The resignation will come into effect from the close of business hours on July 22.
Punit Goenka, managing director and chief executive officer of Zee Entertainment Enterprises, has resigned from the post of non-executive-non-independent director of Zee Media, effective immediately. Goenka cited “preoccupation” as the reason for his resignation from the company’s board.
“This is to inform that Mr. Punit Goenka, non-executive, non-independent director has tendered his resignation from the directorship of the company with effect from the close of business hours on July 22, 2020,” the company said in a filing to the National Stock Exchange.
Goenka, who is the elder son of Essel Group chairman Subash Chandra, has been at the company’s helm since January 1, 2010. He was appointed as the media company’s CEO in 2008 after then chief executive Pradeep Guha stepped down.
Zee Media Corporation Limited (formerly Zee News Ltd.), a part of Essel (Subhash Chandra) Group is one of the largest news networks in India with 10 news channels, Mumbai edition of DNA newspaper and digital properties like zeenews.com and dnaindia.com.
As per the Bombay Stock Exchange (BSE) filings, Zee Media Corporation reported a consolidated net profit of Rs 11.14 crore for the Q4FY20. The company had posted a net loss of Rs 86.66 crore during the March quarter of the previous fiscal. Zee Media’s revenue from operations dipped 18.42% at Rs 138.15 crore in the quarter under review, as against Rs 169.35 crore in the same period of the last fiscal.
In FY20, Zee Media posted a net loss of Rs 271.11 crore as against a net profit of Rs 13.17 crore in the last year. The revenue as well posted a decline in the given fiscal and was reported at Rs 631.75 crore compared to Rs 686.92 crore in FY19.