Punit Goenka, the former CEO and managing director of Zee Entertainment Enterprises Ltd (ZEEL), has formally withdrawn his consent to be reappointed following his resignation as managing director of Zee Business.
The ZEEL board proposed Goenka’s reappointment for a five-year term starting January 1, 2025, contingent on shareholder approval at the next Annual General Meeting on November 28. This recommendation was followed by Goenka’s withdrawal on October 18, 2024.
However, according to a letter from Reuters, Goenka turned down the scheduled reappointment, according to ZEEL.
In a letter, Goenka said, “I at this moment tender my resignation from the office of Managing Director of the Company with immediate effect to entirely focus on my operational responsibilities. Accordingly, I withdraw my consent to be re-appointed as a Managing Director Key Managerial Personnel of the Company proposed in the Notice of the ensuing Annual General Meeting of the Company scheduled to be held on November 28, 2024.”
“Further, I am willing to continue as a Chief Executive Officer of the Company if the same can be considered and approved by the Board. I wish to express my gratitude towards the Board of the Company for allowing me to serve as a Managing Director of the Company,” he added.
In addition, as part of the conditions of Goenka’s reappointment, the ZEEL board recently modified his performance goals.
Goenka’s current term as Managing Director was set to conclude at the end of December 2024, but no details regarding his decision to step down and withdraw from the next term have been made public.
The company’s leadership plans for the future are anticipated to be discussed during the AGM on November 28.
Just 4% of Zee, the business founded in 1992 by his father Subhash Chandra, is owned by Goenka and his family. BSE data indicates that Goenka, who was initially appointed to the board on January 1, 2005, will not be able to continue serving if he does not receive the consent of the majority of shareholders.
