Zee Entertainment's small shareholders successfully prevented the reappointment of Punit Goenka as a director at the company's recent Annual General Meeting (AGM).

Despite receiving majority support from institutional investors, with 52% in favor, Goenka faced strong opposition from retail investors, who voted against the proposal by a large margin of 88%. Ultimately, the reappointment bid was defeated by a narrow margin of less than 0.5%, as 50.5% of the total votes were cast against him.

The increased participation of retail investors, with a turnout of 13% compared to the usual 3-5%, reflects growing dissatisfaction following the collapse of a potential $10 billion merger between Zee and Sony earlier this year. This failed deal has reportedly caused a 54% decline in Zee Entertainment's shares in 2024. Following the AGM, Zee's shares were trading 5% higher at Rs 129.25 apiece, indicating some market recovery amidst the turmoil.