Why Invesco pulled the plug on ZEEL’s Punit Goenka
3 years, 3 months ago

Why Invesco pulled the plug on ZEEL’s Punit Goenka

Live Mint  

The Best of Zee 4.0 is yet to come," chief executive officer Punit Goenka wrote in a letter to shareholders in Zee Entertainment Enterprises Ltd’s annual report for 2020-21. The decision was triggered by developments at Dish TV India Ltd, a note by a proxy advisory firm and a 55% plunge in the value of Zee shares held by one of the world’s biggest fund managers, said three executives privy to the development. “Investors have raised corporate governance issues, but many funds were otherwise sitting on the sidelines given Zee’s influence," said the executive, referring to Chandra’s allegiance to the ruling party. “Zee was plum for this kind of shareholder activism as it has a large free float, tiny promoter holding, good operating cash flows, and the stock was trading at compelling valuations," said Shriram Subramanian, founder and managing director of proxy advisory firm InGovern Research.

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ZEEL share price surges over 6% as shareholders reject Punit Goenka’s reappointment as director
3 weeks, 4 days ago

ZEEL share price surges over 6% as shareholders reject Punit Goenka’s reappointment as director

Live Mint  

Stock market today: Zee Entertainment Enterprises share price climbed over 6 per cent to ₹132.15 on Friday, November 29 after shareholders rejected a proposal to reappoint Punit Goenka as a director of the company. Proxy advisory firms had reportedly advised shareholders to vote against Goenka’s reappointment, which likely influenced the outcome. Earlier in October, the ZEEL board had approved Goenka’s …

Shareholders vote out Punit Goenka as Zee director
3 weeks, 5 days ago

Shareholders vote out Punit Goenka as Zee director

Live Mint  

Zee Entertainment Enterprises Ltd’s Punit Goenka on Thursday failed to secure shareholders’ approval to continue as director on the company’s board. Shareholders' decision Shareholders of Dish TV India rejected the candidature of managing director Jawahar Goel, Chandra’s younger brother, for the board in 2022. On 27 November, Mint reported, citing people aware of the matter, that officials of Life Insurance …

LIC, mutual funds opposed Punit Goenka as Zee MD
3 weeks, 6 days ago

LIC, mutual funds opposed Punit Goenka as Zee MD

Live Mint  

Officials of Life Insurance Corp. of India informed executives of Zee Entertainment Enterprises Ltd at a shareholder outreach programme that they would not back another five-year term for Punit Goenka as managing director, three people aware of the matter said. According to filings seen by Mint, Norges, the world's largest sovereign wealth fund, which owns 3.96% in Zee, approved Goenka's …

Zee Entertainment share price surges 8% as Punit Goenka quits as firm’s MD
1 month ago

Zee Entertainment share price surges 8% as Punit Goenka quits as firm’s MD

Live Mint  

Zee share price: Shares of Zee Entertainment surged almost 8 per cent in morning trade on the BSE on Tuesday, November 19, a day after the company announced that Punit Goenka had resigned as Managing Director of the company. "Punit Goenka decided to relinquish his position as Managing Director of the company to entirely focus on his operational responsibilities assigned …

IiAS and InGovern recommend investors reject Zee CEO Goenka’s candidature
1 month ago

IiAS and InGovern recommend investors reject Zee CEO Goenka’s candidature

Live Mint  

Mumbai and Bengaluru: In a surprise development late on Monday, Punit Goenka announced his decision to step down as the managing director of Zee Entertainment Enterprises Ltd, just days before his reappointment to the position was to be ratified by the company’s shareholders at their annual general meeting. Incidentally, Goenka’s decision to step down comes at a time when two …

Zee Entertainment boosts targets for MD Punit Goenka ahead of reappointment vote
1 month, 1 week ago

Zee Entertainment boosts targets for MD Punit Goenka ahead of reappointment vote

Live Mint  

The board of directors of Zee Entertainment Enterprises Ltd has approved higher targets for managing director and chief executive officer Punit Goenka ahead of his reappointment, which is due for a vote at the company’s annual general meeting. “Based on the recommendation of the nomination & remuneration committee the considered and approved higher targets to evaluate the performance of Punit …

Zee Media Shares Jump 19% On Fundraise Plans; Key Details For Investors
2 months, 4 weeks ago

Zee Media Shares Jump 19% On Fundraise Plans; Key Details For Investors

News 18  

Shares of Zee Media Corporation surged 19 per cent to Rs 16.5 in Wednesday’s trade on the BSE, following the company’s announcement that its board of directors will meet on Friday to explore various fundraising avenues. The proposed fundraising will be subject to necessary regulatory approvals and specific terms and conditions that will be finalised during the meeting, Zee Media …

Zee Entertainment share price down 5%: In Focus as advisory comm role expands
9 months, 3 weeks ago

Zee Entertainment share price down 5%: In Focus as advisory comm role expands

Live Mint  

Zee Entertainment Enterprises share price declined 5% on Wednesday and were trading close to ₹165 levels. Zee Entertainment Enterprises latest efforts to tackle the market turmoil through formation of independent advisory committee and thereafter changing the nomenclature to “An independent investigation committee” seem to have not helped lift investor confidence. In a filing to exchanges on Tuesday post market hours, …

Invesco to sell 5.5% Zee stake for $169.5mn
2 years, 2 months ago

Invesco to sell 5.5% Zee stake for $169.5mn

Live Mint  

MUMBAI : Invesco Developing Markets Fund will sell a 5.51% stake in Zee Entertainment Enterprises Ltd in a block trade that will fetch the investor as much as $169.5 million, according to deal terms seen by Mint. High gas prices: How India's gas economy works Why DMart disappoints investors Shree Cement's good show fails to impress street In April, Invesco …

Zee's Biggest Shareholders Invesco to Sell 7.8% Equity via Block Deal; What Shareholders Must Know
2 years, 8 months ago

Zee's Biggest Shareholders Invesco to Sell 7.8% Equity via Block Deal; What Shareholders Must Know

News 18  

US investment firm Invesco, which was until recently locked in a boardroom battle with Zee Entertainment Enterprises Ltd, has decided to reduce its stake in the latter via a block deal on April 7. Invesco, which is currently Zee’s biggest shareholder and holds a total of 17.88 per cent stake along with OFI Global China Fund LLC, will offload up …

Invesco drops plan to shake up India's Zee, citing Sony merger plan
2 years, 9 months ago

Invesco drops plan to shake up India's Zee, citing Sony merger plan

The Hindu  

U.S. investment firm Invesco decided on Thursday against pushing India's Zee Entertainment to shake up its top management, citing its support for a planned merger of Zee with the local unit of Japan's Sony Group. Invesco, which owns nearly 18% of Zee, has for months pursued a legal battle against the Indian firm to call for a shareholder meeting to …

HC restrains Invesco from calling Zee shareholders’ meet
3 years, 1 month ago

HC restrains Invesco from calling Zee shareholders’ meet

The Hindu  

The Bombay High Court on Tuesday temporarily restrained Zee Entertainment Enterprises’ top investor Invesco from calling a shareholder meeting, in a win for the TV network that sent its shares higher. U.S. investment firm Invesco, which owns almost 18% of Zee via two funds, wanted an extraordinary general meeting of shareholders in a bid to oust the Indian company’s CEO …

HC asks Zee to call for EGM requisitioned by Invesco amid boardroom tussle
3 years, 2 months ago

HC asks Zee to call for EGM requisitioned by Invesco amid boardroom tussle

Live Mint  

Bombay High Court on Thursday asked Zee Entertainment Enterprises to call for an extraordinary general meeting of shareholders as asked by top investor Invesco for removing the company's Chief Executive and Managing Director Punit Goenka as well as two other directors of ZEEL. Invesco asked Zee on Sept. 11 to call an "extraordinary general meeting" of shareholders to consider its …

Zee approaches NCLAT, seeks more time to respond
3 years, 2 months ago

Zee approaches NCLAT, seeks more time to respond

Hindustan Times  

Zee Entertainment Enterprises Ltd on Wednesday approached an appellate tribunal in a fresh turn in the ongoing tussle with two of its institutional investors even as the company proceeds with a planned merger with Sony Group Corp. The unfolding corporate battle at Zee began after Invesco approached NCLT to direct the company’s board to hold an extraordinary general meeting to …

Prolonged battle ahead as ZEE Entertainment takes Invesco to court
3 years, 2 months ago

Prolonged battle ahead as ZEE Entertainment takes Invesco to court

Business Standard  

Prolonged battle ahead as ZEE Entertainment takes Invesco to court Lawyers said how the high court treats Zee's civil suit for dismissal of Invesco's demand for an EGM would set tone for how legal battle would unfold in coming days Premium Lawyers point out that Zee approaching the Bombay HC should be seen as a move to create a parallel …

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