Last Updated:
Shareholders of Zee Entertainment Enterprises Ltd declines a proposition for the reappointment of Punit Goenka as a supervisor of the firm.
Zee Share Price
Shares of Zee Entertainment on Friday rose 4.83 per ent after its investors declined a proposition for the reappointment of Punit Goenka as a supervisor of the firm. As of 12:09 pm on Friday, ZEEL’s shares were trading at 129.10 each on the BSE, which is 4.83 percent greater than the previous close.
The resolution for the re-appointment of Goenka was beat in the 42nd Annual General Meeting (AGM) of the firm hung on Thursday, according to Zee Entertainment Enterprises Ltd (ZEEL).
The proposition for the reappointment of Goenka as Director, might obtain assistance of just 49.54 percent of the overall variety of ballots cast. While 50.4 percent elected versus the resolution in the AGM.
“Resolution No 3 (Goenka’s reappointment) stopped working to obtain the requisite bulk of ballots as needed under the arrangements of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” ZEEL said.
The Companies Act, 2013, mandates a simple majority of (50 per cent plus one) votes to pass an ordinary resolution at an annual general meeting.
This is a major setback for Goenka who is currently the CEO of the company.
Earlier, several proxy firms had advised the shareholders to vote against Goenka’s re-appointment.
However, the three other resolutions for adopting the financial statement for FY’24, declaring a dividend, and ratification of remuneration to cost auditors were passed.
Earlier this month, Punit Goenka had resigned from the post of managing director of ZEEL. However, he continued as CEO of the media and entertainment major. He had also withdrawn himself from reappointment for the said post in the AGM.
While sharing Goenka’s resignation letter to exchanges last week, Zee Entertainment 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”
On October 18, the board of ZEEL accepted the proposition for Goenka’s reappointment for a five-year term, efficient from January 1, 2025, to December 31, 2029.
The period of Goenka, boy of media baron Subhash Chandra, as Managing Director & & chief executive officer of the firm was mosting likely to more than by the end 2024.
Later in an additional governing declaring, ZEEL educated that it had actually boosted the efficiency targets for Goenka for his re-appointment.
Besides, the board of ZEEL likewise accepted the visit of Saurav Adhikari as added supervisor in the capability of non-executive supervisor, efficient November 29. This visit, suggested by the Nomination & & Remuneration Committee, undergoes investors’ authorization.
