However, there was no clarity whether his resignation has been accepted by the information and broadcasting ministry, under which the film society acts as an autonomous body. No immediate reaction was available from the ministry.
"Yes, I have resigned. What I want to do, I am not able to do here. I want to take forward the Children's Film Society and take films to theatres. We have 260 films but they are kept in shelves.
His three-year term was scheduled to end in April.
The actor is known for his portrayal in popular TV serial "Shaktimaan". He made his debut on the small screen as Bhisham Pitamah in B R Chopra's "Mahabharat".
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Khanna said he had joined the society with the aim of producing children's films of such a quality that could be run in theatres.
According to him, the society at present gets Rs 10 crore annually from the ministry.
Khanna said he had made eight films since taking over as the society chairman.
"I think I can do better by being outside rather than getting constrained by rules and regulations," he said.
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