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new Delhi. Shares of Zee Internetment Enterprises Limited (ZEEL) climbed 16.74 percent today, while the market closed on the red mark. The reason behind such a jump in the stock of ZEEL is Invesco’s talk about not convening the Extraordinary General Meeting (EGM). Since the merger of Zee and Sony, Invesco was talking about appointing 6 independent directors by calling the EGM. If you do not know what is Invesco, then tell that the full name of Invesco is Invesco Developing Markets Fund and this company has the largest shareholding in Zee.
On Thursday’s closing on the National Stock Exchange, ZEEL shares closed at Rs 298.90, up 16.74 per cent. Yesterday, this stock closed at 256.05 on Wednesday. Huge volume was seen in today’s trading. A volume of 86.77 million was recorded today as against 18.17 million yesterday.
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There was a demand for the removal of Puneet Goenka
Invesco had requested the Zee Board of Directors to hold an Extraordinary General Meeting (EGM) in September 2021. The meeting was sought to be convened on the ground that Invesco felt that the company was not running smoothly as it should. The firm sought the removal of 3 directors from the board of Zee, including the Managing Director and Chief Executive Officer (CEO) Puneet Goenka.
On Tuesday, a division bench of the Bombay High Court set aside its earlier order restraining the National Company Law Tribunal (NCLT) from hearing Invesco’s appeal.
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As per the new order, Zee has 3 weeks to appeal the High Court’s decision to the Supreme Court. If the company fails to do so, the Mumbai bench of the NCLT has the right to reopen the matter. The panel had deferred its hearing after an appeal was filed in the High Court in November last year. Zee Entertainment Enterprises was directed by Invesco to convene an EGM of shareholders.
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Tags: Sony TV, zee tv
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