Punit Goenka Withdraws From ZEEL MD ReAppointment: AGM Update

In a shocking turn of events, Punit Goenka has withdrawn his consent to reappointment as Managing Director of ZEE Entertainment Enterprises Ltd (ZEEL), ahead of the company's upcoming Annual General Meeting (AGM).

As revealed by an exchange filing on Saturday, Goenka, who recently resigned from the post of Managing Director last week, has stepped down again from being considered for reappointment.

According to the filing, Goenka has decided to withdraw his consent "for his re-appointment as Managing Director of the company as proposed in the Notice of the ensuing Annual General Meeting".

In October, ZEEL's board had approved a proposal for Goenka's reappointment for a five-year term, but the move was now facing uncertainty due to his sudden withdrawal.

Earlier this month, on October 18, 2024, the ZEEL board had set enhanced performance targets for Goenka in case he was reinstated as Managing Director and CEO of the company. However, it appears that these plans are no longer on the table.

The AGM, which is scheduled to take place on November 28, will now face a new challenge with Goenka's withdrawal from reappointment for the post of Managing Director.

As news emerges, investors and stakeholders are keeping a close eye on developments in ZEEL, one of India's leading entertainment television networks.