Zee Learn appoints Manish Rastogi as CEO with effect from 24 February

According to regulatory filings, Rastogi is a dynamic and accomplished corporate leader with rich experience in managing P&L, strategy and marketing in blue-chip companies across various industries for the last 32 years.

He has led businesses with P&L responsibility in large, professional organizations. In addition, Manish has worked in senior leadership roles with leading companies such as Honda Cars, Bharti Airtel, etc. Tata Motorsand Metro Cash & Carry India.

In his last assignment, he held the position of Chief Executive Officer with Vibgyor Group of Schools.

He holds a PGDM with specialization in Marketing and Finance from the Institute of Management (IIM), Calcutta and a B.Tech degree from the Indian Institute of Technology (IIT), Delhi.

Last week, the board of Zee Learn was freed from suspension by the NCLAT NCLT Mumbai order that allowed private lender Yes Bank’s plea for insolvency resolution to accept the company.

However, on 16 February also Ritesh Handa, Whole Time Director and CEO of Zee Learn, resigned due to personal reasons.

Zee Learn shares closed down 4.81% on BSE. 2.97 each. Zee shares are under pressure after parent company Zee Entertainment entered the insolvency process.

Earlier this week, the NCLT Mumbai bench admitted Zee Entertainment Enterprises, an insolvency petition filed by its financial creditor IndusInd Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC). On Friday, the NCLAT stayed the insolvency proceedings ordered by the bankruptcy court.

Citi Networks (a subsidiary of ZEEL) had taken a loan from IndusInd Bank in which ZEEL stood as guarantor. Since Citi Network was unable to pay, IndusInd Bank invoked the guarantee and made ZEE a party to it. The amount under consideration is Rs 831 million. Apart from IndusInd Bank, ZEE is said to have contingent claims from two more entities which are still in dispute.