In a recent development, Adesh Kumar Gupta has decided not to proceed with his re-appointment as a Director of Zee Entertainment Enterprises Ltd (ZEEL). This decision, communicated via a formal letter, comes just ahead of the company’s upcoming annual general meeting (AGM).
The announcement was officially made by ZEEL to the Bombay Stock Exchange (BSE) on Thursday. As per the notification, Gupta will relinquish his roles as a member of the audit committee and chairman of both the risk management committee and stakeholders relationship committee of the board post the AGM.
Citing personal reasons and other commitments, Gupta stated in his letter, “I withdraw my re-appointment as director of the company at the AGM.” Expressing his optimism for the company’s future, he added, “I wish great success to the company and hope the pending merger with Sony will be completed at earliest.”
Following this news, shares of ZEEL experienced a sharp decline, dropping by 8.7% today. The company is gearing up for its AGM scheduled for Saturday, December 16, at 4.00 pm (IST). As reported in Fortune India
In an official statement to the stock exchange, ZEEL remarked, “The company has received a letter from Mr. Adesh Kumar Gupta intimating his intention not to continue as a director of the Company after the upcoming annual general meeting (‘AGM)…(he) will cease to be a Member of Audit Committee, and Chairman of Risk Management Committee and Stakeholders Relationship Committee of the Board after the AGM.”
Gupta’s departure comes at a crucial juncture for ZEEL, as the company continues to navigate its proposed merger with Sony.
