Punit Goenka's Reappointment as Director Rejected by Shareholders
Punit Goenka's attempt to retain a leadership role at Zee Entertainment Enterprises faced a setback when 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 in November, attended the AGM and addressed shareholders. However, 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. He had resigned from the MD role 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.
Despite the rejection of his reappointment as Director, the company approved a dividend of Re 1 per equity share for the financial year ended March 31, 2024 at the AGM.