Punit Goenka resigns from Zee Media board

Indian news group Zee Media said on Wednesday that Punit Goenka, chairman and managing director of Zee Entertainment, had resigned as a non-executive, non-independent director of its board.

Goenka resigned on account of "preoccupation", Zee Media said in a statement to exchanges. The resignation will come into effect by the end of business hours on Wednesday.

Zee Media and Zee Entertainment were both founded by media tycoon Subhash Chandra Goel, owner of the Essel Group, of which Zee Media remains a part.

Last year Goel and his family sold most of their stake in Zee Entertainment, which he founded in 1992, going from 41% to less than a 5% holding in the company.