Manish Chokhani, Ashok Kurien resign from Zee Entertainment board ahead of AGM

Zee Entertainment Enterprise Limited. (PC-Shutterstock)

Zee Entertainment Enterprises Ltd on September 13 announced that Manish Chokhani and Ashok Kurien have resigned from the position of Non-Executive Non-Independent Directors of the firm with immediate effect.

While Chokhani had cited changed circumstances and perspective post COVID, Kurien had reasoned his pre-occupation for the resignation, the firm informed in a regulatory filing.

The development comes after proxy advisory firm Institutional Investors Advisory Services (IiAS) raised serious corporate governance concerns in the company by asking shareholders not to vote for re-appointing the duo on the company’s board.

Following the resignation, Kurien has been ceased from the membership of the firm's corporate social responsibility committee and stakeholders relationship committee of the board with immediate effect.

ALSO READ: Zee Entertainment posts Q1 net profit of Rs 209 crore

Similarly, Chokhani has been ceased from the membership of the company's nomination and remuneration committee and risk management committee of the board with immediate effect.

Earlier on August 23, the firm had informed -- through a regulatory filing -- that the 39th Annual General Meeting (AGM) of the company will be held on September 14, 2021.

On August 6, Zee Entertainment Enterprise Ltd reported a consolidated net profit of Rs 208.78 crore for the first quarter ended June 2021. The firm also reported a net profit of Rs 29.28 crore in the April-June quarter a year ago.

Its total income during the quarter under review was Rs 1,808.56 crore as against Rs 1,338.41 crore in the corresponding period a year earlier. ZEEL's total expenses stood at Rs 1,501.62 crore during the June 2021 quarter.

While the revenue from advertisement was at Rs 926.61 crore in the April-June 2021 quarter. It was Rs 421.06 crore in the corresponding quarter a year ago. Subscription revenue was at Rs 813.05 crore as against Rs 744.311 crore in Q1/FY 2020-21. Revenue from 'other sales and services' was at Rs 35.32 crore in the quarter under review. It was Rs 146.63 crore a year ago.

On Monday, its shares settled at Rs 186.85 a unit on the BSE, up 2.10 percent from the previous close.