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Zee and InGovern clash over new governance report
Proxy firm questions promoter control; Zee calls report biased and outdated
MUMBAI: The governance battle at Zee Entertainment Enterprises Limited (Zeel) has intensified after proxy advisory firm InGovern Research Services released a critical “Governance Watch” report on the company.
Zee has strongly rejected the report, calling it “biased,” “misleading,” and a repetition of old issues. The dispute centres on questions about who really controls one of India’s largest broadcasters.
InGovern says the Goenka promoter family still exerts strong influence over Zee despite holding only about 3.99 per cent of the company’s shares.
The firm’s main concern is Punit Goenka’s continued role as CEO. Shareholders voted against his reappointment as a director in late 2024, but he remains in charge of the company. InGovern argues this effectively bypasses the will of investors.
The report also highlights his pay package, which it says is about 40 times the average Zee employee’s salary.
Zee has denied the allegations and said the report lacks proper diligence. The company claims the issues raised are old and that the board has already taken steps to improve governance.
It also stated that all related-party transactions are transparent and that there is no governance crisis.
The dispute comes at a difficult time for Zee. The company is dealing with the collapse of its proposed merger with Sony and ongoing legal battles over cricket broadcasting rights.
With institutional investors owning most of the company, the debate over control versus ownership could affect investor confidence and future funding.
For now, InGovern is pushing for major board changes, while Zee is focusing on its turnaround plans. The outcome could shape how investors view the company’s governance going forward.
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Kotak Mahindra Prime names Suraj Rajappan as managing director and chief executive
The car-finance arm of Kotak Mahindra Bank lines up a new chief and raises its borrowing limit
MUMBAI: Suraj Rajappan is getting the keys. Kotak Mahindra Prime Limited (KMPL), India’s veteran car-finance outfit, has named him managing director and chief executive, effective June 1st, 2026—the same day his predecessor drives off into retirement.
The board approved the appointment at its meeting on March 18th. Rajappan, currently a whole-time director at the company, has spent his entire 24-year career at KMPL, working across functions before rising to the top job. The three-year term remains subject to shareholder approval, and the company confirmed he faces no bar from SEBI or any other authority from holding the post.
He takes over from Shahrukh Todiwala, who superannuates on May 31st after more than three decades with the Kotak Group. Ashok Vaswani, managing director and chief executive of parent Kotak Mahindra Bank, was generous in his send-off. Todiwala, he said, “leaves behind a legacy marked by prudent growth, strong risk discipline, and a focus on customer-centricity.” Of his successor, Vaswani was equally bullish: Rajappan’s “deep industry experience and execution capabilities position KMPL well for its next phase of growth.”
The board also loosened the purse strings, raising the company’s overall outstanding debt limit from Rs 43,000 crore to Rs 48,000 crore. The expanded ceiling covers bank loans, debentures, commercial paper, treasury operations, credit facilities and external commercial borrowings.
KMPL has operated as a car-finance company since 1996, branching into two-wheeler loans in 2018 and loans against property in 2021. With fresh leadership, a bigger borrowing arsenal and an ambitious lender for a parent, Rajappan’s first task is clear: step on the accelerator.
