Both were advisors to several leading companies and have inculcated strong corporate governance ethics over the years, the company said.

The board of ZEE Entertainment Enterprises (ZEEL) has decided to support its two former non-executive directors against whom corporate governance issues have been raised. The board also refuted allegations made by proxy advisory firms.

Speculations disparaging the contribution of the directors are baseless and arise out of inadequate understanding of the industry, and decisions taken by committee members and the board are being wrongly attributed to individual directors without any basis, the company said in a press note.

“The board unanimously applauds Ashok Kurien and Manish Chokhani, commending their professional conduct during their association with the company. It has been our privilege to have such esteemed members as part of the board, and their contributions towards the company remain significant,” ZEE Entertainment chairman R Gopalan said.

Zee Group founder Kurien had played a key role in steering the company to newer heights, while Chokhani’s management and analytical skills were of tremendous value to the board, he said.

Both were advisors to several leading companies and have inculcated strong corporate governance ethics over the years, the company said.

On Monday, Kurien and Chokhani resigned ahead of the company’s AGM on Tuesday, citing “changed life circumstances” and “pre-occupation”.

Last week, proxy advisory firm Institutional Investor Advisory Services India Ltd (IiAS) had raised corporate governance issues and asked shareholders to vote against the reappointment of Kurien and Chokhani.

While the company had termed Kurien as a non-promoter and did not make any regulatory filings, IiAS classified him as a “promoter”. IiAS also held the two of them responsible for a 46% pay hike to the company’s managing director, Punit Goenka, in the pandemic-ravaged FY21.

The company had refuted all the allegations earlier too.