Zee increased 15% as Invesco withdraws EGM notice to remove Punit Goenka

Shares of Zee Entertainment Enterprises (Zee) rose 15 per cent to Rs 294.45 on the Bahrain Bourse on Thursday at 09:30 am. After the company’s largest shareholder, Invesco, decided to withdraw its purchase order notice from the extraordinary general assembly, which sought to remove Managing Director and CEO (MD & CEO) Punit Goenka from ZEE’s board of directors.

2.5 million shares of consolidated stock were trading at the counter and there were pending orders for 6.9 million shares on the NYSE and Bahrain Bourse as of the time of writing this update. Stocks are traded in the futures and options (F&O) segment, which has no circular boundaries. The stock had hit a 52-week high of Rs 378.60 on December 15, 2021.

Invesco Develop Markets Fund, which owns an 18 percent stake in Zee Entertainment, backed Zee’s merger with Sony and decided not to sue Zee. Read more

The Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund, Zee’s largest shareholder, against a single judge’s order granting a temporary injunction on holding an extraordinary general meeting to dismiss Zee CEO Puneet Goenka.

In September 2021, Invesco submitted a request to Zee’s board of directors to hold an extraordinary general meeting on the grounds that it felt the company was not running smoothly.

The company sought to remove three directors from Zee’s board, including managing director and CEO Punit Goenka. Click here for the full report




Dear Reader,

Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital publisher

Leave a Reply

Your email address will not be published. Required fields are marked *