digital Content Services with permission from New Delhi Times....