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market | IST

Zee EGM: LIC says policyholder interest of paramount importance while exercising vote

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LIC, India's largest life insurance company and also the single second largest shareholder in Zee Entertainment, with a stake of about 5 percent, spoke to CNBC-TV18 exclusively, on the Zee and Invesco tussle.

LIC, India's largest life insurance company and also the single second largest shareholder in Zee Entertainment, with a stake of about 5 percent, spoke to CNBC-TV18 exclusively, on the Zee and Invesco tussle.
LIC said that they are currently monitoring the situation when it comes to Invesco’s appeal against Zee Entertainment at NCLT and Mr. Punit Goenka’s removal as the director.
For them, two things are going to be most important- one is policyholder interest and second, LIC's value as far as their stake in Zee Entertainment is concerned. These two things will be of paramount interest to India's largest life insurance company when it comes to voting either in favour, against or even abstain when it comes to the voting in the EGM.
Now of course, if they vote in favour or against, then it is a clear cut side which they take but even if they abstain, then the shareholder base will get reduced, will shrink by the kind of stake which they hold, that is about 5 percent and that could also have a material impact as far as the final outcome of the EGM is concerned.
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