ZEE Shareholders Reject Reappointment Of Alicia Yi As Independent Director

The special resolution for reappointment of Alicia Yi got only 42 per cent votes in favour as compared to 57.97 per cent against it

The SAT on Monday refused to stay SEBI's order that barred them from holding key management positions in any listed company.

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Zee Entertainment Enterprises Ltd (ZEEL) shareholders have rejected a proposal for reappointment of Alicia Yi as an independent director on the company board, reported by the PTI. The special resolution for reappointment of Alicia Yi got only 42 per cent votes in favour as compared to 57.97 per cent against it, the news agency stated.

Alicia Yi is vice-chairman, consumer market for Korn Ferry, based in Singapore.

ZEEL said in a late-night regulatory filing on Thursday, "Based on the votes cast by the members, the special resolution pertaining to reappointment of Alicia Yi as an independent director of the company for a second term of three years has failed to receive a requisite number of votes in favour." Hence, she vacates the office of independent director with effect from July 13, 2023, it added.

"The board shall take necessary steps for complying with the requirement of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the purpose of having the optimum composition of Board of Directors of the company," it added.

In 2021, ZEEL announced that it will merge with Culver Max Entertainment (earlier known as Sony Pictures Networks India). It has received approval from stakeholders and creditors and fair trade regulator CCI. However, it is yet to receive the final go-ahead from the National Company Law Tribunal (NCLT), which earlier this week reserved its order on the issue. 

Meanwhile, the Securities Appellate Tribunal (SAT) on Monday refused to stay SEBI's order that barred them from holding key management positions in any listed firm, according to a news report. According to the report, the SAT had reserved the case for orders on June 27 after hearing both ZEE Entertainment Chief Executive Officer (CEO) Punit Goenka and the SEBI at length.

A SAT bench headed by Justice Tarun Agarwala said that there was no urgency to stay the order. The tribunal directed the ZEE promoters to file their response to the SEBI within two weeks. On June 15, the SAT refused to grant an interim order in Goenka's favour and directed the marker regulator to file its response to the plea in 48 hours.