ZEE shareholders reject Alicia Yi’s re-appointment as an independent director

A proposal to re-appoint Alicia Yi as an independent director on the board of Zee Entertainment Enterprises Ltd (ZEEL) was rejected by the company’s shareholders. Only 42% of people voted in favor of the special resolution to re-appoint Alicia Yi, with 57.97% voting against it. Consequently, she has vacated her position as an independent director with effect from July 13, 2023. Alicia Yi works for Korn Ferry in Singapore as the Vice Chairman, Consumer Market.

Zee has been in the news of late due to an inordinate delay in the merger of ZEEL and Culver Max Entertainment, formerly Sony Pictures Networks India. The merger was announced in 2021 and obtained approval from shareholders, creditors, and the fair trade watchdog CCI.

The National Company Law Tribunal (NCLT), which earlier this week reserved its order on the matter, has not yet given it the go-ahead in full. While market regulator SEBI has restricted the promoter Subhash Chandra and his son Punit Goenka from holding directorships.