ZEEL said: “This is to inform you that the Board of Directors of the Company at the meeting held today i.e. on November 5, 2019, has approved in-principle, the re-appointment of Mr. Punit Goenka as Managing Director & CEO of the Company, for a further period of 5 years upon conclusion of his current term on December 31,2019 i.e. w.e.f. January 1, 2020.”
It added: “The said re-appointment shall be subject to the approval of the Equity Shareholders which shall be sought by way of Postal Ballot.”
ZEEL is going through tough times and as per media report, Essel Group chairman Subhash Chandra may lose control of ZEEL as lenders have decided to sell promoter shares pledged with them. The lenders plan to put their pledged shares in an escrow account in preparation for a sale and have already initiated discussions with potential bidders.