Zee Entertainment Enterprises Ltd (ZEEL) on Friday announced the reappointment of Punit Goenka as Managing Director & Chief Executive Officer for a five-year term. The company’s board approved a proposal for Goenka’s reappointment with effect from January 1, 2025, ZEEL said in a BSE filing.
“Based on the recommendation of the Nomination & Remuneration Committee and subject to approval of members of the company, the board of directors…at its meeting held today, considered and approved the reappointment of Punit Goenka as MD & CEO of the company,” the filing said.
It further said Goenka is not debarred from holding the office of director by virtue of any Sebi order or any other authority.
In June 2023, the Securities and Exchange Board of India (Sebi) had debarred Goenka along with his father and Essel Group Chairman Subhash Chandra from holding key positions in any listed company for allegedly diverting assets of Essel Group companies.
However, this order was subsequently challenged before the Securities Appellate Tribunal, which had on October 30, 2023, set aside the order passed by Sebi.
Goenka also serves as a Board of Director for the Indian Broadcasting & Digital Foundation (IBDF).
After the collapse of the merger proposal with rival Sony, Goenka is working to enhance the performance and profitability of the company.
He has implemented a strategic growth plan that centres around frugality, optimization and a sharp focus on quality content.