Sangeeta Tanwar
Media

Laxmi N Goel moves on from Zee News; Punit Goenka takes over as MD

Goenka is also the managing director of Zee Entertainment Enterprises Limited

The board of directors of Zee News Ltd (ZNL) has accepted the resignation of Laxmi Narain Goel, managing director of the company.

The decision was taken in ZNL's board meeting, held on July 05. The company has informed the BSE about Goel's resignation. This move also brings to an end his tenure as a non-executive director on the board of the company.

In the same meeting, the board of directors unanimously approved the appointment of Punit Goenka as managing director, with immediate effect.

Talking to afaqs!, Goel says, "I was not present at the board meeting where the decision to this effect was announced, as I was travelling at the time. The decision comes in the wake of my increasing age, which makes it difficult to cope with my day-to-day responsibilities at work."

Talking about his future plans, Goel points out that he has several other interests. He intends to turn his attention to other businesses of the Essel Group, including Fun Cinemas and real estate.

Goel started his career in 1969 by trading in agro commodities and established Rama Associates. In 1980, he went on to diversify the group's business to handicraft exports and real estate.

As far as the latest reorganization in the group is concerned, it is a continuation of events set in motion by the company early this year.

In January this year, ZNL and Zee Entertainment Enterprises Limited (ZEEL) approved the de-merger of ZNL's regional entertainment business (R-GEC) to ZEEL, giving the latter control over six regional channels: Zee Marathi, Zee Talkies, Zee Bangla, Zee Telugu, Zee Kannada and Zee Cinemalu.

Following the de-merger, ZEEL appointed Goenka as managing director of the company. Prior to this, Goenka was a whole-time director and chief executive officer at the company.

Over the years, Goenka has occupied various positions in Zee Group. He was CEO at ZEEL (the erstwhile Zee Telefilms) since 2008. He also handled Dish TV, the direct-to-home television distribution arm of the Zee Group, and was also the head of the music division of Zee Telefilms.

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