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Punit Goenka resigned as MD while remaining CEO. The company said the move is aimed at allowing him to focus on operational responsibilities.
Zee Ent Stocks Surge
Shares of Zee Entertainment surged almost 8 per cent in morning trade on the BSE on Tuesday, November 19. This comes a day after the company informed the exchanges that Punit Goenka had resigned as Managing Director of the company. However, he will continue to serve as the CEO. Zee Entertainment stock opened at Rs 118.05 against its previous close of Rs 115.50 and rose as much as 7.8 per cent to the level of Rs 124.50.
“Punit Goenka decided to relinquish his position as Managing Director of the company to entirely focus on his operational responsibilities assigned to him by the board. The board of directors of the company accepted the resignation of Punit Goenka as Managing Director of the company and appointed him as CEO,” the company said in an exchange filing on Monday, November 18.
Additionally, the company informed that Mukund Galgali, Chief Financial Officer, will also assume the role of its Deputy Chief Executive Officer. The change will come into effect from November 18, 2024.
“In order to ensure we maintain a sharp focus on achieving our targeted aspirations, the core businesses require dedicated time and energy, which can only be achieved in an operational capacity. In the long-term interest of the company and all its stakeholders, I have approached the board with a request to attain operational focus as the Chief Executive Officer. I am grateful to the board for recognising my efforts and supporting me in this approach,” Punit Goenka said.
Goenka’s decision to step down as Managing Director comes just 10 days before the shareholders’ meeting, where he was set to seek approval for another five-year term as the company’s MD and CEO.
The 42nd Annual General Meeting of the company is scheduled to be held on Thursday, November 28.
While Goenka has given up his MD position, shareholders will decide at the AGM if he continues on the company’s board as a director. To be reappointed, Goenka will need more than 50 per cent of shareholder votes in his favour.
On October 18, ZEEL declared its September quarter result, reporting a jump of 70.24 per cent in its consolidated net profit to Rs 209.4 crore.
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