Zee jumps ~3% as Puneet Goenka withdraws consent to be MD

25 Nov 2024 , 11:55 AM

Zee Entertainment Enterprises (Zee) said that its CEO, Punit Goenka, who resigned as managing director (MD) last week, has withdrawn his approval for re-appointment as MD, which was earlier suggested for approval at the AGM on November 28.

This follows the company’s earlier statement on November 18, when Goenka announced his decision to stand down as MD.

In his letter to the board dated November 18, Goenka wrote, I hereby tender my resignation from the office of MD of the company with immediate effect in order to fully focus on my operational responsibilities.

As a result, I withdraw my approval to be re-appointed as an MD-Key Managerial Person of the firm, as stated in the notice of the company’s upcoming AGM on November 28, 2024,” the letter stated.

Goenka announced his decision to stand down as MD in order to focus solely on his role as CEO. He will continue on the board as a director pending shareholder approval, and the board has approved his desire to prioritise Zee’s operational development plan.

Prior to this transition, Mukund Galgali, the chief financial officer (CFO), was elevated to deputy CEO while maintaining his CFO position. This change, which takes effect immediately, is consistent with Zee’s goal of streamlining leadership and focusing on core business.

At around 10.24 AM, Zee Entertainment was trading 2.40% higher at ₹119.98, against the previous close of ₹117.17 on NSE. The counter touched an intraday high and low of ₹120.96, and ₹118.78, respectively.

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