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Zee Telefilms plans to recast its board

13-April-2001
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Zee Telefilms plans to recast its board

Zee plans to recast its board and bring in an eminent professional to address concerns on corporate governance. The newly-constituted board would create the framework for instituting best practices corporate governance including, but not limited to, areas such as investment and portfolio direction, independent audit board committees, etc.

Claims and counter-claims continued to be exchanged for the third consecutive day on the controversial issue of the acquisition of shares in B4U and AB Corp by Subhash Chandra-controlled Essel Group companies.

Interestingly, Zee continues to insist that the Essel group has in fact picked up a 15 percent stake in B4U and 28.6 percent in the Amitabh Bachchan promoted AB Corp. In a statement, the company has said it has received feedback from FIIs and minority investors, which were provided to the investment companies.

Zee also claims to have made other investments in media and entertainment firms through the Rs 220 crore raised from Global Trust Bank and internal accruals. Nothing is clear about the nature of stakes in these unnamed companies. A large portion of the Rs 220 crore, however, has gone towards investments in B4U and AB Corp.

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