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Zee Group
The shareholders of Zee Entertainment have rejected a proposal for the reappointment of Punit Goenka as director, according to a regulatory filing by the company. The filing by Zee Entertainment Enterprises Ltd (ZEEL) stated that the resolution for the reappointment of Goenka was defeated in the annual general meeting (AGM) of the company. Resolution number three in the AGM, which proposed the reappointment of Goenka as director, was supported by only 49.54 per cent of the total number of votes cast while 50.4 per cent voted against the resolution. "Resolution No. 3 (Goenka's reappointment) failed to get the requisite majority of votes as required under the provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," ZEEL said. This is a major setback for Goenka who is currently the CEO of the company. Several proxy firms had earlier advised the shareholders to vote against resolution number three. However, the three other .
ZEE Entertainment CEO Punit Goenka, who resigned from the post of Managing Director last week, has also withdrawn himself from reappointment for the post in the coming AGM, according to an exchange filing.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. 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 .
Punit Goenka has resigned as the Managing Director of Zee Entertainment and has been appointed as CEO to have his focus entirely on operational responsibilities assigned to him by the board of the company. The board has "accepted the resignation of Punit Goenka as Managing Director of the Company and appointed him as CEO," said Zee Entertainment in a regulatory update. Mukund Galgali, Chief Financial Officer of Zee Entertainment, will assume the role of Deputy Chief Executive Officer of the Company, it added. Goenka's resignation as MD was effective from close of the business hours on November 18, and he was appointed as CEO the same day. The change would be like the existing full-time employment for Goenka, however the variable portion of his salary (40 per cent) will be paid to him only on achievement of certain milestones, subject to a maximum cap as defined by the Board, according to the statement. ZEE said: "With this step, he intends to dedicate his time entirely towards th
Private news broadcaster Zee Media on Friday said its consolidated net loss widened to Rs 49.86 crore for the second quarter ended September 2024. The company had posted a net loss of Rs 30.70 crore during the July-September quarter of the previous fiscal, according to a regulatory filing from Zee Media Corporation Ltd (ZMCL). Its revenue from operations fell 13.78 per cent to Rs 130.70 crore during the quarter under review. It was Rs 151.59 crore in the corresponding period of the previous fiscal. ZMCL's total expenses were Rs 199.65 crore, up 1.64 per cent, in the September quarter. The total income of Zee Media, which includes other income, also declined 13.43 per cent to Rs 133.12 crore. Its advertising revenue slipped 16.3 per cent to Rs 119.22 crore, while subscription revenue rose 26.7 per cent to Rs 11.43 crore in the September quarter. ZMCL is one of the leading news networks in India. Formerly known as Zee News Ltd, it operates about 20 TV news channels. Shares of Zee
Axis Finance, IDBI Bank & IDBI Trusteeship Services have withdrawn their petitions before the appellate tribunal NCLAT filed against the NCLT order approving the merger of Zee Entertainment with Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) allowed the withdrawal of the petitions noting that the NCLT earlier this month had already recalled its earlier order of August 10, 2023, approving the merger of Zee Entertainment with Sony Pictures Networks India. "Learned counsel for the appellants submit that NCLT has already withdrawn the merger scheme. Hence the appellants pray that they may be permitted to withdraw the appeals. Prayer is allowed," said an NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. Earlier this month, the Mumbai bench of the National Company Law Tribunal (NCLT) recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks ...