ZEEL shares jumped 7% on Punit Goenka’s resignation as MD

The petitioner requested TDSAT to declare the notices dated January 3, 2025, and December 16, 2024, as void ab initio and legally invalid.

Punit Goenka had asked ZEEL’s board to relieve him from the position of MD as he wants to ‘focus’ on the operational responsibilities as the chief executive officer.

ZEE leadership rejig: Punit Goenka resigns as MD, CFO Mukund Galgali will be deputy CEO

The Board said it remains confident in Punit Goenka’s abilities to drive a higher growth trajectory for the Company and achieve the enhanced targets in an operational capacity and hence has specified higher performance metrics for his 40% variable pay. If he achieves his targets more than 100%, he may get a higher variable pay, subject to a cap.

Punit Goenka to continue as CEO of ZEEL after relinquishing the position of managing director. Mukund Galgali has been elevated to the role of Deputy Chief Executive Officer.