ZEE investor seeks Board recast: Zee Entertainment in ruckus, demands resignation of MD Puneet Goenka

ZEE investor seeks Board recast: Zee Entertainment in ruckus, demands resignation of MD Puneet Goenka

Highlights

  • Disputes between investors and founders in Zee Entertainment came to the fore
  • Largest investor Invesco demands removal of MD Puneet Goenka
  • Two independent board members Manish Chokhani and Ashok Kurian resign
  • Invesco demands to convene EGM to induct independent board members

New Delhi
The ongoing dispute between the investors and the founders of Zee Entertainment has now come to the fore. The company’s largest investor Invesco has demanded the removal of Managing Director Puneet Goenka. Along with this, he had also demanded the removal of two independent board members Manish Chokhani and Ashok Kurien. Both of them have resigned. Ji gave this information in a statement on Monday.

Invesco Developing Markets Fund and OFI Global China Fund, owned by US-based independent investment company Invesco, have called for the removal of the company’s directors and convening an Extraordinary General Meeting (EGM) to induct six new independent board members. A Zee spokesperson said the company would take necessary steps as per law. However, he did not give much information about this.

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who will be involved
The new independent directors to be inducted into the company are Surendra Singh Sirohi (independent director, HFCL), Naina Krishna Murthy (founder and managing partner of K Law), Rohan Dhamija (senior partner, Analysys Mason) Arun Sharma (independent director, Welspun Enterprises). and Jindal Steel), Srinivas Rao Dadepalli (director, Tata Communications Payment Solutions) and Gaurav Mehta (India head, The Raine Group).

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ET has perused the copy of Invesco’s September 11 notice. Invesco holds 17.88 per cent stake in Zee. In July 2019, Invesco entered into a deal with Zee’s promoters to buy an 11 per cent stake in the company. The deal was done for Rs 4,224 crore at Rs 400 per share. But since then Zee’s shares have fallen significantly. On Monday, it closed at Rs 186.80, up 2.10 per cent on the BSE.

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