24
September 2021 - 1:42 pm IST

Corporate

Removal of directors: Zee Entertainment shares jump 40%

Removal of directors: Zee Entertainment shares jump 40%

Published:14 September 2021

Shares of Zee Entertainment Enterprises Limited on Tuesday zoomed 40 per cent after two investment firms sought the removal of the current Managing Director Punit Goenka from the board of the company.

New Delhi | Shares of Zee Entertainment Enterprises Limited on Tuesday zoomed 40 per cent after two investment firms sought the removal of the current Managing Director Punit Goenka from the board of the company.
In frenzied buying, the stock jumped 39.99 per cent to close at Rs 261.50 on the BSE. During the day, it zoomed 44.99 per cent to its 52-week high of Rs 270.85.
Other group stocks were also in huge demand, with Zee Learn jumping 19.94 per cent and Zee Media Corporation Limited 4.92 per cent.
"Zee Entertainment rallied higher as shareholders sought to revamp the board," according to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Two investment firms, together accounting for 17.88 per cent of the paid-up share capital of ZEEL, have sought the removal of the current Managing Director Punit Goenka from the board of the company.
The two investment firms are -- Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC, the largest shareholder of ZEEL.
The two firms have called an extraordinary general meeting of shareholders seeking to remove Punit Goenka.
"The board of directors of the company is requested to take all necessary action to call for and conduct the extraordinary general meeting, as requisitioned by us, in accordance with applicable law," the two investment firms said in a letter, which was uploaded by the company on the bourses.
Besides, the investment firms also sought the removal of two independent board members -- Manish Chokhani and Ashok Kurien, ZEEL said in a regulatory filing on Monday.
In a separate filing, ZEEL also informed that both independent board members Chokhani and Kurien had resigned from the board on Monday evening.
The investment firms have also sought the appointment of six of its own nominees on the board of the company - Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta.


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