Shares of Zee Entertainment rallied 3.2% in early trading today, reaching a high of Rs 120.95 on the BSE, following the announcement that the group’s CEO withdrew his consent for reappointment.
“Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation to our earlier disclosure dated November 18, 2024, relating to the resignation of the CEO, we hereby enclose the letter received from the CEO resigning from the position and withdrawing consent for reappointment as CEO of the company, as proposed in the Notice of the ensuing Annual General Meeting scheduled for November 28, 2024,” said a filing to the exchanges.
The CEO tendered his resignation with immediate effect, also withdrawing consent for reappointment to the same role.
However, he expressed willingness to continue in a different capacity within the group, subject to the board’s approval.
Earlier last week, the company announced the CEO’s resignation while retaining his position on the company’s board.
The company also stated that Mukund Galgali, the Chief Financial Officer (CFO), has been appointed as the Deputy Chief Executive Officer (Dy CEO).
Zee Entertainment shares ended 1.18% lower at Rs 117.15 on the BSE on Friday.
