Zee Entertainment Enterprises Limited (ZEEL) on Thursday strongly condemned allegations leveled by proxy advisory firms against two of its former board members – Manish Chokhani and Ashok Kurien – who resign on Monday citing personal reasons, despite being up for reappointment at the company’s annual general meeting (AGM) on September 14th.

According to the Economic Times, the two proxy firms—Institutional Investors Advisory Services (IiAS) and InGovern Research—had asked ZEE shareholders to vote against the re-appointment of Chokhani and Kurein alleging corporate governance issues as the reasons for their negative recommendations.

ZEE said in a statement that the directors decided to step down from the board due to their personal reasons and to pursue other interests.

ZEE said in a statement, “Under the mentorship of Chokhani and Kurien, along with all the members of the Board, the interest of the shareholders has always been paramount for the company, and it is committed to maintain the highest standards of governance and transparency.”

R Gopalan, chairman at ZEE, said, “The board of ZEE unanimously applauds Manish Chokhani and Ashok Kurien, 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.”

“Manish has always been steadfast in his support towards ZEE and has guided the leadership team to higher success by setting new standards of performance excellence. On behalf of the entire ZEE family, I would like to thank Ashok and Manish for their guidance and support, and we wish them success in every future endeavour,” Gopalan added.