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.
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.
The chairman of the Essel Group says he has settled 91.2 per cent of the estimated Rs 11,000 crore debt on the group's books.
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.
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.
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 promoters expect to get Rs 9,000-10,000 crore from the sale of their assets
The reduction in value of Chandra's assets comes close on the heels of the group's debt burgeoning to over Rs 12,000 crore, much of which he had raised by pledging his shares to banks and mutual funds in his flagship company ZEEL after many of the groups infrastructure bets did not take off.
Sony India and Zee Entertainment Enterprises (ZEEL) have agreed to sell three Hindi channels--Big Magic, Zee Action and Zee Classic--to address anti-competition concerns arising out of their proposed merger. The broadcasters submitted their proposal to the Competition Commission of India (CCI), which gave a conditional approval on October 4. On Wednesday, the CCI made public its detailed 58-page order, specifying the channels that would be dropped.
Media Firm Zee Entertainment Enterprise Ltd (ZEEL) sold its sports channel Ten Sports to Sony Pictures Networks for a US$ 385-million (about Rs 2,579 crore) in an all cash deal.
Mahak Jain suffered a tame defeat to crash out of girls singles event of the junior Wimbledon championship while Zeel Desai got lucky as she lost the first set but still advanced to the pre-quarterfinals after her opponent retired mid-way into the contest, in London, on Monday.
The two-day away tie will be played from April 16 on the indoor hard courts at the National Tennis Centre, Lielupe, Jurmala.
Veteran Indian tennis star Leander Paes and his Swiss partner Martina Hingis sailed into the quarter-finals of the mixed doubles event at the Australian Open with straight sets win over Australian duo Matt Reid and Casey Dellacqua, in Melbourne on Monday.
Debt funds have exposure of nearly Rs 8,000 crore to Zee group papers. Aditya Birla MF, HDFC MF, Franklin Templeton MF, and ICICI Prudential MF have the highest exposure, reports Samie Modak.
Sebi on Friday imposed a penalty of Rs 50 lakh on Kotak Mahindra Asset Management Company (AMC) and barred the fund house from launching new fixed maturity plan (FMP) scheme for six months for violating regulatory norms. The markets regulator has directed the fund house to refund a part of the investment management and advisory fees collected from the unitholders of the six FMP schemes along with a simple interest at the rate of 15 per cent per annum. The case relates to the fund house's investment in certain FMPs. These FMPs of Kotak AMC had invested in Zero Coupon Non-Convertible Debentures (ZCNCDs) issued by Essel Group entities.
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In an online chat with Get Ahead readers, Harshala Chandorkar, senior vice president, CIBIL, answered their queries on auto loans.
Meet India's newest Girls' Doubles pair of Mihika Jain and Mahak Yadav.
Sania Mirza stormed into the quarter-finals of mixed doubles event as she and her partner Ivan Dodig of Croatia notched up a commanding win over their opponents at the French Open on Sunday.
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Indian tennis ace Leander Paes and his Swiss partner Martina Hingis crashed out of the mixed doubles competition of the Australian Open with a straight-set defeat in the quarter-finals, in Melbourne, on Thursday.
Sania Mirza and Ivan Dodig held their nerves and saved two match points against Rohan Bopanna and Gabriela Dabrowski before pulling off a tense win to seal a place in the mixed doubles semi-finals of the Australian Open, in Melbourne on Wednesday.
The total buyback value shall not exceed 10 per cent of the paid-up capital and free reserves of the company for the financial year ended March 31, 2011.
The 10th seeds and French Open champions lost 7-6(4), 4-6, 5-7 to the unseeded Finnish-British combo in exactly two hours on centre court.
Sania Mirza and Rohana Bopanna advanced to the mixed doubles second round with their respective partners.
Rohan Bopanna's campaign at the last Grand Slam of the season ended with defeat in the mixed doubles along with Canadian partner Gabriela Dabrwoski while India's juniors also fizzled out in the singles in the US Open in New York.
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India's Sania Mirza put herself in contention for a seventh Grand Slam title as she breezed into the Australian Open mixed doubles final with Ivan Dodig, beating local favourites Samantha Stosur and Sam Groth in Melbourne on Friday.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Stars hit the catwalk at India Beach Fashion Week 2015.
Hyderabad girl Bhuvana Kalva's comeback story reflects true grit
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Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
We'd asked readers to post their Valentine Day wish for India. Here's how readers have expressed their love for India.
The four south Indian languages grew by 7% while regional languages within the Hindi speaking markets (such as Bhojpuri, Bangla, Marathi, etc) grew by 26%.
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A summary of sports events and sports persons, who made news on Tuesday
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