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Zee Entertainment
The shareholders of Zee Entertainment have rejected a proposal for the reappointment of Punit Goenka as director, according to a regulatory filing by the company. The filing by Zee Entertainment Enterprises Ltd (ZEEL) stated that the resolution for the reappointment of Goenka was defeated in the annual general meeting (AGM) of the company. Resolution number three in the AGM, which proposed the reappointment of Goenka as director, was supported by only 49.54 per cent of the total number of votes cast while 50.4 per cent voted against the resolution. "Resolution No. 3 (Goenka's reappointment) 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," ZEEL said. This is a major setback for Goenka who is currently the CEO of the company. Several proxy firms had earlier advised the shareholders to vote against resolution number three. However, the three other .
Zee Entertainment and its subsidiary Margo Networks have lost their claims in the arbitration against Navratna PSU RailTel Corporation of India. An arbitration tribunal -- formed over the dispute over the termination of the contract for content-on-demand (COD) by the PSU -- rejected the claim of Margo Networks. "This is to inform you that the Arbitral Tribunal vide its Arbitral Award has rejected the said claims filed by the Company and Margo against Railtel," according to a regulatory filing from Zee Entertainment. Zee Entertainment Enterprises Ltd (ZEEL) and its subsidiary had initiated arbitration proceedings, opposing "wrongful termination of the Content on Demand Agreement" by Railtel, and claimed the amounts wrongfully forfeited by the public sector undertaking. Further, the Arbitral Tribunal has also rejected the counterclaims made by Railtel, it added. "The company is evaluating the option of filing an application/appeal before the appropriate Court for setting aside of th
Punit Goenka has resigned as the Managing Director of Zee Entertainment and has been appointed as CEO to have his focus entirely on operational responsibilities assigned to him by the board of the company. The board has "accepted the resignation of Punit Goenka as Managing Director of the Company and appointed him as CEO," said Zee Entertainment in a regulatory update. Mukund Galgali, Chief Financial Officer of Zee Entertainment, will assume the role of Deputy Chief Executive Officer of the Company, it added. Goenka's resignation as MD was effective from close of the business hours on November 18, and he was appointed as CEO the same day. The change would be like the existing full-time employment for Goenka, however the variable portion of his salary (40 per cent) will be paid to him only on achievement of certain milestones, subject to a maximum cap as defined by the Board, according to the statement. ZEE said: "With this step, he intends to dedicate his time entirely towards th
The board of Zee Entertainment Enterprises Ltd (ZEEL) has enhanced the performance targets for its MD and CEO Punit Goenka for his re-appointment, according to a regulatory filing by the company. In its meeting held on Friday, the board of ZEEL "considered and approved higher targets to evaluate the performance of Punit Goenka which includes Quarterly Consolidated Revenue Outlook for next 4 quarters (commencing Q3FY25), Quarterly Consolidated EBITDA Outlook for next 4 quarters (commencing Q3FY25) and payout of 25% of consolidated net profits as dividend to the shareholders of the Company." Now the board will track the performance of Punit Goenka based on the above-mentioned targets, it said. Earlier on October 18, 2024, the board of ZEEL approved the proposal for Goenka's re-appointment for a five-year term, which will be effective from January 1, 2025, to December 31, 2029. However, Goenka's re-appointment would be subject to approval from the shareholders, it added. Moreover, th
Zee Entertainment Enterprises, co-producer of Kangana Ranaut's Emergency' film, on Friday told the Bombay High Court it has agreed to the cuts suggested by the censor board. Senior counsel Sharan Jagtiani, who represented Zee, said the necessary cuts would be made and the film would be submitted to the Central Board of Film Certification (CBFC) for issuance of its certificate. Senior counsel Abhinav Chandrachud, appearing for the CBFC, said once the film is submitted after the cuts, the same would be verified and a certificate would be issued in two weeks. A division bench of Justices B P Colabawalla and Firdosh Pooniwalla accepted the statements and disposed of the petition filed by Zee Entertainment. The court said it would pass a detailed order later. We have worked it out, Jagtiani told the court. The movie, initially slated for a September 6 release, has been embroiled in a battle with the censor board for non-issuance of the CBFC certificate. Last week, the CBFC told HC th
Zee Entertainment Enterprises, a co-producer of Kangana Ranaut's "Emergency" film, on Thursday told the Bombay High Court it was working out with the Censor Board issues over issuance of certificate for the movie. The movie, which was initially slated for a September 6 release, has been embroiled in a battle with the Central Board of Film Certification (CBFC), popularly known as the censor board for non-issuance of certificate for release of the movie. Last week, the CBFC told the high court that the movie could be released if certain cuts were made as decided by the board's revising committee. On Thursday, senior counsel Sharan Jagtiani told a division bench of Justices B P Colabawalla and Firdosh Pooniwalla the issues are being worked out. "I believe it is working out between the CBFC and respondent 2 (Ranaut's Manikarnika Films, co-producer)," Jagtiani said. The bench posted the matter for hearing on Friday. Earlier this week, the bench was informed by the censor board that ..