At its meeting held on Friday, the company's board rejected the minority shareholders' demand and termed the requisition as "invalid and illegal". "In its meeting held on 1st October 2021, the board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC," ZEEL said in a statement.
A division bench of Justices Amjad Sayyed and Anuja Prabhudessai passed the judgment on a bunch of petitions filed by several broadcasters, like the Indian Broadcasting Foundation, a representative body of TV broadcasters, the Film and Television Producers Guild of India, Zee Entertainment Ltd and Sony Pictures Network India.
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
The rights on offer are Indian Sub-continent Television Rights from 2018 to 2027 (10 IPL seasons), Indian sub-continent Digital Rights from 2018 to 2022 (5 IPL seasons) and Rest of the World Media Rights from 2018 to 2022 (5 IPL seasons).
In the continuing battle between the promoter family and Invesco, ZEEL said its MD and CEO Punit Goenka has informed its board about a proposal made by Invesco about the merger, under which Strategic Group would hold majority stake but he was offered to be appointed as MD and CEO of the merged entity besides offering 4 per cent stake. In a regulatory filing, ZEEL alleged that Invesco's stance in their Open Letter that they "will firmly oppose any strategic deal structure that unfairly rewards select shareholders, such as the promoter family, at the expense of ordinary shareholders" runs contrary to the very deal Invesco was proposing itself a few months ago.
Zee Entertainment Enterprises Ltd on Wednesday approached the National Company Law Appellate Tribunal (NCLAT) against the requisition of minority shareholders Invesco and OFI Global China Fund to convene an Extraordinary General Meeting (EGM) to discuss various issues, including removal of managing director Punit Goenka. The media major has challenged the orders of Mumbai-bench of the National Company Law Tribunal, which had on Tuesday directed Zee Entertainment Enterprises Ltd (ZEEL) to filed reply over the petition filed by its minority shareholders by October 7 (Thursday), the next date of hearing. Confirming the development, a ZEEL Spokesperson said: "The company has moved NCLAT in accordance with the due process available under the law."
Stock market investments are always said to involve risks and people who made big fortunes often made headlines as scamsters, leading to Dalal Street always being looked at with suspicion, but Rakesh Jhunjhunwala was broadly an exception. Jhunjhunwala, a partner at RARE Enterprises, who rose to amass a $5.8 billion fortune and earn the tag of the country's biggest individual investor, leaves behind a relatively cleaner slate, as was seen in the most common description for him -- 'India's own Warren Buffett'. Unlike names like Harshad Mehta and Ketan Parekh, whose rise in fortunes in post-liberalised India was tainted with scam links, the newest 'Big Bull' in the more-regulated market had lesser baggage on this front.
'There is so much talk about Netflix and what they should be doing.' 'In two years, SonyLIV has done what Netflix should be doing.'
In 2018, KBC failed to make it to the top 5 shows list, Indian Idol featured on the same thrice.
Invesco, the single largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), on Wednesday said it had tried to facilitate a possible deal between Reliance and the company but refuted claims it had pushed for the transaction at a lower valuation. The latest statement from Invesco comes a day after ZEEL chief Punit Goenka told the company's board that Invesco had come with a proposal in February for a merger with certain entities owned by a large Indian group (Strategic Group) with inflated valuation "by at least Rs 10,000 crore". In a statement on Wednesday, Invesco mentioned that Reliance was the large Indian group.
Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday said they have signed definitive agreements for their merger following conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence. In a joint statement, the two companies said they have "signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries". The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence, it added.
Sachin: 'When Roger plays cricket, he likes to play as me'
A division bench comprising Chief Justice D B Bhosle and Justice Yashwant Varma passed the order on a public interest litigation filed by Prakash Kharwadkar, who contended that the logo of 'Shudh Plus', one of the sponsors of the tournament, is displayed on jerseys of the Gujarat Lions team which was against the law.
The WWE says that India is its biggest market globally in terms of television viewership -- around 350 million unique viewers annually -- social media engagement and YouTube consumption, even claiming that it is the second-most watched sport in the country behind cricket.
Bollywood actor Emraan Hashmi, watched captain Rohit Sharma lead by example as a thoroughly professional Mumbai Indians outclassed Pune Supergiants.
Star India successfully bagged the global media rights for the next five seasons of Indian Premier League -- including broadcast and digital -- for a massive Rs. 16,347.50 crores ($2.55 billion), in Mumbai, on Monday.
The BCCI on Sunday announced an open tender process for allocating the cash-rich Indian Premier League's global broadcasting rights, a move that conforms to the Lodha Committee recommendations on transparency. "We are happy to announce the tender process for IPL Global Media Rights (TV and Digital)," BCCI President Anurag Thakur announced in a press conference in New Delhi.
After a decade as Test nomads, Pakistan were unsure how to exploit their home advantage.
Former cricketer Mohammad Azharuddin, who is actively promoting his upcoming biopic 'Azhar', walked out of an interview recently when posed questions about the match-fixing controversy.
As the feud continues between Zee and Invesco, appellate body NCLAT on Thursday directed the National Company Law Tribunal (NCLT) to give reasonable opportunity to the media major to reply to Invesco's plea for holding a meeting of shareholders, and also remarked that the tribunal made an "error" by not providing sufficient response time. With the order capping a day of fast legal developments at the NCLAT as well as the NCLT within a span of a little over an hour, the spat between Zee Entertainment Enterprises Ltd (ZEEL) and minority shareholder Invesco will now come up for hearing before the NCLT on Friday. Invesco is seeking the ouster of ZEEL MD and CEO Punit Goenka and appointment of six new directors on its board.
Apart from a stake buy, some other options on the table include a merger of the entertainment businesses of Sony and Network18 Media.
Females contributed to 47 per cent of the tournament reach.
'When guys with one, two, three, four followers troll, it isn't trolling.'
Puneet Goenka's ability to stay calm is probably what helped Zee rise from a down-in-the-dumps broadcaster into one of the largest, steadiest and most profitable media companies in India, reports Vanita Kohli-Khandekar.
Leading media firms Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies' linear networks, digital assets, production operations and programme libraries.
The e-auction of television and digital rights, a first in cricket, was not concluded but the Indian board (BCCI) received a bid of 44.4 billion Indian rupees ($683 million) for consolidated global rights from an unidentified bidder.
SPN had been seeking a higher share of revenue, which Tata Sky blamed for the breakdown in talks.
Board of Control for Cricket in India's Chief Executive Officer Rahul Johri says the revenue generation from the upcoming Indian Premier League's media rights auction could be "historic".
Reiterating its position, TRAI, which oversees both the telecom and television sectors in the country, said the amendments suggested on January 1 had been done to correct "distortions" in the market and address pricing issues.
Sony's estimated profit on IPL over 10 years is 2,500 crore. Why didn't it fight tooth & nail to keep the rights?
Phogat, who will make her MMA debut against South Korea's Kim Nam-hee at One Championship's Age of Dragons event in Beijing on Saturday,
The country will host the first ever live NBA match in October this year
The Supreme Court-appointed Justice Rajendra Mal Lodha panel asked the Board of Control for Cricket in India to accept its reforms before proceeding ahead with the process of awarding the Indian Premier League media rights from 2018 onwards.
Sri Lanka Cricket, currently fighting the menace of deep-rooted corruption, was dealt a blow after its Chief Financial Officer was arrested for alleged financial fraud, police said on Monday.
In the second major change in a year, Trai had capped individual channel subscription at Rs 12 per month, down from the earlier Rs 19, and capped channel bundle discount to 33 per cent, among other moves.
Buoyed by increased viewership and a relatively controversy-free tournament, the Indian Premier League (IPL) has seen a spike in its brand valuation to $5.3 billion after the 10th edition, according to global valuation and corporate finance advisor Duff & Phelps.
Nagpur-based Slum Soccer is transforming the lives of slum children with the help of football, writes Geetanjali Krishna.
After the second day, BCCI's media rights value has already gone up by 56 percent with the per match value touching nearly Rs 60 crore (Rs 59.16 crore) for 102 international games across three formats.
From Rs 191 billion in 2019, the world's largest film producing industry now stands at Rs 72 billion thanks to the pandemic.
India's huge market is a major draw for sponsors and advertisers, who often plan product launches around major cricket events and book advertising slots in advance, which in turn leads to a race between broadcasters to secure content.
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