Punit Goenka withdraws consent for reappointment for ZEEL MD in upcoming AGM

Punit Goenka, former Managing Director and CEO of Zee Entertainment Enterprises Ltd (ZEEL), has officially withdrawn his consent for reappointment to the post, according to a recent exchange filing by the company. This decision comes just days after Goenka announced his resignation as Managing Director on November 18, 2024.

Goenka’s withdrawal follows a proposal by the ZEEL board on October 18, 2024, which approved his reappointment for a five-year term starting January 1, 2025, subject to shareholder approval at the upcoming Annual General Meeting (AGM) on November 28. However, in a letter shared with exchanges, ZEEL confirmed that Goenka opted out of the proposed reappointment.

Resignation Amid Revised Performance Targets
The ZEEL board had recently revised Goenka’s performance targets as part of the terms for his reappointment. While no details have been disclosed about his decision to step down and withdraw from the upcoming term, Goenka’s current tenure as Managing Director was set to conclude by the end of December 2024.

Punit Goenka, son of media magnate Subhash Chandra, has been a key figure in Zee Entertainment’s leadership. His decision to step away raises questions about the company’s leadership transition as ZEEL navigates a crucial phase of its business.

The AGM scheduled for November 28 will likely see discussions on the company’s leadership plans moving forward.