In a significant development, Zee Entertainment Enterprises Ltd. (ZEEL) shareholders have rejected the resolution to reappoint Punit Goenka as a director on the company’s board. The proposal, which was one of the key agenda items at the company’s Annual General Meeting (AGM) held recently, failed to secure the requisite majority votes as mandated under the Companies Act, 2013, and SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
While the resolutions to adopt the audited standalone and consolidated financial statements, declare a dividend of ₹1 per equity share for FY23-24, and ratify the remuneration of cost auditors were passed with a majority, the resolution concerning Goenka’s reappointment faced resistance. Goenka, who has played a pivotal role in the company’s growth, was up for reappointment as he was retiring by rotation.
