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ZEEL seeks shareholder nod for Amit Goenka as Asia Today CEO

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BENGALURU: Zee Entertainment Enterprises Limited’s (ZEEL) has sought shareholder approval for appointing Subhash Chandra’s son Amit Goenka as chief executive officer of international broadcasting business and as a director of Asia Today Limited, Mauritius.

Goenka’s term will be for a period of three years with effect from 1 March, 2016. The shareholder approval has been sought through postal ballot/e-voting.

ZEEL’s international broadcasting business constituted about 17.4 per cent of the company’s consolidated revenue. It comprises content creation, broadcasting and distribution of 37 television channels in overseas territories including five sports channels, which are managed by direct and in-direct overseas subsidiaries of the company. The company said that in order to facilitate clear strategic alignment for accelerating decision making and more focused growth of International Broadcasting Business, the Board had approved consolidation of general entertainment broadcasting channels in various international territories under Asia Today Limited, Mauritius (erstwhile Zee Multimedia (Maurice) Limited) a step-down wholly owned overseas subsidiary of the company.

As was previously reported by Indiantelevision.com, in a bid to provide focused attention on the operations of these channels, the company’s board had, in October 2015, approved in-principle the appointment of Goenka as CEO of International Broadcasting Business and as a director of Asia Today Limited, Mauritius.

According to ZEEL, Goenka will be eligible for annual salary of $540,000 (equivalent to Rs 3.5 crore), with the authority to the board of Asia Today Limited to determine any merit based increase in the salary from time to time as applicable to other executives of the company, provided that the annual salary payable to Goenka during the tenure shall not exceed $700,000.

Voting period will commence on and from 26 January, 2016, at 10 am and end on 24 February, 2016 at 6 pm.

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