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New Delhi, Sept. 26: Zee groups Subhash Chandra today joined the board of directors of United News of India with three associates.
But the board did not appear to ratify an earlier decision to transfer unissued UNI shares that his group wanted to acquire. That would have given it a huge majority stake in the company.
It was not immediately made known how much of the news agencys stake the Essel Group — Zees parent company — now holds.
Although the reconstituted board promised that UNIs basic character would remain unchanged, the employees union today continued to oppose the development. The employees joint action committee refused a management offer for talks and held a protest meeting. It said it would intensify the agitation.
Last evening, information and broadcasting minister Priya Ranjan Das Munshi had urged board chairman Manoj Sonthalia and Chandra to defer the meeting so that the employees concerns could be addressed. But the annual general meeting and the board meeting went ahead as scheduled.
A press release from Sonthalia said almost all shareholders — who include ABP — were present at the AGM. Also listed among the participants was Mediavest India Private Limited, through which Chandras Essel Group bought a stake in the company.
The board of directors now has four additions — Chandra and his associates Jawahar Goel, P.C. Lahiri and C.S. Vishwanathan.
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