Page 3 - Zee Entertainment

ZEE gains 7% after Punit Goenka resigns as MD to take over reins as CEO

Thus far in calendar year 2024, the market price of ZEE has more-than-halved, or tanked 56 per cent, as compared to the 8 per cent rise in the BSE Sensex

Punit Goenka resigns as Managing Director of ZEE, appointed as CEO

Punit Goenka has resigned as the Managing Director of Zee Entertainment and has been appointed as CEO to have his focus entirely on operational responsibilities assigned to him by the board of the company. The board has "accepted the resignation of Punit Goenka as Managing Director of the Company and appointed him as CEO," said Zee Entertainment in a regulatory update. Mukund Galgali, Chief Financial Officer of Zee Entertainment, will assume the role of Deputy Chief Executive Officer of the Company, it added. Goenka's resignation as MD was effective from close of the business hours on November 18, and he was appointed as CEO the same day. The change would be like the existing full-time employment for Goenka, however the variable portion of his salary (40 per cent) will be paid to him only on achievement of certain milestones, subject to a maximum cap as defined by the Board, according to the statement. ZEE said: "With this step, he intends to dedicate his time entirely towards th

Punit Goenka asks ZEEL board to relieve him from managing director position

He intends to dedicate his time and energy towards the set goals for the company's future, ZEE Entertainment Enterprises said in a press release

ZEEL Board puts higher targets for MD Punit Goenka for re-appointment

The board of Zee Entertainment Enterprises Ltd (ZEEL) has enhanced the performance targets for its MD and CEO Punit Goenka for his re-appointment, according to a regulatory filing by the company. In its meeting held on Friday, the board of ZEEL "considered and approved higher targets to evaluate the performance of Punit Goenka which includes Quarterly Consolidated Revenue Outlook for next 4 quarters (commencing Q3FY25), Quarterly Consolidated EBITDA Outlook for next 4 quarters (commencing Q3FY25) and payout of 25% of consolidated net profits as dividend to the shareholders of the Company." Now the board will track the performance of Punit Goenka based on the above-mentioned targets, it said. Earlier on October 18, 2024, the board of ZEEL approved the proposal for Goenka's re-appointment for a five-year term, which will be effective from January 1, 2025, to December 31, 2029. However, Goenka's re-appointment would be subject to approval from the shareholders, it added. Moreover, th

ZEE, Voda Idea, RBL Bank: 14 NSE500 stocks enter 'Bear' zone in Samvat 2080

Stock market in Samvat 2080: Zee Entertainment Enterprises, CreditAccess Grameen, Vodafone Idea, and Rajesh Exports were among the 14 stocks that entered Bear zone in Samvat 2080

Zee Entertainment falls 8% in 3 days on mixed Q2 nos; hits over 4-year low

Zee's revenues have continued their declining trend as ad revenue growth remained underwhelming, declining by another 7.9 per cent YoY during the second quarter

Zee Entertainment Q2 results: Net profit rises 70% to Rs 209 crore

It had a net profit of Rs 123 crore in the July-September quarter a year ago, according to a regulatory filing from Zee Entertainment Enterprise Ltd (ZEEL).

Agreed to cuts by CBFC for 'Emergency', certificate can be issued: Zee

Zee Entertainment Enterprises, co-producer of Kangana Ranaut's Emergency' film, on Friday told the Bombay High Court it has agreed to the cuts suggested by the censor board. Senior counsel Sharan Jagtiani, who represented Zee, said the necessary cuts would be made and the film would be submitted to the Central Board of Film Certification (CBFC) for issuance of its certificate. Senior counsel Abhinav Chandrachud, appearing for the CBFC, said once the film is submitted after the cuts, the same would be verified and a certificate would be issued in two weeks. A division bench of Justices B P Colabawalla and Firdosh Pooniwalla accepted the statements and disposed of the petition filed by Zee Entertainment. The court said it would pass a detailed order later. We have worked it out, Jagtiani told the court. The movie, initially slated for a September 6 release, has been embroiled in a battle with the censor board for non-issuance of the CBFC certificate. Last week, the CBFC told HC th

Working out issues with CBFC over certificate for 'Emergency' film: Zee

Zee Entertainment Enterprises, a co-producer of Kangana Ranaut's "Emergency" film, on Thursday told the Bombay High Court it was working out with the Censor Board issues over issuance of certificate for the movie. The movie, which was initially slated for a September 6 release, has been embroiled in a battle with the Central Board of Film Certification (CBFC), popularly known as the censor board for non-issuance of certificate for release of the movie. Last week, the CBFC told the high court that the movie could be released if certain cuts were made as decided by the board's revising committee. On Thursday, senior counsel Sharan Jagtiani told a division bench of Justices B P Colabawalla and Firdosh Pooniwalla the issues are being worked out. "I believe it is working out between the CBFC and respondent 2 (Ranaut's Manikarnika Films, co-producer)," Jagtiani said. The bench posted the matter for hearing on Friday. Earlier this week, the bench was informed by the censor board that ..

Axis Finance, IDBI withdraw petitions against Zee-Sony merger at NCLAT

Axis Finance, IDBI Bank & IDBI Trusteeship Services have withdrawn their petitions before the appellate tribunal NCLAT filed against the NCLT order approving the merger of Zee Entertainment with Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) allowed the withdrawal of the petitions noting that the NCLT earlier this month had already recalled its earlier order of August 10, 2023, approving the merger of Zee Entertainment with Sony Pictures Networks India. "Learned counsel for the appellants submit that NCLT has already withdrawn the merger scheme. Hence the appellants pray that they may be permitted to withdraw the appeals. Prayer is allowed," said an NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra. Earlier this month, the Mumbai bench of the National Company Law Tribunal (NCLT) recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks ...

ZEE hits 52-week low in strong market; stock tanks 54% thus far in CY2024

The stock of the television broadcasting & software production company was trading lower for a fifth straight day, down 8 per cent during the period

ZEEL refutes $940 million Disney Star claim over ICC TV rights deal

Claim came as former failed to pay $1.4 bn within deadline

Zee Entertainment refutes $940 million damages claim by Disney's Star India

The dispute centres on an alliance agreement between Zee and Star India valued at $1.4 billion for the broadcasting rights for International Cricket Council (ICC) events

NCLT recalls order on Zee-Sony merger, allows withdrawal of scheme

The National Company Law Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard. The Mumbai bench of the NCLT had last week recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks India. The bench observed the parties have "mutually consented" to withdraw the scheme on account of the settlement agreement and the board of directors has passed the resolutions to withdraw the scheme of amalgamation. "Accordingly, this Bench allows the withdrawal of the Scheme of Amalgamation and hereby recalls order dated 10.08.2023 in C.P.(CAA) No. 209 of 2022," said NCLT order, a copy of which was shared to bourses by Zee on Thursday. Zee, which applied for withdrawal, submitted the Composite Scheme of the Merger Cooperation Agreement executed to give effect to this scheme stands terminated and accordin

ICICI Bank, Zee in focus amid allegations on Sebi chief Buch; outlook here

ICICI Bank stock has gained 31% in the last 9 months, while Zee has crashed 50% thus far in 2024. Both stocks could see a role reversal going ahead provided these levels are taken out, suggest charts.

'Sebi chairperson Buch is corrupt', alleges Zee's Subhash Chandra

Regulatory official calls allegations "malicious and opportunist"

Zee-Sony settlement removes overhang but outlook stays uncertain: Analysts

Zee Sony merger settlement news: Any meaningful re-rating in Zee share price, analysts said, should happen in case ZEE finds a new partner or strategic investor

Zee, Sony reach non-cash agreement to settle disputes over merger

Under the settlement, the companies have mutually decided to withdraw all claims against each other in the ongoing arbitration at the Singapore International Arbitration Centre

Zee stock zooms 14% on settling merger termination dispute with Sony

Zee Entertainment in an exchange filing today said, both companies had agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore.

Zee's Securities Issue & Allotment Committee approves FCCBs worth $239 mn

Zee Entertainment on Tuesday said the Securities Issue and Allotment Committee of the company has approved the allotment of foreign currency convertible bonds (FCCBs) worth USD 239 million to investors. In a regulatory filing, Zee Entertainment Enterprises Limited said it has considered and approved the allotment of FCCBs of up to USD 239 million (around Rs 2,000 crore) maturing in 10 years on a private placement basis to Resonance Opportunities Fund, St John's Wood Fund Ltd and Ebisu Global Opportunities Fund. On July 16, the board of Zee Entertainment Enterprise Ltd (ZEEL) approved the raising of funds through FCCBs with a coupon rate of 5 per cent of up to USD 239 million from investors - Resonance Opportunities Fund, St. John's Wood Fund Ltd and Ebisu Global Opportunities Fund. These FCCBs will not be listed on any of the stock exchanges, it had said. However, investors who choose to convert their bonds into shares will pay Rs 160.20 per share. "In case of conversion of all FC