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Zee cancels October 27 board meeting for considering Q2 FY22 results

The company says it cancelled the board meeting due to a lack of quorum

October 26, 2021 / 02:59 PM IST
ZEEL | Representative image

ZEEL | Representative image

 
 
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Zee Entertainment, which is caught in a legal tussle with its largest shareholders Invesco and OFI Global, has cancelled its board meeting scheduled for October 27 to consider financial results of the second quarter.

The meeting was cancelled due to lack of quorum and a new date would be announced in a fresh notice, the company told exchanges on October 25.

"This is to inform that a meeting of the Board of Directors of the Company, which was scheduled to be held on Wednesday, October 27, 2021, inter alia, to consider and approve the unaudited financial results of the Company both on standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum," the company said on October 25.

"Further, the Trading Window for dealing in securities of the Company which stands closed from October 1, 2021, in pursuance of Company's Insider Trading Code, shall remain closed till 48 hours after the announcement of Un-audited financial results of the Company for the 2nd quarter and half year ended September 30, 2021," the exchange filing added.

Zee and Invesco and OFI Global, which together hold a 17.88 percent stake in the company, are embroiled in a legal battle. Invesco has requisitioned to call an extraordinary general meeting (EGM) for the ouster of MD and CEO Punit Goenka and the appointment of six new independent directors. Zee has said the demand for an EGM is illegal and invalid.

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The Zee-Invesco matter is being heard by the Bombay High Court as well as the National Company Law Tribunal (NCLT). Invesco had approached NCLT, saying it was forced to move the tribunal within 21 days of seeking an EGM as the board of ZEEL was yet to acknowledge its demand.

Zee on October 2 moved the High Court, requesting the demand for EGM be declared illegal.

Amid the wrangling, Zee announced its merger with Sony on September 22. The period for due diligence is 90 days from the day of the announcement.

The appointment of Punit Goenka as MD and CEO of the company is an integral part of its deal with Sony Pictures Networks India, Zee has said.
Moneycontrol News
Tags: #Companies
first published: Oct 26, 2021 01:26 pm

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