MUMBAI, OCT 21: Zee Telefilms managing director Vijay Jindal has ``quit'' from the top post. In a notice to stock exchanges, Zee said its board ``considered and acceded'' to the ``request'' of Vijay Jindal ``to be relieved from the responsibilities of MD''. Consequently, the post of the managing director ceases to exist, Zee said adding, Jindal would continue to be on the board of the company. The board, at its meeting held yesterday, agreed to abolish the post of the managing director and appointed Deepak Shourie, R K Singh and Dev Naganand as whole-time directors, it added. Jindal was earlier shunted to Bangalore as head of Zeenext.com but was bought back to Mumbai after Star TV's Kaun Banega Crorepati took the wind out of Zee's sails. Insiders say in the new set up, Jindal was sidelined and was looking for a dignified way out. Jindal would now be starting a company which would make film and TV software with funding from the Zee group. Subhash Chandra-promoted Essel Group of companies will support Jindal to set up a media investment company with an initial capital of Rs 10 crore. Jindal will own 60 per cent stake in the new company while Zee will hold 40 per cent. Though Jindal will continue to be an `advisor' to the Essel Group of Companies for a period of next three years, analysts say that Chandra has treated him the same way Rupert Murdoch got rid of Star TV's India head Rathikant Basu to an obscure position. Zee has reported a 59.77 per cent rise in its net profit at Rs 32.05 crore for the second quarter ended September 2000 compared to Rs 20.06 crore in the same period of the previous year. Net sales for Q2 stood at Rs 91.06 crore as against Rs 63.60 crore in the corresponding period last year, the company said in a release here today.
