ZEE Entertainment’s largest investors seek removal of Puneet Goenka and other ind directors from board
Puneet Goenka is the managing director (MD) and chief executive officer (CEO) of ZEE Entertainment Media Company.Author : Divyanshi Soni
In a regulatory filed on Monday (September 13, 2021), the largest shareholders of the ZEE entertainment – Invesco Developing Markets Fund and OFI Global China Fund LLC, which own about 18 percent stake in the company, have asked the media company to remove Punit Goenka, Manish Chokhani and Ashok Kurien as directors of the firm.
The shareholders said, “We understand that the Company is required to seek approval from the Ministry of Information and Broadcasting (MIB) in connection with the appointment of the Proposed Independent Directors. Accordingly, we request that the Company submit an application with the MIS seeking approval for the appointment of the Proposed Independent Directors at the earliest.”
The two funds have sought to appoint six new independent directors, including Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta, the filing read.
In a separate filling, the company informed that Manish Chokhani and Ashok Kurien has submitted a resignation from the position of Non-Executive Non-Independent Directors of the firm before the meeting. The resignation was confirmed by the company, the company stated that Chokhani has resigned due to “changed life circumstances and perspectives post covid", while Kurien left the company because of his “preoccupation."
Now to appoint new independent directors the company needs a nod from the Ministry of Information and Broadcasting (MIB). On it, the company said, “Accordingly, we request the company submit an application with the ministry seeking approval for the appointment of the proposed independent directors at the earliest.”