US hedge fund urges Subhash Chandra to exit Zee Learn

A US hedge fund Moon Capital Management has asked media mogul Subhash Chandra to sell his shareholding in the Essel group’s education arm, Zee Learn to make room for a change in management, Bloomberg reported on Thursday.

Zee Learn, Zee’s education arm, owns a chain of kindergarten to 12th standard schools in India.

Moon Capital, which has been a Zee Learn shareholder since 2015 and is the largest unaffiliated holder of the company, asked Chandra to give up his holding stake in the company to pave way for a change in management.

Chandra and the group held 57 per cent of the education arm’s shares by the end of December, most of which are pledged, according BSE data.