Punit Goenka withdraws from reappointment for ZEEL MD in upcoming AGM

Earlier, the ZEEL board had enhanced the performance targets for Goenka for his re-appointment, according to a filing by the company

ZEE Entertainment CEO Punit Goenka, who resigned from the post of Managing Director last week, has also withdrawn himself from reappointment for the post in the coming AGM, according to an exchange filing. 

While sharing Goenka's resignation letter to exchanges on Saturday, Zee Entertainment Enterprises Ltd (ZEEL) said he is "withdrawing his consent for his re-appointment as Managing Director of the company as proposed in the Notice of the ensuing Annual General Meeting”. 

Goenka, however, is retaining the post of CEO. 

Earlier on October 18, 2024, the ZEEL board approved the proposal for Goenka's reappointment for a five-year term, effective from January 1, 2025, to December 31, 2029. Goenka's present tenure as Managing Director & CEO of the company was scheduled to finish at the 2024-end. 

Goenka's re-appointment was subject to approval from the shareholders, in the coming AGM, which is scheduled to be held on November 28. However, on November 18 Punit Goenka, son of media baron Subhash Chandra, resigned as the Managing Director of Zee Entertainment. 

ZEEL last week informed exchanges that its board accepted the resignation of Punit Goenka as Managing Director of the company and appointed him as CEO. 

"With this step, he intends to dedicate his time entirely towards the future of the Company by enhancing its performance and profitability levels in line with the direction given by the Board/Nomination and Remuneration Committee in its meeting dated 15th November 2024," ZEEL said.