Zee Entertainment shares rally by 8% after shareholders block Punit Goenka's reappointment as Zee Director
According to voting results, 50.45% of shareholders opposed the resolution. This development follows Goenka's recent resignation as managing director and withdrawal of consent for reappointment, initially slated for the AGM on November 28. Despite these changes, Goenka remains the CEO, a position he will hold for a five-year term until 2029.
In another key decision, the Zee board approved the appointment of Saurav Adhikari as additional director in the capacity of non-executive director, effective November 29. This appointment, recommended by the Nomination & Remuneration Committee, is subject to member approval.
During the AGM, Goenka shared his vision for ZEEL's future, focusing on improving short-term performance while ensuring long-term sustainability. He reaffirmed the company's dual objectives of generating attractive returns for shareholders and sustaining profitability with healthy margins. He attributed ZEEL's operational strategy to three pillars: frugality, optimisation and quality content.
Acknowledging challenges such as a subdued advertising environment, Goenka highlighted declining ad spend in sectors like FMCG, gaming and direct-to-consumer brands. However, he noted that the introduction of New Tariff Order (NTO) 3.0, enabling inflation-linked subscription price adjustments, had mitigated some revenue pressures.
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