Zee Board sets higher targets for MD and CEO Punit Goenka for re-appointment

New Delhi: The board of Zee Entertainment Enterprises Ltd (ZEEL) has enhanced the performance targets for its MD and CEO Punit Goenka for his re-appointment, according to a regulatory filing by the company.

In its meeting held on Friday, the board of ZEEL "considered and approved higher targets to evaluate the performance of Punit Goenka which includes Quarterly Consolidated Revenue Outlook for next 4 quarters (commencing Q3FY25), Quarterly Consolidated EBITDA Outlook for next 4 quarters (commencing Q3FY25) and payout of 25% of consolidated net profits as dividend to the shareholders of the Company."

Now the board will track the performance of Punit Goenka based on the above-mentioned targets, it said.

Earlier on October 18, 2024, the board of ZEEL approved the proposal for Goenka's re-appointment for a five-year term, which will be effective from January 1, 2025, to December 31, 2029.

However, Goenka's re-appointment would be subject to approval from the shareholders, it added.

Moreover, the board has also approved the appointment of Saurav Adhikari as an additional director in the category of Non-Executive Director of the company with effect from November 15, 2024.

The AGM of ZEEL is scheduled to be held on November 28 through video conference in accordance with the relevant circulars issued by Ministry of Corporate Affairs and SEBI.

On October 18, ZEEL declared its September quarter result, reporting a jump of 70.24 per cent in its consolidated net profit to Rs 209.4 crore.

However, its total income declined 18.93 per cent to Rs 2,034.4 crore during the quarter under review.