Two investment firms, together accounting for 17.88 per cent of the paid-up share capital of Zee Entertainment Enterprise Ltd (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.
With a goal to connect entrepreneurs with investors, a group of angel investors, including Google India Managing Director Rajan Anandan, has come together to launch an online platform -- VentureFund.com -- with an initial corpus of $100 million.
Even as the corporate battle over Zee Entertainment Enterprises (ZEEL) has reached the Bombay high court, another Essel Group firm - Dish TV India - is gearing up for a legal battle with YES Bank by planning to move the National Company Law Tribunal to appoint six of its nominees on the board of the loss-making company. While Dish TV said YES Bank has acquired 26 per cent stake by invoking the pledged shares of Essel Group promoter, it also said YES Bank must make an open offer to shareholders of the company, according to the Securities and Exchange Board of India (Sebi) takeover code. This, as YES Bank is seeking to take control of the company, said Dish TV.
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.
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."
Media major Zee Entertainment Enterprises Ltd (ZEEL) has cancelled its board meeting, scheduled to be held on Wednesday for considering the results for the July-September quarter, due to lack of quorum. In a regulatory filing on Tuesday, ZEEL said, "A meeting of the Board of Directors of the Company, which was scheduled to be held on Wednesday, October 27, 2021, inter alia, to consider and approve the unaudited financial results of the Company both on a standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum." The development comes at a time when the company is battling it out the single-largest shareholders Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC that together hold 17.88 per cent and have been pressing for an extraordinary general meeting of shareholders for removing managing director Punit Goenka, besides opposing ZEEL's proposed merger deal with Pictures Network India (SPNI).
'N Chandra told me, "Arree yaar, don't get heavy on me now! This is a Hindi movie so leave your logic at home".'
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.
As Shyam Benegal turns 89 on December 14, Subhash K Jha takes a look at 10 of his best films and tells you where you can watch them.
'Had they agreed to our demands that we raised two years ago, we would have never started our agitation again.'
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
IT majr Wipro needs stability at the top deck, say industry watchers.
Parliament proceedings were washed out for the fifth straight day, as members from parties including the Telugu Desam Party and the All India Anna Dravida Munnetra Kazhagam, continued their protests on various issues.
65-year-old Sathasivam, whose appointment triggered debate in legal and political circles on the propriety of giving gubernatorial assignment to a former CJI, is the 23rd governor of the state.
The Payment of Gratuity (Amendment) Bill and The Specific Relief (Amendment) Bill passed amid din.
Zee Group is India's second-largest media and entertainment firm.
Protesting Congress members had on Tuesday too blocked a debate on the bill. The monsoon session ends on Thursday.
Protesting against naming of Hyderabad domestic airport, the Congress party on Thursday disrupted the pre-lunch sitting of Rajya Sabha contending that Rajiv Gandhi's name has been removed, leading to three adjournments.
Shiv Sena MP Arvind Sawant said, "All airlines have come together banning him (Gaikwad), but it is our fundamental right (to travel by air)."
Opposition parties on Friday sought an apology from HRD minister Smriti Irani for reading out in Rajya Sabha "objectionable" comments made outside against a god, as she defended herself saying she was asked for proof of her statements against JNU students.
Two Rajya Sabha members, including a nominated one, were today appointed to the Joint Parliamentary Committee on 2G scam amid stiff resistance from the Bharatiya Janata Party which feared "dangerous implications" and stalled proceedings for rest of the day.
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