Indian news group Zee Media said on Wednesday (July 22, 2020) that Punit Goenka, chairman and managing director of Zee Entertainment, had resigned as a non-executive, non-independent director of its board.
Goenka resigned on account of “preoccupation”, Zee Media said in a statement to exchanges. The resignation will come into effect by the end of business hours on July 22, 2020.
Goenka has resigned as non-executive, non-independent director of Zee Media Corporation Ltd, reported Live Mint.
Zee Media is a network of news channels owned by Subhash Chandra’s Essel Group comprising 10 channels across six languages, besides digital properties such as DNA and Zee News.
“This is to inform that Mr. Punit Goenka, non-executive, non-independent director, has tendered his resignation from the directorship of the company with effect from the close of business hours on July 22, 2020,” the company said in a filing to the National Stock Exchange on Wednesday (July 22, 2020).
Goenka continues to be invested in Zee Entertainment Enterprises Ltd (ZEEL), where he serves as MD and CEO. The entity includes general entertainment and movie channels, the company’s movie studio business and its video streaming platform ZEE5.
“Punit stepped down because he is taking a backseat in promoter group companies such as Zee Media, Siti Cables and Dish TV. With ZEEL’s majority ownership now with institutional shareholders, ZEEL’s pressures to keep performing seem to have increased and Punit is focusing on that,” said a person familiar with the development.
“Zee Media still has 36.75% ownership with the promoter group (Subhash Chandra et al). Punit was the only promoter representative on the board. It is not clear yet if someone from the promoter family will replace him. Zee Media’s management continues. Sudhir Chaudhary is CEO of Hindi news, and he will continue in that role,” the person said.
Goenka, the elder son of Essel Group promoter Subhash Chandra, has been involved in managing various verticals of the company.