The Board of Directors of ZEE Entertainment Enterprises Ltd, on Thursday, said that it strongly condemns the allegations made by certain proxy advisory firms against its former non-executive directors, Ashok Kurien and Manish Chokhani.
“As disclosed by the company to the stock exchanges, the above directors decided to step down from the Board due to their personal reasons and to pursue their interests beyond the confines of a boardroom…Speculations disparaging the contribution of the said non-executive directors are baseless and arise out of inadequate understanding of the industry,” the statement from the Board said.
Earlier this week, Invesco Developing Markets Fund and OFI Global China Fund llC, the shareholders of Zee Entertainment sought an extraordinary general meeting (EGM) of the shareholders of the company to pass resolutions for the removal of chairman Punit Goenka, as director of ZEEL, as well as both Chokhani and Kurien.
Chokhani and Kurien, however, submitted their resignations before the extraordinary general meeting (EGM). In a stock exchange filing on 13 September, Zee said that the two have resigned as non-executive non-independent directors. Chokhani, the company said, has resigned due to “changed life circumstances and perspectives post covid”, while the reason cited for Kurien was his “preoccupation.” Both tenures ended as of 13 September.
The statement issued by ZEEL board said that the decisions taken by committee Members and the Board of Directors of the company are being wrongly attributed to individual directors without any basis.
It said that the company is grateful to both individuals for their contribution. “The Board of ZEE Entertainment Enterprises Ltd. unanimously applauds Mr. Ashok Kurien and Mr. Manish Chokhani, commending their professional conduct during their association with the Company…their contributions towards the Company remain significant,” R. Gopalan, chairman, ZEE Entertainment Enterprises Ltd. said in the statement.
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 statement said. “As two distinguished and noteworthy names in the corporate sector, Mr. Kurien and Mr. Chokhani have been advisors to several leading companies and have inculcated strong corporate governance ethics amongst them over the years. The Board of the Company strongly appreciates the role played by all its former and current members, deeply acknowledging their support in building the company and guiding it to higher growth,” it added.
