The board of Zee Entertainment Enterprises Ltd (ZEEL) has raised the performance targets for its MD and CEO, Punit Goenka, ahead of his re-appointment, as per a regulatory filing by the company.
During a meeting held on Friday, the ZEEL board “considered and approved the higher targets for evaluating Punit Goenka’s performance,” which include the Quarterly Consolidated Revenue Outlook for the next four quarters (starting Q3FY25), the Quarterly Consolidated EBITDA Outlook for the same period, and a payout of 25% of consolidated net profits as dividends to the company’s shareholders.
The board will now assess Goenka’s performance based on these updated targets, the filing stated.
Earlier, on October 18, 2024, ZEEL’s board had approved Goenka’s re-appointment for a five-year term, effective from January 1, 2025, to December 31, 2029. However, the re-appointment is subject to shareholder approval.
The board has also approved the appointment of Saurav Adhikari as an additional Non-Executive Director, starting from November 15, 2024.
The company’s Annual General Meeting (AGM) will be held on November 28 via video conference in compliance with the relevant Ministry of Corporate Affairs and SEBI guidelines.
On October 18, ZEEL released its September quarter results, revealing a 70.24% growth in consolidated net profit to Rs 209.4 crore. However, its total income for the quarter declined by 18.93%, totaling Rs 2,034.4 crore.
