Zee’s shareholders reject proposal to reappoint Punit Goenka

29 Nov 2024 , 01:47 PM

Zee Entertainment Enterprises Ltd shares rose 7% in trading on November 29, a day after the business announced that its shareholders refuted a request to reappoint CEO Punit Goenka as the company’s Director at its AGM.

According to the market filing, up to 50.45% of shareholders voted against Goenka’s reappointment as Director, while 49.54% voted in favour. 

As a result, the regulatory filing noted that the resolution proposing Goenka’s re-appointment became infructuous after he resigned as MD and withdrew his agreement to be reappointed to the job.

The Zee AGM took place more than a week after Goenka stepped down as MD of Zee while remaining CEO. According to a press release issued by the corporation on November 18, he also agreed to continue on the board as a director. Zee further stated that with this action the company was just allowing Goenka to focus only on the operational responsibilities allocated by the board.

The development comes at a time when Goenka, whose family owns approximately 4% of ZEEL and still retains management control, has faced investor scrutiny on multiple fronts, including the failed $10 billion merger with Sony, which would have established ZEEL as part of one of India’s largest media conglomerates.

At around 1.38 PM, Zee Entertainment was trading 4.54% higher at ₹128.70, against the previous close of ₹123.11 on NSE. The counter touched an intraday high of ₹127.50.

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