Zee Entertainment Shareholders Reject Goenka's Reappointment

Zee Entertainment shareholders have voted against reappointing Punit Goenka as a director, with only 49.54% supporting the move. This comes as a setback for Goenka, who is currently the CEO. Three other resolutions, including financial statements and auditor remuneration, were passed at the AGM.

In a significant vote, shareholders of Zee Entertainment rejected the reappointment of Punit Goenka as a director. Only 49.54% of votes supported the resolution during the company's 42nd Annual General Meeting, failing to achieve the required majority as per the Companies Act, 2013.

This decision marks a setback for Goenka, who presently serves as the CEO of Zee Entertainment. Despite support from the board for a five-year reappointment, proxy advisory firms had advocated against his continuation in the director role.

Meanwhile, other resolutions, including the adoption of FY'24 financial statements and approval of auditor remuneration, passed successfully. The share price of Zee Entertainment showed a positive uptick, trading at Rs 128.55 on BSE, marking an increase of 4.38%.

(With inputs from agencies.)