IiAS and InGovern recommend investors reject Zee CEO Goenka’s candidature

Mumbai and Bengaluru: In a surprise development late on Monday, Punit Goenka announced his decision to step down as the managing director of Zee Entertainment Enterprises Ltd (ZEEL), just days before his reappointment to the position was to be ratified by the company’s shareholders at their annual general meeting (AGM).

A media release from the company said he will continue to serve as the chief executive officer (CEO). He will also continue on Zee’s board, provided his appointment is ratified at the upcoming AGM on 28 November.