Punit Goenka Quits Zee Media Board, Resigns From Post of Non-Executive-Non-Independent Director
Punit Goenka, Managing Director and Chief Executive Officer of Zee Entertainment Enterprises, on Wednesday resigned as Non-Executive-Non-Independent Director of Zee Media.
New Delhi, July 22: Punit Goenka, Managing Director and Chief Executive Officer of Zee Entertainment Enterprises, on Wednesday resigned as Non-Executive-Non-Independent Director of Zee Media. His resignation will come into effect from the close of business hours on July 22. In his resignation, Punit Goenka cited "preoccupation" as the reason for quitting Zee Media's board. Zee Chief Punit Goenka Hosts Conference Call Post 27 Per Cent Decline in Share Price.
Zee Media Corporation Limited (formerly Zee News Ltd), one of the country's news networks, is a part of the multi-billion dollar Essel Group. Punit's father Subhash Chandra is the promoter of Essel Group. Zee Media has around 14 news channels and some digital properties. In November last year, Subhash Chandra had resigned as the Chairman of Zee Entertainment Enterprises (ZEEL).
Goenka has been MD of Zee Entertainment or ZEEL since January 1, 2010, and was appointed the firm's CEO in July 2008, after then CEO Pradeep Guha stepped down. The resignations came after Essel Group decided to sell 16.5 percent stake in Zee Entertainment Enterprises. Earlier, major global investors had invested in Chandra-led Essel Group's stake sale.
The planned stake sale in ZEEL to financial investors was conducted in order to repay loan obligations to certain lenders of the group. Last year, Essel Group had also sold up to 11 per cent in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore.
(The above story first appeared on LatestLY on Jul 22, 2020 05:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).