Zee Media Corporation on Tuesday said its Managing Director Ashok Venkatramani has resigned from the company to pursue interest outside the firm. His resignation will be effective from July 9, 2019.
"Ashok Venkatramani has decided to pursue interest outside the company and has accordingly resigned as Managing Director of the company with effect from close of business on July 9, 2019," Zee Media Corporation said in a filing to the Bombay Stock Exchange.
Venkatramani, B. Tech from Bombay University, and Management Graduate from IIM Ahmedabad and Harvard Business School, has over three decades of experience in sales and marketing, including as VP & Business Head - Skincare for Unilever in India & CEO of ABP News Network Pvt.
Subhash Chandra-led Zee Media Corporation is one of the leading news networks of India, with 10 news channels across 6 languages with a viewership of 19 crore people.
In a separate development, the Essel Group company said the rating agency CARE has revised the credit ratings of its bank facilities, citing weakening of capital structure and liquidity position of the firmat the consolidated level, especially after factoring the Corporate Guarantee extended to Diligent Media Corporation Ltd.
CARE has revised the credit ratings of long term bank facilities term loan (worth Rs 113.20 crore) to 'CARE BBB' from from 'CARE A' with stable outlook. Short term bank facilities bank guarantee has been revised to 'CARE A3+' from 'CARE A1'.
Weighed down by the development, shares of the company closed trade at Rs 12.35, down 3.52 per cent, on the Bombay Stock Exchange.
Edited by Chitranjan Kumar