Zee appoints three new independent directors

Agarwal is a chartered accountant with over three decades of experience in taxation, finance and restructuring, having worked in areas of statutory audit, income leakage audit, concurrent audit, and stock audit of public sector banks under RBI’s appointment.

The appointment of the three new independent directors to Zee board comes after Vivek Mehra and Sasha Mirchandani did not get enough votes.

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“The board of Zee Entertainment Enterprises Ltd. unanimously applauds Sasha Mirchandani and Vivek Mehra; for their significant contribution made towards the company, during their association. As two distinguished and noteworthy names in the corporate sector, Mirchandani and Mehra are on the boards of several leading public listed companies and have inculcated strong corporate governance ethics over the years," the company said.

"The board of the company strongly appreciates the role played by them and deeply acknowledges their support and contribution made towards the growth of the company," R. Gopalan, chairman, ZEEL said.

Earlier this week, the National Company Law Appellate Tribunal (NCLAT) on December 15 refused to grant a stay on the merger of Zee Entertainment and Sony. The tribunal, however, issued notice in the plea and listed the case for hearing on January 8. Axis Finance and IDBI bank had challenged the merger in the NCLAT.

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On December 15, shares of Zee Entertainment Enterprises (ZEEL) ended 0.27 percent lower at Rs 277.15 on the National Stock Exchange (NSE). So far this year, the stock has rallied over 14 percent, slightly underperforming benchmark Nifty 50 which has risen 17 percent during this period.