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ZEEL seeks shareholders’ nod to appoint Chandra’s son Amit Goenka as CEO of intl biz
MUMBAI: ZEEL has sought the consent and approval of shareholders by way of postal ballot or electronic means for appointing chairman Subhash Chandra’s son Amit Goenka as the CEO of international business for a period of three years from 1 March 2016.
As per the ordinary resolution, Amit Goenka will be eligible for annual salary of $540,000 (equivalent to INR 35,000,000 based on current exchange rate), with the authority to the board of Asia Today to determine any merit-based increase in the salary from time to time as applicable to other executives of the company. However, Goenka’s annual salary during the tenure will not exceed $700,000.
TelevisionPost.com had earlier reported that Amit would be appointed as the chief executive officer of the international broadcasting business. The company feels that there is lot of opportunity available in the international market and thus, it has restructured the business for a more focused approach.
The international broadcasting business of the company, constituting approximately 17.4 per cent of the consolidated revenue, comprises content creation, broadcasting and distribution of 37 television channels in overseas territories including five sports channels. It is managed by direct and in-direct overseas subsidiaries of the Company.
To facilitate clear strategic alignment for accelerating decision-making and more focused growth of international broadcasting business, the board at a meeting on 14 October approved the consolidation of general entertainment channels in various international territories under Asia Today, Mauritius (erstwhile Zee Multimedia [Maurice] Ltd), a step-down wholly owned overseas subsidiary of the company.
Further, to provide focused attention on the operations of these channels, it also gave in-principle approval to the appointment of Amit Goenka as CEO of international broadcasting business and as a director of Asia Today Ltd, Mauritius.
Another resolution that has been put up for consideration before the shareholders is to authorise the board to facilitate creation of charge on any assets/undertakings of the company to secure any current and/or future borrowings.
The company has appointed FCS Satish K Shah, practising company secretary, as the scrutiniser for conducting the postal ballot and e-voting process in a fair and transparent manner.
Upon completion of the scrutiny of the postal ballot forms and e-voting by the shareholders, the scrutiniser will submit his report to the company and the results of the voting will be announced on 26 February.