Saturday, May 25, 2024
HomeBusinessZEEL institutional investors likely to support call to remove directors

ZEEL institutional investors likely to support call to remove directors


Related stories

Dimple Malhan- Personal and Professional life!!

Famous Vlogger recognised for Dimple's Kitchen YouTube channel. She...

Send Flowers to Dubai from the Best Florists

With regards to communicating adoration, appreciation, and festivity, barely...

The Importance of Motorcycle Safety Gear

Riding a motorbike delivers a sense of freedom and...

Understanding The Aftermath Of A Motorcycle Accident

Motorcycle accidents in Las Vegas can change your life...

How to Choose an Outdoor Patio Furniture Supplier in Florence

Is your outdoor space ready for a makeover? Whether...


The investors had also sought the removal of Manish Chokhani and Ashok Kurien, who resigned ahead of the company’s annual general meeting.

By Rajesh Kurup

A number of institutional investors in Zee Entertainment Enterprises (ZEEL) are likely to support the call to remove the company’s directors at its extraordinary general meeting (EGM), sources have said.

“The notice to the exchanges did not specify the exact reasons sought for the removal of Punit Goenka as managing director and the two directors. While some of the proxy advisory firms had raised corporate governance issues, the institutional investors would like to scrutinise the allegations before taking a call,” one source said.

In its report, brokerage firm Edelweiss had said that while the prospects for the company are improving, it is still a volatile story. With promoters holding just 3.99% in ZEE, it is only a matter of time before the board is revamped, Edelweiss said.

On September 13, ZEEL informed the stock exchanges that top investors in the company, Invesco Developing Markets Fund and OFI Global China Fund, have sought the removal of managing director Punit Goenka and two directors. The investors, who together hold a 17.88% stake in ZEEL, had sought an EGM for the directors’ ouster.

The investors had also sought the removal of Manish Chokhani and Ashok Kurien, who resigned ahead of the company’s annual general meeting.

The investors had sought their removal under Section 169 (which empowers a company to remove a director by passing an ordinary resolution) and other applicable provisions of the Companies Act 2013. The board of ZEEL will have to convene an EGM in 45 days’ time.

See also  Test Methodology Using Parametric Measurement Unit for ATE Systems

ZEEL has said it is examining the investors’ demands and will take necessary action. As of June, the promoters hold 3.99% stake in ZEEL, foreign institutional investors 57.46%, mutual funds 8.10%, insurance companies 10%, non-institutional investors 19.93% and other DIIs 0.52%.

Institutional investors have sought appointment of six of their own nominees — Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli and Gaurav Mehta — on ZEEL’s board.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.


Source link

Bellie Brown
Bellie Brown
Hi my lovely readers, I am Bellie brown editor and writer of I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting

Latest stories