New Delhi: In a dramatic turn of events, Zee Entertainment Enterprises Ltd (ZEEL) shareholders voted against the reappointment of Punit Goenka as director during the company’s annual general meeting (AGM) held on Tuesday. This decision marks a significant setback for Goenka, who currently serves as the company’s CEO.
The resolution for Goenka’s reappointment as director received support from only 49.54% of the votes cast, falling short of the required majority. 50.4% of shareholders voted against the resolution, effectively ending Goenka’s tenure as director.
This outcome follows recommendations from several proxy advisory firms urging shareholders to oppose Goenka’s reappointment. While the specific reasons behind the shareholder dissent remain unclear, it signals a potential shift in the company’s leadership and strategic direction.
Despite this setback, ZEEL confirmed that all other resolutions presented at the AGM, including the adoption of the financial statement for FY24, declaration of a dividend, and ratification of remuneration to cost auditors, were passed with the required majority.
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Earlier this month, Goenka resigned from his position as managing director of ZEEL but retained his role as CEO. He had also withdrawn his consent for reappointment as managing director at the AGM.
This development comes as ZEEL undergoes a significant transformation, including a proposed merger with Sony Pictures Networks India. The merger, which is currently awaiting regulatory approvals, is expected to create a media and entertainment powerhouse in India.
The removal of Goenka as director adds another layer of complexity to this ongoing transition. The company has not yet announced a successor, leaving the future leadership of ZEEL uncertain.
