Punit Goenka, the Director of Zee Entertainment Enterprises Limited (ZEEL), was not reappointed by shareholders during the company's annual general meeting on November 28.

The vote resulted in a narrow defeat, with 50.4 percent opposing and 49.5 percent in favor, failing to meet the required majority as stipulated by the Companies Act, 2013 and SEBI regulations.

There had been speculation about Goenka's ability to secure shareholder support, particularly from institutional investors such as domestic mutual funds and foreign portfolio investors. Analysts had previously suggested that these stakeholders would play a crucial role in determining Goenka's future with the company.