Proxy firms against Goenka's reappointment as Zee chief

Failure to conclude Sony merger, fall in profits, governance issues among reasons cited

- Nehal Chaliawala & Varun Sood

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.

Goenka attributed his decision to a need for dedicating time and energy to his role as Zee's CEO. The company's board backed his decision.

"In the long-term interest of the Company and all its stakeholders, I have approached the Board with a request to attain operational focus as the chief executive officer," Goenka said in the release.