Shareholders Block Goenka's Reappointment

29 Nov 2024 , 12:32 PM

At Zee Entertainment Enterprises Ltd.’s (ZEEL) annual general meeting (AGM) on Thursday, shareholders denied Punit Goenka’s reappointment as a director, causing him to suffer a defeat. The proposal was opposed by 50.45% of shareholders, according to the vote results.

This comes after Goenka recently resigned as managing director and withdrew his consent to be reappointed, which was originally scheduled for the November 28 AGM. Goenka will continue to serve as CEO for a five-year term until 2029 in spite of these changes.

Another significant move was the Zee board’s approval of Saurav Adhikari’s appointment as an additional director, serving as a non-executive director, with effect from 29 November. Member approval is required for this appointment, which was suggested by the Nomination & Remuneration Committee.

Goenka notified the board on November 18 that he would be leaving his position as MD in order to concentrate on his operational duties as CEO. Institutional Investor Advisory Services (IiAS) and InGovern Research Services, two proxy advisory firms, have urged shareholders to vote against Goenka’s reappointment as MD and director.

For feedback and suggestions, write to us at [e-mail]