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Zee Entertainment AGM: Company says all resolutions passed with requisite majority by shareholders

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Zee Entertainment Enterprises said that all the resolutions were passed with the requisite majority in its 39th annual general meeting (AGM) of the equity shareholders that was held on Tuesday.

Zee Entertainment AGM: Company says all resolutions passed with requisite majority by shareholders
Zee Entertainment Enterprises said that all the resolutions were passed with the requisite majority in its 39th annual general meeting (AGM). The meeting of the equity shareholders was held on Tuesday.
This development comes after the largest shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC sought a special meeting of shareholders to remove CEO and Managing Director Punit Goenka.
Shareholders voted on six resolutions including the adoption of audited financial statements of the company for the financial year ended March 2021. Two other resolutions on the re-appointment of directors Manish Chokhani and Ashok Kurien were not considered since they had already resigned.
R Gopalan, Chairman of the Company, chaired the proceedings of the meeting and informed the members that Ashok Kurien and Manish Chokhani had resigned as non-executive non-independent directors of the company with effect from September 13, 2021 owing to pre-occupation and changed life circumstances and perspective post COVID respectively.
Hence, the voting, he said, was not considered pertaining to the continuation of directorship of Ashok Kurien and Manish Chokhani respectively.
While 13 percent of shareholders voted against the adoption of financial statements, 87 percent passed the resolution. Resolutions such as dividends on preference shares and ordinary shares, and the ratification of payments to the cost auditor were also passed with a majority of close to 99 percent.
Shareholders also agreed to the appointment of two new independent directors - Sasha Mirchandani and Vivek Mehra.
Ahead of the meeting, Chokhani and Kurien, had resigned from the board after the company's investors, Invesco Developing Markets Fund and OFI Global China Fund LLC, sought the removal of three directors, including CEO Punit Goenka.
The two shareholders have sought to appoint six new independent directors at the 39th annual general meeting (AGM), ZEEL had said in a regulatory filing on September 13.
Meanwhile, ace investor Rakesh Jhunjhunwala's Rare Enterprises Ltd and BofA Securities Europe SA on Tuesday bought shares of Zee Entertainment Enterprises worth over Rs 225 crore through open market transactions. Rare Enterprises bought 50 lakh scrips at Rs 220.44 per share through bulk deal transactions on NSE. BofA Securities Europe SA purchased 48.65 lakh shares at an average price of Rs 236.2 apiece.
Rare Enterprises' purchase value stood at Rs 110.22 crore while that of Bofa Securities Europe SA was Rs 114.92 crore. BofA Securities Europe SA - Odi is a public shareholder of Zee Entertainment and held 1.03 percent stake at the end of the June 2021 quarter, according to news agency PTI.
On NSE, shares of Zee Entertainment zoomed as much as 40.06 percent to close at Rs 261.7 on Tuesday.