Punit Goenka outlines ZEE 4.0 growth strategy as 2 key investors seek his ouster
Amid calls for his ouster by two key investors – Invesco Developing Markets Fund and OFI Global China Fund, which together hold 17.88% of the paid-up share capital of Zee Entertainment Enterprises Ltd (ZEEL) – Punit Goenka, Managing Director & CEO, ZEEL, addressed the 39th Annual General Meeting of the company held yesterday (September 14, 2021).
Goenka’s address included highlights on business performance, outlook, and future growth strategy. He outlined, what he termed as the ‘ZEE 4.0’ vision for the company, which it sees as a transformative journey and growth strategy. With this, ZEE will lay stronger emphasis on corporate governance, granularity, growth and goodwill.
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In a Q&A session that followed his address, Goenka fielded questions from the investors present. Replying to a question, he called linear business as ZEE’s best-performing business. At the same time, he also underlined the growing importance of the digital business and added that ZEE will be investing more in it.
Goenka further said that ZEE will also focus more on its movie production business and admitted that Zee Studios had borne the major brunt of COVID-19 as multiplexes and cinema halls were shut for prolonged periods.
Meanwhile, R Gopalan, Chairman, ZEEL, informed the Members that Ashok Kurien and Manish Chokhani had resigned as Non-Executive Non-Independent Directors of the company with effect from September 13, 2021. It was also announced that Sasha Mirchandani and Vivek Mehra have been appointed as Independent Directors of the company.