Shareholders of Zee Entertainment Enterprises Ltd. have rejected a proposal for reappointment of Alicia Yi as an independent director on the company board.
The special resolution for reappointment of Alicia Yi got only 42% votes in favour as compared to 57.97% against it.
"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 3 years has failed to receive a requisite number of votes in favour," Zee said in a late-night regulatory filing on Thursday.
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 said further.
Alicia Yi is Vice Chairman, Consumer Market for Korn Ferry, based in Singapore. In 2021, Zee 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, which earlier this week reserved its order on the issue.
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