Zee Entertainment Enhances Performance Targets for MD Punit Goenka
Mumbai: The board of Zee Entertainment Enterprises Ltd (ZEEL) on Friday approved enhanced performance targets for its Managing Director and Chief Executive Officer Punit Goenka, marking another milestone in his re-appointment.
According to a regulatory filing by the company, the board considered and approved higher targets for Goenka's performance, which include:
- Quarterly Consolidated Revenue Outlook for next 4 quarters (commencing Q3FY25)
- Quarterly Consolidated EBITDA Outlook for next 4 quarters (commencing Q3FY25)
- Payout of 25% of consolidated net profits as dividend to the shareholders of the Company.
The board will now track Goenka's performance based on these targets, said a spokesperson for the company.
Earlier on October 18, 2024, the board of ZEEL approved the proposal for Goenka's re-appointment for a five-year term, effective from January 1, 2025, to December 31, 2029. However, his re-appointment would need approval from the shareholders.
The company has also announced the appointment of Saurav Adhikari as an additional director in the category of Non-Executive Director, with effect from November 15, 2024.
ZEEL is scheduled to hold its Annual General Meeting (AGM) on November 28 via video conference, as mandated by relevant circulars issued by the Ministry of Corporate Affairs and SEBI.
The company's September quarter results reported a jump of 70.24% in consolidated net profit to Rs 209.4 crore, but total income declined 18.93% to Rs 2,034.4 crore during the period under review.