Zee Entertainment Enterprises Limited (ZEEL) announced on November 28 that shareholders have rejected the proposal to reappoint Punit Goenka, the company’s Managing Director and CEO, as a Director on its board during the Annual General Meeting (AGM).
Key Highlights:
- Vote Outcome: The proposal to reappoint Goenka as a Director was defeated with 50.4% votes against and 49.5% votes in favor.
- Regulatory Compliance: The resolution did not secure the requisite majority as mandated under the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Official Statement:
The company, in its exchange filing, stated, “Resolution No. 3, pertaining to the reappointment of Punit Goenka as a Director, failed to get the requisite majority of votes as per applicable laws.”
Background:
Punit Goenka, a key figure in ZEEL’s leadership for several years, has been facing shareholder scrutiny amid regulatory probes and corporate governance concerns. This rejection is seen as a significant development in the company’s governance, signaling heightened accountability demanded by shareholders.
