LIC, others oppose Goenka as Zee MD

Norges, the world's largest sovereign wealth fund, which owns 3.96% in Zee, okayed Goenka's reappointment

- Nehal Chaliawala, Ram Sahgal & Varun Sood

Officials of Life Insurance Corp. of India (LIC) informed executives of Zee Entertainment Enterprises Ltd at a shareholder outreach programme that they would not back another five-year term for Punit Goenka as managing director (MD), three people aware of the matter said.

Goenka resigned as MD of Zee on 18 November, a month after its board recommended another five years for him as MD and CEO, and 10 days ahead of an annual shareholders' meet, after which the voting outcome on his candidature would be announced.

The decision followed the view expressed by its largest shareholder, as well as recommendations by two proxy advisors, to reject his continuance at the helm of the media conglomerate.