Adesh Kumar Gupta to quit ZEEL as director
Adesh Kumar Gupta has decided to quit as the non-executive, non-independent director of entertainment giant Zee Entertainment Enterprises Limited (ZEEL) ahead of the company's annual general meeting (AGM) on December 16.
In a stock market filing, the company said it had received a letter from Gupta informing it of his intention not to continue as a director of the company after the AGM.
ZEEL added that Gupta will cease to be a member of the Audit Committee and the chairman of the Risk Management Committee and Stakeholders Relationship Committee of the board after the AGM.
Gupta was appointed as a non-executive director at the AGM held in 2022 and is liable to retire by rotation.
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«I have communicated from time to time that owing to personal reasons and commitment, I regret that I will not be able to continue as the director of the company after the ensuing Annual general Meeting (AGM),» Gupta said in a letter to the ZEEL board.
ZEEL's FY23 annual report states that one of the ordinary businesses that will be transacted at the AGM is to appoint a director in place of Gupta, who retires by rotation and, being eligible, offers himself for re-appointment.
«Accordingly, I withdraw my re-appointment as director of the company at the AGM,» Gupta said, adding, «I wish a great success to the company and hope the pending merger with Sony will be completed at earliest.
I thank the board for continuous support during my tenure as director.»
Incidentally, Gupta was also part of the Special Merger Implementation Committee, which also includes Punit Goenka, Managing Director & CEO; Mukund Galgali, Chief Commercial & Strategic Initiatives; and Vikas Somani, Head — M&A and Business Development.
This committee was formed to
