Zee Entertainment Shareholders Reject Punit Goenka’s Reappointment

Zee Entertainment Enterprises Limited (ZEEL) announced on November 28 that its shareholders rejected the proposal to reappoint Punit Goenka as Director at the company’s Annual General Meeting (AGM).

The proposal was defeated by a narrow margin of 50.4% to 49.5%, according to an exchange filing. ZEEL confirmed that the resolution did not secure the required majority as per the Companies Act, 2013, and Securities and Exchange Board of India (SEBI) regulations. Earlier reports indicated that Goenka might struggle to secure support from institutional shareholders. Proxy advisors InGovern and IiAS had recommended voting against his reappointment, reflecting ongoing investor concerns, including criticism of a failed merger attempt with Sony.