Punit Goenka’s attempt to retain a leadership role at Zee Entertainment Enterprises faced a setback as shareholders rejected his reappointment as a Director at the company’s 42nd Annual General Meeting on November 28.
Goenka, who stepped down as Managing Director earlier this month, attended the AGM and addressed shareholders. According to an exchange filing, the proposal to reappoint him as a Director narrowly failed, with 49.54% of votes in favor and 50.46% against.
This outcome is significant in light of Goenka’s earlier withdrawal from reappointment as Managing Director, a role he resigned from in November to focus on his position as CEO. His decision to formally decline reappointment as MD was part of a broader restructuring effort aimed at streamlining leadership and enhancing operational focus within the company.
The company also approved a dividend of Re 1 per equity share for the financial year ended March 31, 2024 at the AGM.
