Zee CEO Punit Goenka lost his seat on the company’s board after failing to secure the majority of shareholder votes needed to retain his directorship. Goenka, who had served as a board member for 19 years, received only 49.5% of the votes, falling short of the required majority. According to regulatory filings, 50.5% of shareholders who voted opposed his reappointment. The voting process, which included both postal ballots and electronic voting, concluded on November 28, covering 40% of Zee’s shares.
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The result was significantly influenced by non-public institutions, with 88.4% voting against Goenka’s reappointment, despite support from promoters and 52.4% of public institutions. Goenka and his family hold a 4% stake in Zee. Although he recently stepped down as managing director, he had hoped to continue as CEO, with his board position subject to shareholder approval at the annual general meeting on November 28. Over the past year, Zee’s stock value has dropped by 50%, with a 55% decline year-to-date.
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