Last Updated:
Punit Goenka resigned as MD whereas remaining CEO. The firm stated the transfer is aimed toward permitting him to give attention to operational tasks.
Zee Ent Stocks Surge
Shares of Zee Entertainment surged virtually 8 per cent in morning commerce on the BSE on Tuesday, November 19. This comes a day after the corporate knowledgeable the exchanges that Punit Goenka had resigned as Managing Director of the corporate. However, he’ll proceed to function the CEO. Zee Entertainment inventory opened at Rs 118.05 in opposition to its earlier shut of Rs 115.50 and rose as a lot as 7.8 per cent to the extent of Rs 124.50.
“Punit Goenka determined to relinquish his place as Managing Director of the corporate to completely give attention to his operational tasks assigned to him by the board. The board of administrators of the corporate accepted the resignation of Punit Goenka as Managing Director of the corporate and appointed him as CEO,” the corporate stated in an change submitting on Monday, November 18.
Additionally, the corporate knowledgeable that Mukund Galgali, Chief Financial Officer, may even assume the function of its Deputy Chief Executive Officer. The change will come into impact from November 18, 2024.
“In order to make sure we preserve a pointy give attention to attaining our focused aspirations, the core companies require devoted time and vitality, which may solely be achieved in an operational capability. In the long-term curiosity of the corporate and all its stakeholders, I’ve approached the board with a request to achieve operational focus because the Chief Executive Officer. I’m grateful to the board for recognising my efforts and supporting me on this strategy,” Punit Goenka stated.
Goenka’s resolution to step down as Managing Director comes simply 10 days earlier than the shareholders’ assembly, the place he was set to hunt approval for one more five-year time period as the corporate’s MD and CEO.
The forty second Annual General Meeting of the corporate is scheduled to be held on Thursday, November 28.
While Goenka has given up his MD place, shareholders will resolve on the AGM if he continues on the corporate’s board as a director. To be reappointed, Goenka will want greater than 50 per cent of shareholder votes in his favour.
On October 18, ZEEL declared its September quarter consequence, reporting a leap of 70.24 per cent in its consolidated web revenue to Rs 209.4 crore.
Disclaimer:Disclaimer: The views and funding ideas by specialists on this News18.com report are their very own and never these of the web site or its administration. Users are suggested to test with licensed specialists earlier than taking any funding choices.
