The Bombay high court on Tuesday granted an interim injunction against Zee Entertainment Enterprise Ltd's (ZEEL) largest shareholder Invesco, restraining the latter from going ahead with the requisition of an extraordinary general meeting (EGM) seeking removal of the ZEEL MD and CEO Punit Goenka. A single bench presided over by Justice Gautam Patel said, "I have granted an injunction to the respondents." A detailed order of the court is awaited.
World champion D Gukesh played out a draw with Jorden van Foreest of Holland, while Grandmaster R Praggnanandhaa beat Alexey Sarana of Serbia as the two Indians shared the lead after a thrilling day at the Tata Steel Masters at Wijk Aan Zee (The Netherlands) on Saturday.
Gukesh draws with Wei Yi; Praaggnandhaa outwits Caruana
In its reply to the Securities Appellate Tribunal (SAT), the Securities and Exchange Board of India (Sebi) said urgent action was warranted against the promoters of Zee Entertainment Enterprises Limited (ZEEL) in the alleged fund diversion case to safeguard the management and protect investors and other stakeholders. It termed the applications made by Essel Group Chairman Subhash Chandra and ZEEL managing director (MD) and Chief Executive Officer (CEO) Punit Goenka as "completely false and misleading" in its response submitted to SAT on June 17. "We have a situation before us where the chairman emeritus and the MD and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons.
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.
Indian Grandmaster R Praggnanandhaa continued his strong run at the Tata Steel Masters, winning his third consecutive game to take his tally to 8.5 points after the 12th round.
Interestingly, all of R Praggnanandhaa's victories have come at the expense of the Indians so far in the tournament.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
His exit has created a benchmark of sorts for how entrepreneurs and businesses should deal with debt crises. Unlike many other Indian businessmen, he hasn't fled, tried to hang on to the business by any means or wrangle out of the debt by using his closeness to the current government. It is so very rare for Indian media businesses to grow out of their founding family's shadow, however, benevolent it may be.
Newly-crowned world chess champion D Gukesh is looking forward to the day when the sport will become a part of the Olympic curriculum, which, he said, would take it to an altogether different level not just in India but across the world.
Markets regulator Sebi on Monday barred Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka from holding the position of a director or key managerial personnel in any listed company for siphoning off funds of the media firm. The case pertains to Chandra, who was also the chairman of ZEEL during the alleged violation, and Goenka having abused their position as directors or KMPs of a listed company for siphoning off funds for their own benefit. In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate entities, which are owned and controlled by them.
The move by these broadcasters comes close on the heels of the Telecom Regulatory Authority of India announcing a review of its earlier tariff order, announced six months ago, which among others capped the prices for la carte channels.
The upward climb of Network18 and Sony, and the phenomenal growth rates of language newspaper groups are among the other highlights of Business Standard's listing of India's largest media groups.
Crime Beat is engrossing enough to binge-watch, endorses Deepa Gahlot.
Sukanya Verma asks you to brace yourself for an out-of-body-experience on OTT this Diwali week.
Grandmaster Nodirbek Yakubboe said he didn't respond to Indian GM R Vaishali's handshake gesture because of 'religious reasons'.
Telly folk attended the Zee Rishtey Awards 2020 on December 5, looking glam on the red carpet.
Ashnoor Kaur's style is a perfect mix of sweet and sassy.
'Once I started acting, I gradually started liking it and the perks that come with it.'
Christmas romance, heists, thrillers, it's all there on OTT this week. Sukanya Verma lists her recommendations.
Goenka, who is the elder son of Essel group promoter and Zee chairman Subhash Chandra, has been MD of the media firm since January 1, 2010.
Zee and its lenders had decided to enter into an agreement to not offload the pledged shares amid a sharp slide in the prices of the underlying securities during end-Janury. The terms give the lenders a greater say, upside benefit from the proposed strategic sale, more cover and personal guarantee.
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.
Food, feminism, fights, father-son issues, famous rivalries, OTT is as loaded as it gets this week.
Manoj Bajpayee is back with another gripping story in Despatch, an investigative crime thriller which is set to release on ZEE5 on December 13.
A superficial drama that never rises above its boring sentimentality, notes Mayur Sanap.
Allu Arjun's biggest blockbuster, Satyajit Ray's story and Spidey's exciting new avatar, Sukanya Verma lists her recommendations on OTT this week.
The promoters expect to get Rs 9,000-10,000 crore from the sale of their assets
D Gukesh defeated Dutch Grandmaster Max Warmerdam to stay in sole lead on 7.5 points at the end of the 10th round of Tata Steel Chess tournament
Sukanya Verma gives you some interesting options to choose from.
'I hope this film will bring some change in people, their homes, and in our society.'
Grandmaster R Praggnanadhaa played out a solid draw with World champion D Gukesh in the eighth round of the Tata Steel Masters.
The innovation will be on its South Indian channels on September 23-24.
Zee has launched its sports channel -- Zee Sports -- that would not simply focus on cricket but provide a "multi-genre sports entertainment package to the viewers".\n
rediffGURU Anu Krishna offers relationship advice and tells you how to take control of your life.
Women power, rebellious love, shady godmen, love triangles and more on OTT. Sukanya Verma lists everything coming up on OTT this week.
She held a roadshow in Nagpur on Sunday for BJP candidate Pravin Datke.
