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Zee and InGovern clash over new governance report
Proxy firm questions promoter control; Zee calls report biased and outdated
MUMBAI: The governance battle at Zee Entertainment Enterprises Limited (Zeel) has intensified after proxy advisory firm InGovern Research Services released a critical “Governance Watch” report on the company.
Zee has strongly rejected the report, calling it “biased,” “misleading,” and a repetition of old issues. The dispute centres on questions about who really controls one of India’s largest broadcasters.
InGovern says the Goenka promoter family still exerts strong influence over Zee despite holding only about 3.99 per cent of the company’s shares.
The firm’s main concern is Punit Goenka’s continued role as CEO. Shareholders voted against his reappointment as a director in late 2024, but he remains in charge of the company. InGovern argues this effectively bypasses the will of investors.
The report also highlights his pay package, which it says is about 40 times the average Zee employee’s salary.
Zee has denied the allegations and said the report lacks proper diligence. The company claims the issues raised are old and that the board has already taken steps to improve governance.
It also stated that all related-party transactions are transparent and that there is no governance crisis.
The dispute comes at a difficult time for Zee. The company is dealing with the collapse of its proposed merger with Sony and ongoing legal battles over cricket broadcasting rights.
With institutional investors owning most of the company, the debate over control versus ownership could affect investor confidence and future funding.
For now, InGovern is pushing for major board changes, while Zee is focusing on its turnaround plans. The outcome could shape how investors view the company’s governance going forward.
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Maharashtra revokes Ola, Uber, Rapido bike taxi licences
Temporary e-bike taxi permits cancelled as firms fail to meet state rules
MUMBAI: Maharashtra’s roads are set to see fewer zipping two-wheelers after the state government pulled the plug on provisional licences granted to bike taxi giants Ola, Uber and Rapido. Transport Minister Pratap Sarnaik announced in the Legislative Council on Monday that temporary permissions would be revoked.
“These companies were given permission for just a month and were required to submit certain documents. Since they have not complied, their temporary licences are cancelled. This is to ensure illegal bikes do not operate on our roads,” Sarnaik said.
The move follows the Maharashtra E Bike Taxi Rules 2024, designed to generate employment for local youth and offer commuters a cheaper, greener ride option. The rules, approved in August 2024, allow electric bike taxis in cities with over one lakh residents.
Under the policy, only electric vehicles can ply as taxis, and operators had 30 days to fulfil licensing and compliance requirements. Yet, officials claim many continued operations without meeting these conditions. Sarnaik added that a large number of bike taxis currently running in Mumbai and the wider Mumbai Metropolitan Region are illegal.
In a firm enforcement twist, the government has instructed authorities to focus on vehicle owners rather than riders when registering cases. Safety concerns, particularly for women passengers, and accident complaints have also been flagged by the transport department.
Since April 2024, Regional Transport Offices have taken action against 130 non-compliant bike taxis, collecting fines exceeding Rs 33 lakh. Authorities say further measures will follow to ensure services adhere to regulations before returning to city streets.
Maharashtra’s bike taxi saga has been a rollercoaster. Initially banned in January 2023 due to concerns over private vehicles ferrying passengers, the sector was later formalised through an electric bike framework in 2024. Provisional licences were granted in 2025, but the government now warns that any bike taxi operating on city roads without proper permits will be considered illegal.
Adding to the transport shake-up, the government has also halted the issuance of new auto rickshaw permits from March 9 to ease urban traffic pressures and safeguard livelihoods of existing drivers. A fresh standard operating procedure for future permits is set to go before the state cabinet soon.
Maharashtra commuters may have to find alternative rides as the state reins in its two-wheeled taxi revolution, leaving app-based bikers in a legal limbo.
