The EGM would discuss deleting various Articles pertaining to transfer and acquisition of the company's shares, including 'Right of First Refusal' and ' Tag Along Right', in the company's Articles of Association.
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).
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.
The Zee saga will see a long-drawn-out court battle before shareholders get any chance to vote on any proposal by the management or Invesco, says Prosenjit Datta.
In an open letter to Zee's shareholders, Invesco, which holds a 7.74 per cent stake in the firm, reiterated its demand for an overhaul of the media group's board and that it would pursue extraordinary general meeting (EGM) to oust chief executive Punit Goenka and two other directors. Last month, Sony Group Corp's India unit signed a non-binding offer to buy Zee.
Digital payments and financial company Paytm is looking to hive off its payment aggregator business into a new subsidiary Paytm Payments Services Limited, according to a notice sent to shareholders for approval. The company is seeking approval of the same from its shareholders through an extraordinary general meeting on September 23. "To consider and approve transfer of Payment Aggregator business to Paytm Payments Services Limited, a wholly owned subsidiary of the Company, to comply with Reserve Bank of India guidelines, being considered as sale of undertaking," the EGM notice issued on August 31 said.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
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Former IPL commissioner Lalit Modi was on Monday removed as the Rajasthan Cricket Association president.
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.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
The rival promoter group and the entire block of public institutions voted against Basant Jhawar.
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.
The airline has proposed to raise authorised share capital to Rs 2,200 crore. This would comprise Rs 680 crore of equity capital and Rs 1,520 crore of preference share capital.
Brian Tempest is among the four directors of cash-strapped healthcare chain whose removals were sought by two institutional investors. Three directors -- Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill -- had already resigned before the EGM.
The Longstaff review criticised CA for fostering a culture of "winning without counting the cost" and blamed the governing body in part for the ball-tampering crisis, which led to the suspensions of former captain Steve Smith and two other players.
Says Murthy's initiatives over last one year showing results; to augment company's strategy with innovation
According to sources, government officials have asked industry bodies and manufacturers to submit key concerns and requirements to begin manufacturing activity.
Jet Airways on Friday said its 24 per cent stake sale to the gulf carrier Etihad will bring down its debt to $1.5 billion from the current $2.1 billion.
CallHealth is promoted by Sandhya Raju, the daughter-in-law of B Ramalinga Raju, founder of the scam-hit Satyam Computers.
CallHealth is promoted by Sandhya Raju, the daughter-in-law of B Ramalinga Raju, founder of the scam-hit Satyam Computers.
'Shouldn't the DGCA ensure both safety and convenience of passengers?' 'And convenience has been a casualty as nobody knows which Jet flight would be grounded next, throwing passengers' plans in disarray,' says Nivedita Mookerji.
'Shouldn't the DGCA ensure both safety and convenience of passengers?' 'And convenience has been a casualty as nobody knows which Jet flight would be grounded next, throwing passengers' plans in disarray,' says Nivedita Mookerji.
Promising batsman Will Pucovski ruled himself out of selection for Australia's Test series against Pakistan due to "matters pertaining to mental wellbeing", Cricket Australia said on Thursday.
Amid uncertainty about the validity of voting conducted by Bank of Rajasthan shareholders on Monday, the bank said it has sought the legal opinion on the matter.
The regulator's concern arises from several recent instances.
He urged employees to bear with him in this difficult situation a little longer, till the airline emerges out of turbulence and fiscal challenges.
Shareholders of Mukesh Ambani-led Reliance Industries met in Mumbai on Saturday in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.
As a major contributor to exports, the IT industry has greater responsibility to perform better in view of the huge Current Account Deficit facing India, said N R Narayana Murthy, whose appointment as Infosys Executive Chairman was ratified by shareholders on Saturday.
Promoter of Ranbaxy Laboratories, Malvinder Mohan Singh, not only sold a strategic stake in his company to Japanese pharma major Daiichi Sankyoand, he even managed to get a good increment for himself. According to the company's extraordinary general meeting notice, Singh will now earn a salary and allowances of Rs 25 crore per annum as against Rs 19.58 crore earlier.
It will consider conversion of unsecured loans brought in by promoters and associates amounting to Rs 20 million into 2 million equity shares of Rs 10 each.
The Board of Directors of National Steel Industries Ltd at their meeting held on January 24, 2003 approved the issue of preference share capital to individuals, NRI, OCB and group of persons on private placement basis.
Jet Airways India, which recently acquired Sahara Airlines, may come out with a public offering in the domestic and/or international markets.
Sulzer India Ltd has said it will seek approval from its shareholders on November 8 for delisting the equity shares of the company from all the stock exchanges.
The extraordinary general meeting of Reliance Industries Ltd on Friday virtually cleared the demerger of group companies, with company chairman Mukesh Ambani submitting over 65 per cent 'proxy' votes in favour of the scheme.
Corus Group Plc, on Wednesday reported a nearly three-fold jump in profit for the third quarter ended September, said it was awaiting a final offer from Brazil's CSN.
The empowered group of ministers will take up tomorrow the modernisation plans of Delhi and Mumbai airports even as the government has cautioned low cost carriers on the present fare structure introduced by some of them.
The Industrial Development Bank of India is all set to foray into insurance business as a corporate agent.
Mid-day Multimedia Ltd said on Saturday it has raised the investment limit of foreign institutional investors and non-resident Indians in the company to 26 per cent.
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