ZEE Board rallies behind Manish Chokhani and Ashok Kurien

The Board of Directors of Zee Entertainment Enterprises Limited (ZEEL) have decried the charges levelled by some proxy advisory companies against Manish Chokhani and Ashok Kurien, both former non-executive directors.

The charges levelled against the duo, among others, were: inability to handle governance issues, unfair high compensation for MD and CEO Punit Goenka, non-accountability for losses, misgovernance, etc.

The company informed the stock exchanges that these directors wanted to leave the Board on account of their personal issues in order to take up other activities. The company also claimed that under Kurien and Chokhani, the shareholders’ interest was protected. It rebuffed the rumours belittling the contributions made by these directors and affirmed that these are baseless charges arising out of a lack of proper understanding of the industry.

ZEE also said that those decisions jointly taken by the Board are being incorrectly ascribed to individuals in an irrational manner. While thanking profusely Ashok Kurien and Manish Chokhani for their valuable contributions, ZEE said that their guidance to the company leadership has always been valuable, making it possible for the company to reach greater heights. The company further said that, under collective leadership of these directors, the ZEE has systematically undertaken many measures in order to introduce more transparency to the shareholders.

The Board of Directors of Zee Entertainment Enterprises Limited (ZEEL) have decried the charges levelled by some proxy advisory companies against Manish Chokhani and Ashok Kurien, both former non-executive directors.

The charges levelled against the duo, among others, were: inability to handle governance issues, unfair high compensation for MD and CEO Punit Goenka, non-accountability for losses, misgovernance, etc.

The company informed the stock exchanges that these directors wanted to leave the Board on account of their personal issues in order to take up other activities. The company also claimed that under Kurien and Chokhani, the shareholders’ interest was protected. It rebuffed the rumours belittling the contributions made by these directors and affirmed that these are baseless charges arising out of a lack of proper understanding of the industry.

ZEE also said that those decisions jointly taken by the Board are being incorrectly ascribed to individuals in an irrational manner. While thanking profusely Ashok Kurien and Manish Chokhani for their valuable contributions, ZEE said that their guidance to the company leadership has always been valuable, making it possible for the company to reach greater heights. The company further said that, under collective leadership of these directors, the ZEE has systematically undertaken many measures in order to introduce more transparency to the shareholders.

R Gopalan, Chairman, ZEE Entertainment Enterprises, said, “The Board of ZEE Entertainment Enterprises Ltd unanimously applauds Ashok Kurien and Manish Chokhani, commending their professional conduct during their association with the Company. It has been our privilege to have such esteemed members as part of the Board, and their contributions towards the Company remain significant. As someone who sowed the seeds of ZEE, Ashok Kurien played a key role in steering the Company to newer heights with his contribution arising out of deep understanding and knowledge of the Media Industry. His vast expertise of 35 years in the industry has been instrumental in building ZEE as a leading entertainment brand and a creative content company not only in India but across the globe. As one of India’s most respected financial experts and investors, Manish Chokhani’s astute management skills coupled with his analytical abilities have been of tremendous value to the Board. Mr Chokhani has always been steadfast in his support towards ZEE and has guided the leadership team to higher success by setting new standards of performance excellence. On behalf of the entire ZEE family, I would like to thank Mr Kurien and Mr Chokhani for their guidance and support, and we wish them success in every future endeavour.”

ZEE further stated that Kurien and Chokhani have added immense value in the overall process of Board reconstitution, thereby strengthening it further with the induction of eminent Independent Directors. The reconstituted Board comprises highly qualified individuals with immense experience, who will continue to ensure highest compliance practices and governance and set the benchmark for management accountability and transparency to further enhance the value of the company.

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