Zee Entertainment’s largest shareholders Invesco Developing Markets Fund and OFI Global China LLC have called an emergency meeting of the board on September 11 in a letter. Both of them hold 17.88 per cent of the total paid-up share capital of Zee Entertainment.
The meeting is scheduled to be held on September 14. The purpose of this meeting is to remove Puneet Goyal, Manish Chokhani and Ashok Kurian from the post of directors of the company. Puneet Goenka is the Managing Director and Chief Executive Officer (CEO) of the company. The company informed the regulator about the matter on September 13.
Manish Chokhani and Ashok Kurian resigned before the meeting
However, the company said that Manish Chokhani and Ashok Kurian have resigned before the emergency meeting of the board. Both of them were non-executive non-independent directors. Chokhani said that the situation has changed after Kovid, due to which he is resigning. Both the funds have demanded appointment of two new independent directors.
emergency board meeting on 14 september
According to reports, advisory firm IIAS has asked institutional investors to vote against the reappointment of Ashok Kurian and Manish Chokhani as independent directors. Zee Entertainment’s emergency board meeting is scheduled to be held on 14 September.
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