Zee board meet to consider financial results on November 11

By: |
November 04, 2021 5:30 AM

ZEEL said in a stock exchange notice that the board meet to take on record the second quarter earnings will be held on Thursday.

The move gains importance as the media conglomerate is embroiled in a legal tussle with its largest investor Invesco Developing Markets Fund.The move gains importance as the media conglomerate is embroiled in a legal tussle with its largest investor Invesco Developing Markets Fund.

Zee Entertainment Enterprises (ZEEL) on Wednesday said it will hold a board meeting on November 11 to consider the financial results for the quarter ended September 30.

The board meeting, earlier scheduled for October 27, was cancelled citing lack of quorum.

ZEEL said in a stock exchange notice that the board meet to take on record the second quarter earnings will be held on Thursday.

The move gains importance as the media conglomerate is embroiled in a legal tussle with its largest investor Invesco Developing Markets Fund.

On September 11, Invesco had issued a requisition letter asking ZEEL’s board to hold an EGM to evict certain directors, including its CEO and MD Punit Goenka.

Invesco, which together with its subsidiary OFI Global China Fund holds a 17.88% stake in ZEEL, had also sought induction of six of its nominees on ZEEL’s board.

ZEEL’s board, in its meeting on October 1, termed the request “invalid and illegal”. On its part, Invesco had raised concerns on the media firm’s proposed merger with Sony Picture Networks India, terming it “unfairly” favouring the founding family.

ZEEL had moved the Bombay High Court, which will now hear the case on November 29. Separately, the National Company Law Tribunal’s (NCLT) Mumbai bench is also hearing the issue, which would come up for hearing again on November 16.

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