Zee Entertainment shares gains 40 percent on removal of directors from the board
Published On: Tuesday, September 14, 2021 | By: Team KnowMyStock
Shares of Zee Entertainment zoomed in as much as 39.14% to Rs 260 apiece on Tuesday after top investors of the company have sought the removal of current Managing Director Punit Goenka and two independent directors Manish Chokhani and Ashok Kurien from the board. Invesco Developing Markets Fund and OFI Global China Fund LLC, which together hold 17.88 percent of the total paid-up share capital of the company, have demanded the removal of CEO Punit Goenka and have also sought the appointment of six independent directors. Invesco Developing Markets Fund and OFI Global China Fund LLC’s move to call an extraordinary general meeting seeking the removal of Goenka was a positive development for corporate governance, experts said. Chokhani and Kurien have submitted their resignations with immediate effect before the extraordinary general meeting (EGM).
The investment firms have also enclosed the relevant declarations and information required from each of the proposed Independent Directors, which is required while seeking approval from the Ministry of Information and Broadcasting (MIB) while making changes.
"Accordingly, we request that the company submit an application with the MIB seeking approval for the appointment of the Proposed Independent Directors at the earliest," the investment firms said.
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