Zee Entertainment shares decline over 2 percent

NEW DELHI, (PTI): Shares of Zee Entertainment Enterprises Ltd on Friday declined over 2 per cent after the company said its board has rejected the request of shareholders, Invesco and OFI Global China Fund, to convene an Extraordinary General Meeting (EGM) to discuss various issues.

The stock dipped 2.44 per cent to close at Rs 295.55 on the BSE. During the day, it tanked 6.12 per cent to Rs 284.40.

On the NSE, it declined 2.42 per cent to close at Rs 295.85.

Zee Entertainment Enterprises Ltd on Friday said its board has rejected the request of shareholders, Invesco and OFI Global China Fund, to convene an Extraordinary General Meeting to discuss various issues, including removal of Managing Director Punit Goenka.

At its meeting held on Friday, the company’s board rejected the minority shareholders’ demand and termed the requisition as ”invalid and illegal”.

”In its meeting held on 1st October 2021, the board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC,” ZEEL said in a statement.

On Thursday, the Mumbai bench of the National Company Law Tribunal (NCLT) had directed ZEEL to hold a board meeting to consider Invesco’s request for convening an EGM for discussing various issues.

US-based Invesco had moved a petition seeking convening of the EGM, removing the company’s Chief Executive and Managing Director Punit Goenka as well as two other directors, and reconstituting the board with the appointment of six new directors. (PTI)