New Delhi
Zee Entertainment CEO Punit Goenka, who resigned from the post of Managing Director last week, has also recused himself from reappointment to the post in the upcoming Annual General Meeting (AGM). The company gave this information in the information given to the stock market. Zee Entertainment Enterprises Ltd shared Goenka’s resignation letter with the stock exchange, saying he is withdrawing his consent for reappointment as managing director of the company, as proposed in the notice of the upcoming annual general meeting.
Approval was given till 2029
Earlier on October 18, 2024, the board of directors of Zee Entertainment had approved the proposal for reappointment of Goenka for a five-year term with effect from January 1, 2025, to December 31, 2029. Goenka’s current tenure as managing director and CEO of the company was scheduled to end at the end of 2024.
Approval was to be given in the meeting on 28th November
Punit Goenka’s reappointment was subject to shareholders’ approval at the upcoming AGM, which is scheduled to be held on November 28. However, on November 18, Punit Goenka, son of media baron Subhash Chandra, resigned from the post of managing director of Zee Entertainment. Earlier, according to information given by the company, the board of directors of Zee Entertainment had increased the performance targets for Goenka’s reappointment.
SEBI had banned
The Securities and Exchange Board of India (SEBI) had in June 2023 barred Punit Goenka and his father and Essel Group Chairman Subhash Chandra from holding key positions in any listed company over alleged misappropriation of assets of Essel Group companies. . However, this order was later challenged before the Securities Appellate Tribunal, which on October 30, 2023, quashed the order passed by SEBI.