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Zee shareholders pass all resolutions at AGM: Report

12:07 PM Sep 15, 2021 | FPJ Web Desk

Zee Entertainment Enterprises’ shareholders passed all the resolutions at the 39th annual general meeting (AGM) of the company on September 14, according to news reports. Zee Entertainment's CEO and Managing Director Punit Goenka on September 14 defended the corporate governance track record of the media company at its annual general meeting (AGM), according to Moneycontrol.

This development comes in the backdrop of two investment firms, Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC---the largest shareholder of ZEEL together accounting for 17.88 per cent of the paid-up share capital of ZEEL--having sought the removal of the current Managing Director Punit Goenka from the board of the company.

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The two firms have called an extraordinary general meeting of shareholders seeking to remove Punit Goenka.

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Zee Entertainment Enterprise Ltd (ZEEL) is embarking on a new path under 'ZEE 4.0', through which it aims to enhance profitability and continue to grow ahead of the industry, its Managing Director Punit Goenka said.

The company has a new organisation design and a clear-cut growth strategy, Goenka said at the 39th annual general meeting (AGM) of the company.

"With ZEE 4.0, we are predicting the future by creating it ourselves. Because the future belongs to those who believe in their dreams and dare to take risks," he said.

The remarks come against the backdrop of the company's two largest shareholders -- Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC -- seeking Goenka's removal from the board.

The two investment firms, which together hold 17.88 per cent stake, have called an extraordinary general meeting of shareholders seeking to remove him.

Addressing the shareholders, Goenka said substantial efforts have been taken to transform the organisation into the ZEE 4.0 version across '5Gs' -- governance, granularity, growth, goodwill and gusto.

"This new chapter, titled ZEE 4.0, encompasses a new pattern of thoughts, a new wave of emotions, a new connection with our consumers and partners, and a new strategic vision for growth," he said.

With customer centricity at the fore, ZEEL has broken down the vertical walls to create integrated teams to achieve enhanced levels of synergy and productivity, he said.

"This new structure will also enable us to enhance our content creation capabilities across screens, simultaneously ensuring a seamless delivery and monetisation mechanism," Goenka added.

Terming FY21 as an "unprecedented year" on all counts, he said ZEEL's EBITDA margins declined to 25 per cent due to disruptions.

The company is entering a phase of focused investments in television, digital and movie production businesses, which will help it strengthen its position in each of these verticals.

"Given the impact of the second wave of COVID-19 in the first quarter of FY22, our endeavour is to strike a fine balance between growth and profitability in the fiscal," he noted.

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