Punit Goenka loses Zee board seat after 19 years

Zee CEO Punit Goenka has lost his board seat after he failed to obtain majority shareholder votes to retain his directorship at the media company his father established in 1992. His 19-year tenure as a board member ended when he received 49.5% of shareholder votes, falling short of the required majority. According to regulatory filings, 50.5% of Zee shareholders who cast their votes opposed his reappointment. The voting process, which combined postal ballots and electronic voting, concluded on Nov 28, covering 40% of Zee shares.

Non-public institutions significantly impacted the outcome, with 88.4% voting against his reappointment, despite support from promoters and 52.4% of public institutions. Goenka and his family maintain a 4% stake in Zee. Although he recently stepped down as MD, he had intended to continue as CEO, with his board position dependent on shareholder approval at the company’s annual general meeting on Nov 28. Zee’s stock value has decreased by 50% over the past year and 55% year-to-date. MSN