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World cup rights turn out no sport for Zee; pull down Chandra’s stake to 47.6%
MUMBAI: After its convergence adventure, Zee is cleaning up after its sports quest too. To pay off the dues of Zee and Essel Propack, Subhash Chandra and his family have offloaded around 3 per cent of their holdings in Zee Telefilms Ltd to a set of three Financial Institutional Investors (FIIs) for Rs 1550 million.
Chandra had raised the Rs 1550 million as a loan from Zee Telefilms through a platform he had floated for acquiring sports property rights for launching a sports channel.
Buddha Films, the platform company however lost out in its bidding for cricket world cup rights and lost around Rs 250 million on a Doordarshan marketing deal. Even the bank guarantee of Rs 675 million was encashed in December 2001. Although, these were business losses of Zee, the promoters have taken it on themselves. The sell off is to effect this dues settlement.
The 12,375,000 shares placed with the three FIIs are understood to have fetched a market rate plus price of around Rs 125 a share. Though Chandra has not named any FIIs, one of the three reported to have picked up a stake is the US based Putnam Investments.
With this sale, the personal holdings of Zee promoters have gone below 50 per cent for the first time. Their combined holdings after the sale are 47.6 per cent.
Incidentally, Zee is also writing off its holdings, to the tune of Rs 614.5 million, in its wholly owned subsidiaries Econnect India Ltd (EIL) and Zee Interactive Learning Systems Ltd. (ZILS). This move comes in the wake of a major capital reduction in EIL and ZILS both of which have incurred heavy losses and are admitting a sweeping erosion of their net worth.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
