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Friday, October 22, 2021

Manish Chokhani and Ashok Kurian resigned from this big position in Zee Entertainment

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Three days after Manish Chokhani and Ashok Kurien resigned as Zee Entertainment Enterprises Ltd.'s Non-Executive Non-Independent Directors, the board of directors of the company issued a statement in support of the former directors.
He has condemned allegations made by proxy consultants against Chokhani and Kurien. Zee said speculation insulting Chokhani and Kurien's contribution was "baseless" and emerged as a result of the company's misunderstanding. The statement added that decisions taken by committee members and the company's board of directors were erroneously considered by individual directors without foundation.
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In a report released before Zee annual general meeting, the firm's advisory firm IiAS had advised shareholders to vote against Chokhani and Kurien's re-election because they were members of the audit and remuneration committees. 
The last panel approved a 46 percent increase in Goenka's FY21 salary; the workers did not receive any money. Amit Tandon, a proxy consultant consultant, also said that as members of the audit committee at FY20, the two directors should "take ownership of losses due to corporate-related transactions, which has led to a significant erosion of shareholders' assets.

In addition, a day before the AGM, separately, the major shareholders of the Zee Invesco Developing Markets Fund and OFI Global China Fund LLC - jointly holding 17.88 percent of the company's total paid shareholding - called an unusual general meeting (EGM) seeking removal of MD and CEO Punit Goenka, Manish Chokhani and Ashok Kurien.
Chokhani and Kurien resigned the day before the AGM and Zee cited the reason for not releasing the results of their re-election.
 On September 14, when news broke of Invesco's challenge and director's resignation, Zee share was 40 percent higher compared to the previous BSE closure. It has since released 5.5% to close the Rs 247.05 on Thursday.
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Zee statement also stressed that both directors have decided to resign from the board for personal reasons and have been advisers to many leading companies during their prestigious career.

The focus is now on the EGM that Zee board will need to call within 21 days of receiving a letter from Invesco. The investor has sought to appoint six new independent directors, the company said during a lawsuit filed on September 13. 
The nominated directors include Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta.
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