Zee Entertainment sets higher performance targets for MD & CEO Punit Goenka's reappointment

New Delhi: The board of Zee Entertainment Enterprises (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 the next 4 quarters (commencing Q3FY25), Quarterly Consolidated EBITDA Outlook for next 4 quarters (commencing Q3FY25) and a payout of 25% of consolidated net profits as a 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 reappointment 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 the Ministry of Corporate Affairs and SEBI.

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

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