Tag: zeel

Shares of Zee Entertainment Enterprises (ZEEL) tanked 14 percent to hit a new 52-week low of Rs 176.60 per share on the BSE in Thursday’s early trade after the National Company Law Tribunal (NCLT) accepted IndusInd Bank’s insolvency petition against the company and admitted it into the corporate insolvency resolution process. The Mumbai Bench of the National Company Law Tribunal (NCLT) on Wednesday admitted an insolvency petition media company Zee Entertainment Enterprises filed by its financial creditor IndusInd Bank, under Section 7 of the Insolvency and Bankruptcy Code (IBC).IndusInd Bank in its plea has claimed a default of ₹83.08 crores against the media and entertainment firm promoted by Subhash Chandra. According to reports, the court has appointed Sanjay Kumar Jhalani as the interim resolution professional. Read more

Zee Entertainment Enterprises (ZEEL) zoomed 39 percent to Rs 355.35 on the National Stock Exchange (NSE) in the intra-day trade on Wednesday after the company announced a merger with Sony Pictures India.ZEEL said on Wednesday that its board of directors has unanimously provided in-principle approval for the merger with Sony Pictures Networks India (SPNI). Zee, which has a presence in television broadcasting and digital media with brands such as Zee TV, has been under pressure from top investors for a management reshuffle, including the exit of Chief Executive, Punit Goenka, from the board. Sony Pictures Networks India (SPNI) and ZEEL have signed an exclusive, non-binding term sheet to combine the companies' linear networks, digital assets, production operations, and program libraries, the companies said on Wednesday.SPNI will also infuse $1.575 billion in the entity, ZEEL said in a filing. Read more

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). Read more

At Close, Sensex closed 69 points, or 0.12 percent, up at 58,247.09 while the Nifty finished with a gain of 25 points, or 0.14 percent, at 17,380, rising for the second time in the last three sessions.IndusInd bank was the top index performer, rising over 4 percent. It was followed by HCL Technologies, Bajaj-Auto, Larsen & Toubro (L&T), Kotak Mahindra Bank, Tech Mahindra, among others. On the flip side, Nestle India, UltraTech Cement, Hindustan Unilever Ltd (HUL), Housing Development Finance Corporation (HDFC), Tata Steel, Bajaj Finserv, Infosys were among the top BSE Sensex draggers. BSE Midcap index rallying 1.09 percent and the BSE Smallcap index 0.63 percent. Nifty Media index emerged to be the best performing sector on NSE today, with a gain of over 14 percent. Nifty Private Bank, IT, and Auto were among the top sectoral performers. Bank Nifty gained 0.39 percent, Nifty Auto 0.88 percent, Nifty Private Bank 1.03 percent. Nifty Metal declined the most, down 0.5 percent. Read more