Zee Entertainment's largest shareholders call EGM seeking removal of Punit Goenka from board

Zee Entertainment's (ZEE's) largest shareholders, Invesco Developing Markets Fund and OFI Global China Fund LLC, which together hold 17.88 percent of the total paid-up share capital of the company, in a letter on September 11, called an extraordinary general meeting (EGM) seeking removal of Punit Goenka, Manish Chokhani and Ashok Kurien as Directors of the firm, the company said in a regulatory filing on September 13.

Punit Goenka is the managing director and chief executive officer of the media company.

The two funds have sought to appoint six new independent directors, the filing added.

The proposed directors are Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta.

However, the shareholders said, "We understand that the Company is required to seek an approval from the Ministry of Information and Broadcasting ("MIB") in connection with the appointment of the Proposed Independent Directors. Accordingly, we request that the Company submit an application with the MIS seeking approval for the appointment of the Proposed Independent Directors at the earliest."

In a separate filing, the company announced that Manish Chokhani and Ashok Kurien have resigned from the position of Non-Executive Non-Independent Directors of the firm with immediate effect.

While Chokhani had cited changed circumstances and perspective post COVID, Kurien had reasoned his pre-occupation for the resignation, the firm said informed in a regulatory filing.

The resignation comes after advisory firm IIAS, as per reports, had advised institutional investors to vote against the reappointment of Ashok Kurien and Manish Chokhani as Independent Directors on the Board of Zee Ltd in the AGM slated to be held on Tuesday (September 14).

Advisory Firm IIAS founded by Anil Singhvi advises institutional investors to vote against reappointment of Ashok Kurien and Manish Chokhani as Independent Directors on Board of Zee Ltd in upcoming AGM.

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— Yatin Mota (@YatinMota) September 8, 2021