Shareholders of Zee Leisure Enterprises Ltd (ZEEL) have blocked Punit Goenka’s reappointment as a director of the corporate on the firm’s annual normal assembly (AGM).
On the EGM on Thursday, as many as 50.45 per cent shareholders had been towards Goenka being reappointed as Director, whereas 49.54 per cent of shareholders voted in favour, in line with the alternate submitting. “Decision No. 3 (re-appointment of Goenka as Director) didn’t get requisite majority of votes as required beneath the provisions of the Firms Act, 2013 and SEBI (Itemizing Obligations and Disclosure Necessities) Rules, 2015,” the agency stated within the alternate submitting.
The promoters — Punit Goenka and Subhash Chandra household — maintain solely 3.99 per cent stake within the firm.
ZEEL shares had been buying and selling larger by 4.10 per cent at Rs 128.20 on the exchanges at 10.45 am IST on Friday. Mutual funds maintain 12.39 per cent and international establishments 18.52 per cent stake within the firm.
Nonetheless, Goenka will proceed as CEO of the corporate.
On November 18, Punit Goenka, son of media baron Subash Chandra, resigned because the Managing Director of Zee Leisure. ZEEL had then knowledgeable exchanges that its board accepted the resignation of Goenka as MD of the corporate and appointed him as CEO.
“With this step, he intends to dedicate his time solely in direction of the way forward for the corporate by enhancing its efficiency and profitability ranges consistent with the path given by the Board/ Nomination and Remuneration Committee in its assembly dated November 15, 2024,” ZEEL had stated.
Goenka additionally withdrew himself from reappointment for the submit of MD within the AGM, in line with an alternate submitting. Whereas sharing Goenka’s resignation letter to exchanges, ZEEL stated he’s “withdrawing his consent for his re-appointment as Managing Director of the corporate as proposed within the discover of the following annual normal assembly”.
Earlier, in August 2024, greater than seven months after Sony Footage known as off the $10 billion merger cope with ZEEL on account of ZEEL’s purported delay in finishing merger formalities, each events introduced a settlement to conclude all of the dispute.
Each side arrived at a complete non-cash settlement, amicably resolving all disputes associated to the Merger Co-operation Settlement and the Composite Scheme of Association.
