Zee Entertainment Stakeholders Reject Punit Goenka’s Reappointment, Announces Dividend

Proposal Rejected: Zee Entertainment Enterprises Ltd (ZEEL) announced on 28 November that shareholders rejected the proposal to reappoint Punit Goenka as Director and Chief Executive Officer at its annual general meeting.

The resolution for Goenka’s reappointment as Director was narrowly defeated, with 50.4 per cent voting against and 49.5 per cent in favour, the company disclosed in a regulatory filing.

“Except for Resolution No. 3 (Punit Goenka’s reappointment), all the aforesaid resolutions were passed with the requisite majority. Resolution No. 3 failed to get the requisite majority of votes as required under the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” the company shared in the exchange filing.

Zee Entertainment Announces Dividend

One of the four proposals passed in the annual general meeting of the company included the proposal to issuance a Rs 1 per equity share dividend to its shareholders for the financial year 2024 (FY2024).

The proposal was accepted by the stakeholders with a ‘requisite majority.’

Zee Entertainment Share Performance

Before the AGM, the share of the company ended Rs 1 or 0.81 per cent higher despite a broader market meltdown and would remain under investors’ watch in the last trading session of the week today.

However, the year-to-date performance of the stock has been not so great with nearly 57 per cent decline from the high of Rs 285 per equity share. Currently, the share of the company trades at Rs 123.22 on BSE.