Zee Learn, said however, that it is compiling information to verify claims in the said petition, according to a regulatory filing by the company.
Since 2003, Zee Learn has run Asia’s largest pre-school chain Kidzee comprising about 1,900 schools in 750 cities across India and neighbouring countries, as well as the Mount Litera Zee School chain of KG to class XII schools comprising over 120 schools across 110 locations. HDFC and Rattan India Finance hold 4.85% and 6.42% stakes, respectively, in the company.
New York-based hedge fund Moon Capital Management, the single-largest foreign shareholder in Zee Learn with a 6.43% stake, had earlier initiated a move for a new management in the company. The fund had asked promoter Subhash Chandra to step down from Zee Learn in February 2020, citing mounting debt, poor corporate governance, and a lack of a clear growth strategy.
