Zee Ent up 8% as shareholders reject proposal to reappoint Punit Goenka

Zee Entertainment shares jumped 7.6 per cent on BSE in Friday's trade and logged an intraday high of Rs 132.6 per share. The counter saw buying after shareholders reject the proposal to reappoint Punit Goenka as director.

 

Around 12:29 PM, Zee Entertainment's share price was up 4.75 per cent at Rs 129 per share on BSE. In comparison, the BSE Sensex was up 0.84 per cent at 79,709.49. The market capitalisation of the company stood at Rs 12,390.70 crore. The 52-week high of the stock stood at Rs 299.5 per share and the 52-week low was at Rs 114.4 per share. 

 

 

The shareholders of Zee Entertainment have rejected a proposal for the reappointment of Punit Goenka as director, as per its regulatory filing.

 

The filing by Zee Entertainment Enterprises Ltd (ZEEL) stated that the resolution for the reappointment of Goenka was defeated in the annual general meeting (AGM) of the company.

 

Resolution number three in the AGM, which proposed the reappointment of Goenka as director, was supported by only 49.54 per cent of the total number of votes cast while 50.4 per cent voted against the resolution. 

 

"Resolution No. 3 (Goenka's reappointment) failed to get the requisite majority of votes as required under the provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," ZEEL said.

 

This is a major setback for Goenka who is currently the CEO of the company. Several proxy firms had earlier advised the shareholders to vote against resolution number three.  Zee Entertainment Enterprises Limited (ZEEL) is a major Indian media and entertainment company. It is a leading player in television broadcasting, film production, digital content, and related services. Founded in 1992 and part of the Essel Group, Zee Entertainment operates numerous TV channels across a variety of languages and genres, including entertainment, news, and sports.

 

In the past one year, Zee Entertainment shares have lost 51.2 per cent against Sensex's rise of 18 per cent.