Punit Goenka withdraws consent for re-appointment as MD of ZEEL

In his resignation letter to the Board of Directors of Zee Entertainment Enterprises Ltd (ZEEL), Punit Goenka stated that he was withdrawing his consent for his re-appointment as Managing Director of the company, as proposed in the Notice of the ensuing Annual General Meeting of the company scheduled to be held on November 28, 2024.

In his letter, Goenka stated that he was tending his resignation as MD in order to entirely focus on his operational responsibilities. He further expressed his willingness to continue as a Chief Executive Officer of the company if the same can be considered and approved by the ZEEL Board.

Goenka wrote, “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.”

Also read:

Punit Goenka to step down as ZEEL MD; Mukund Galgali elevated as Deputy CEO

ZEE Board sets higher targets to evaluate performance of Punit Goenka

The development comes close on the heels of the ZEEL Board informing the bourses that based on the recommendation of the Nomination & Remuneration Committee, it has considered and approved higher targets to evaluate the performance of Goenka.

The Board stated that it would track the performance of Goenka basis the following targets:

• Quarterly Consolidated Revenue Outlook for the next 4 quarters (commencing Q3 FY2025)
• Quarterly Consolidated EBITDA Outlook for the next 4 quarters (commencing Q3 FY2025)
• Payout of 25% of consolidated net profits as dividend to the shareholders of the Company.

In a BSE filing in October 2024, ZEEL had informed that Punit Goenka had been appointed as Managing Director and CEO for a five-year term, starting January 1, 2025, and ending December 31, 2029.

Also Read: Punit Goenka to step down as ZEEL MD; Mukund Galgali elevated as Deputy CEO