Zee Media Corporation on Wednesday announced the resignation of Punit Goenka as the company's non-executive director, citing preoccupation as the reason.

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The company in its exchange filing said, "This is to inform that Mr. Punit Goenka, non-executive, non-independent director, has tendered his resignation from the directorship of the company with effect from the close of business hours on July 22, 2020."

However, Goenka will continue to be Zee Entertainment's MD & CEO. He was reappointed as the company's MD & CEO last year.

Zee Media gained as much as 4.42 percent to Rs 5.90 per share on the NSE. Meanwhile, Zee Entertainment was the Nifty50 top gainer and rose as much as 6.36 percent to Rs 166.80.

Both Zee Media and Zee Entertainment were founded by media tycoon Subhash Chandra, owner of Essel Group. Last year, Chandra and his family sold a majority of their stake in Zee Entertainment, from 41 percent to less than 5 percent in the company.

Zee Media Corporation is a part of the Essel Group, one of the largest news networks in India, with about 10 news channels.

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