Stock market shrugs Invesco notice as Zee stock climbs up
Zee shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC have asked for Punit Goenka’s removal as Director
Hours after Punit Goenka assured Zee employees that there will be “business as usual” despite shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC calling for an extraordinary general meeting and seeking his removal as Director, the stock market seems to have shrugged the controversy. Zee’s share price is up 20.98%, by Rs 39.20 to Rs 226.05.
After the two shareholders sought Goenka’s removal on Monday, Goenka communicated to Zee employees in a mail.
“As you must have noted, our 39th Annual General Meeting is lined up for tomorrow i.e 14th September 2021. There are certain developments pertaining to the Board composition. We have also disclosed, in the interest, of our shareholders, which will get covered across news media platforms.
I humbly request each one of you to remain focused on your work commitments and not let any speculations deter our service towards 1.3 billion viewers across the globe. It is ‘Business As Usual’ as always, and I assure you that there will be no impact on your day to day work, or the functioning of the company.
I am very proud of you, for your determination and passion; and most above, for your immense contribution towards ZEE 4.0.
I shall continue to see your support and faith, as we progress towards our set goals for the future,” wrote Goenka.
In a letter titled 'Requisition for calling an Extraordinary General Meeting of the shareholders of the company, Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC- shareholders of the company who hold the largest share submitted this requisition to for calling an extraordinary general meeting of the shareholders of the company and seeks removal of Punit Goenka as Director along with two independent Directors- Manish Chokhani and Ashik Kurien.
As per the BSE, Invesco also proposed six candidature including Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli and Gaurav Mehta for the role of independent directors.
Invesco said in the letter, “We understand that the company (ZEEL) is required to seek approval from the Ministry of Information and Broadcasting (MIB) in connection with the appointment of the proposed independent directors. We request that the company submit an application with the MIB seeking approval for the appointment of the Proposed Independent Directors at the earliest. You are also requested to share a copy of the application for our records.”
Manish Chokhani and Ashok Kurien have already resigned from Zee Entertainment Enterprises Ltd (ZEEL) as Non-Executive Non-Independent Directors with immediate effect. The company has notified the BSE.
The company has received letters from Chokhani and Kurien resigning from the position.
As per the BSE filing, Kurien ceased to be a Member of the Corporate Social Responsibility Committee and Stakeholders Relationship Committee of the board with immediate effect; and Chokhani ceased to be a Member of the Nomination and Remuneration Committee and Risk Management Committee of the board with immediate effect.
The reason for the resignation of Chokhani stated, “Due to changed life circumstances and perspective post COVID.” Whereas the reason for the resignation of Kurien was mentioned,” Due to his pre-occupation.”
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