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ZEEL

Zee Entertainment shareholders voted against Punit Goenka's reappointment as director. Photo courtesy: Businessworld.in via Wikimedia Commons

Zee Entertainment shareholders vote against reappointing Punit Goenka as director

India Blooms News Service | @indiablooms | Nov 29, 2024, at 08:42 pm

#ZeeEntertainment #ZEEL #ZEE #PunitGoenka

Mumbai/IBNS: Zee Entertainment's shareholders have voted against the reappointment of Punit Goenka as a director, according to a company filing.

In a regulatory update, Zee Entertainment Enterprises Ltd (ZEEL) confirmed that the resolution to reappoint Goenka was rejected during the company’s annual general meeting (AGM).

The third resolution, which proposed Goenka's reappointment, garnered only 49.54 percent of the total votes in favor, while 50.4 percent voted against it.

ZEEL noted that the resolution did not receive the necessary majority as required under the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This setback is significant for Goenka, who serves as the CEO of ZEEL. Prior to the AGM, several proxy advisory firms had recommended shareholders vote against the proposal.

On the other hand, three other resolutions—concerning the approval of ZEEL's FY'24 financial statements, the declaration of dividends, and the ratification of remuneration to cost auditors—were approved.

ZEEL confirmed that "all resolutions, except for the third resolution," passed with the required majority.

As per the Companies Act, 2013, an ordinary resolution requires more than 50 percent of the votes to pass at an AGM.

Earlier this month, Goenka resigned as the managing director of ZEEL but remained in his role as CEO.

He also withdrew his candidacy for reappointment to the managing director position at the AGM.

Zee Entertainment communicated Goenka's resignation to the stock exchanges, stating that he was "withdrawing his consent for his re-appointment as managing director of the company," as initially proposed in the AGM notice.

On October 18, ZEEL's board had approved Goenka's reappointment for a five-year term, starting January 1, 2025, and running through December 31, 2029.

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