Zee Entertainment Approaches Majority Vote Share for Reappointment of Punit Goenka as Director

New Delhi, November 29 (Alayaran.com) - The shareholders of Zee Entertainment have dealt a significant blow to the reappointment proposal of Punit Goenka, the media baron's son and current CEO, by rejecting it at their 42nd Annual General Meeting (AGM).

Out of the total shares presented for voting, only 49.54 per cent supported the proposal for Goenka's reappointment as director, while 50.4 per cent voted against it, according to a regulatory filing from Zee Entertainment Enterprises Ltd (ZEEL), parent company.

This means that Goenka failed to secure the required majority of votes by at least one shareholder. Under the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, such resolutions need a simple majority of 50 per cent plus one votes to be approved.

The rejection comes as a surprise twist after several proxy firms had urged shareholders to vote against Goenka's reappointment earlier in the day. However, it marks another setback for Goenka following his earlier resignation as Managing Director of ZEEL, despite continuing as its CEO.

In August, the Board of Directors at ZEEL had approved a proposal for Punit Goenka's reappointment for a five-year term from January 1, 2025, to December 31, 2029. However, it appears that this move was not in line with shareholder expectations.

Besides Goenka's rejection, the board also cleared three other resolutions - the adoption of the financial statement for FY24, declaration of dividends, and ratification of remuneration to cost auditors.

Zee Entertainment's shares have surged 4.38% as of morning trading, reaching Rs 128.55 on BSE.