Shareholders of Zee Entertainment Enterprises Ltd (ZEEL) have rejected a proposal for reappointment of Alicia Yi as an independent director on the company board. The special resolution prompting the reappointment of Alicia Yi received only 42 per cent votes in favour as compared to 57.97 per cent against it.
In a late night regulatory filing, ZEEL stated that the special resolution which was aimed to bring back Alicia as “independent director of the company for a second term of 3 years” failed to gather enough number of votes in favour.
Hence, she will vacate the office of independent director with effect from July 13, 2023. The statement further read that the board will take necessary steps to ensure complying with Companies Act 2013 and SEBI Regulations, 2015, for the “purpose of having the optimum composition of Board of Directors of the company.”
Alicia is the vice chairman, Consumer Market for Korn Ferry, based in Singapore.
ZEEL, in 2021, had announced that it will merge with Culver Entertainment, earlier known as Sony Pictures Networks India.