Zee shareholders vote against reappointing Punit Goenka as director

Punit Goenka, CEO of Zee Entertainment Enterprise (ZEEL), did not secure the necessary shareholder approval to continue as a director on the company’s board. The proposal was rejected during a shareholder vote on Thursday.

Despite this development, Goenka will remain in his position as chief executive officer (CEO) of Zee Entertainment. The proposal to reappoint Punit Goenka as director at Zee Entertainment was narrowly rejected, with 50.4% of shareholders voting against it and 49.5% in favour, the company said in an exchange filing.

With this development, Punit Goenka’s longstanding tenure on the board of Zee Entertainment Enterprises, which began in January 2005, has come to an end. This development marks a significant milestone for Zee, as it is the first time since the company’s inception in 1992 by Subhash Chandra that none of his family members are represented on the boards of any of Zee’s four listed entities.

On October 18, the board of Zee Entertainment Enterprises had endorsed Punit Goenka’s reappointment as a director. However, just a month later, Goenka resigned as managing director, stating his preference to focus solely on his role as CEO. He offered to remain as CEO, a position the board is permitted to fill without shareholder approval. It is important to note that while the board can appoint the CEO, reappointments to the board require shareholder approval.