Page 4 - Zee Entertainment

SC sets aside order directing Bloomberg to take down defamatory article

The Supreme Court on Friday set aside a trial court's order directing international media group Bloomberg to take down an allegedly defamatory news article against Zee Entertainment. The top court was hearing a plea filed by Bloomberg against the March 14 order of the Delhi High Court, which dismissed its appeal against the trail court order. A three-judge bench headed by Chief Justice D Y Chandrachud said the error committed by the trial judge had been perpetuated by the high court. "The error committed by the trial judge had been perpetuated by the high court. Merely recording that a prima-facie case exists for a grant of injunction, the balance of convenience lies in Zee's favour and that an irreparable injury would be caused would not amount to application of mind in the case," the bench, also comprising Justices J B Pardiwala and Manoj Misra, said while granting liberty to Zee to approach the trial court afresh with its prayer seeking injunction. Reacting on the apex court ord

Sebi to issue corrigendum on summons issued to Zee founder Subhash Chandra

The market regulator's statement comes in a response to the petition filed by Chandra alleging that the summons issued by Sebi is effectively a show cause notice and contains "conclusive" allegations

Can LS elections, IPL revive mood in media stocks? Here's what charts say

Analysts believe that Lok Sabha polls and IPL may provide short-term earnings boost, but the overall sentiment depends on how the RIL-Disney deal shapes up or a revival in Zee-Sony India merger talks.

ZEEL shareholders approve appointment of three independent directors

Zee Entertainment Enterprises shareholders have approved the appointment of three independent directors to the company's board. Special resolutions for approval of the appointment of - Uttam Prakash Agarwal, Shishir Babubhai Desai and Venkata Ramana Murthy Pinisetti were passed with majority by the shareholders of Zee Entertainment Enterprises Ltd (ZEEL) through a postal ballot process. All three special resolutions received over 75 per cent of the total number of valid votes, according to the Consolidated Report of the Scrutinizer shared by the company to bourses. "This outcome of the remote e-voting process concluded on 15th March 2024 reflects the shareholders' confidence in the Board of the Company," ZEEL said in a statement later. On February 5, 2024, ZEEL sent a postal ballot notice to seek approval of the shareholders for the appointment of three independent directors for their first term of three years, which is from December 17, 2023, to December 16, 2026. On Friday, Zee

Zee president and group chief technology officer Nitin Mittal resigns

Zee Entertainment's president and group chief technology officer Nitin Mittal has resigned as the company streamlines the vertical. The board of the company has accepted the resignation of Mittal, who was working in this role for the last two years, it added. This announcement comes amid strategic changes in the technology and data vertical, implemented by managing director and CEO Punit Goenka, a ZEEL statement said. "The MD & CEO has accepted the resignation of Nitin Mittal," it added. Under the guidance of the Board and in line with the strategic approach undertaken by the MD and CEO, significant steps are being implemented to build a new lateral structure that lays a sharper emphasis on accountability and results," said ZEEL. This is the second major exit from ZEEL recently. Last week Rahul Johri, who was President - Business of ZEEL, and heading revenue and monetisation, resigned after a stint of over three years. Earlier this month, its Chairman R Gopalan in an investor ..

Zee MD & CEO Punit Goenka revamps revenue vertical, Rahul Johri resigns

Zee Entertainment Enterprise Ltd on Saturday announced the resignation of Rahul Johri and changes in the revenue vertical of the broadcast business implemented by its MD & CEO Punit Goenka. Johri, who was President - Business of Zee Entertainment Enterprise Ltd (ZEEL), and heading revenue and monetisation, has resigned after a stint of over three years, according to a statement from the company. The company has accepted the resignation of Johri, it added. Besides, ZEEL also announced strategic changes in the revenue vertical of the broadcast business. Now Ashish Sehgal, Chief Growth Officer, Advertisement Revenue, will directly report to the MD & CEO, said ZEEL. "This announcement is the first step towards streamlining the organization, in order to optimize the resource allocation and enhance productivity," it said. Before ZEEL, Johri was the first Chief Executive Officer at the Board of Control for Cricket in India (BCCI) and led Discovery's South Asia operations. Goenka ...

HC reserves order on Bloomberg's plea over take down of article against Zee

The Delhi High Court on Thursday reserved the order on plea moved by Bloomberg Television Production Services India Private Limited challenging the order of the Saket district court directing it to take down an article titled "India Regulator Uncovers USD 241 Million Accounting Issue at Zee" published on February 21 from its website.The bench of Justice Shalinder Kaur decided to reserved the order after hearing the submissions at length of both sides.The article claimed that the Securities & Exchange Board of India (SEBI) had apparently "found a discrepancy of more than USD 240 million in the accounts of Zee Entertainment Enterprises Ltd".The Saket Court on March 1 stated that the plaintiff/Zee has made out a prima facie case for passing ad interim ex-parte orders of injunction, the balance of convenience is also in favour of the plaintiff and against the defendant/Bloomberg and irreparable loss and injury may be caused to the plaintiff, if the injunction as prayed for is not ...

Delhi court orders Bloomberg to remove 'defamatory' article against Zee

The article mentioned details pertaining to the corporate governance and business operations of Zee, which were inaccurate in nature and led to a 15 per cent drop in the share price of the company

RIL-Disney 'game-changing' deal gets a thumbs-up from analysts

The development will be negative for other players such as Zee, analysts said, who will now have to compete with a much larger entity

Sony withdraws agreement to merge India operations with Zee from NCLT

While the court filings officially bring the curtain down on the long-drawn saga that was beset by delays, drama over who'll lead the merged entity and a regulatory probe on Zee's founders

Zee Entertainment tanks 10% in 2 days, stock nears 52-week low

The counter saw heavy volumes of around 35.64 million equity shares changing hands on the NSE and BSE till 11:09 am on Thursday

Zee, Paytm top Nifty 500 losers so far in 2024; will the fall continue?

As many as 10 stocks within the Nifty 500 space have declined over 20 per cent so far in 2024. These are the key levels to watch out, suggest charts.

Zee saga: Sony's spurned target shows pitfalls of tempting Indian M&A

To foreign investors, the Sony-Zee saga is a reminder of the need to approach Indian deals with an abundance of caution

Zee forms independent advisory panel to curb erosion of investor wealth

Zee Entertainment Enterprises Ltd on Friday said its board has constituted an independent advisory committee headed by Satish Chandra, retired judge of Allahabad High Court, to curb erosion of its investor wealth in the wake of speculations, leading to negative public opinion of the company. Earlier this week, media reports said market regulator Sebi has found financial discrepancies in the accounts of the company, although it asserted that the reports-related accounting issues are "incorrect and false". "The board of ZEE Entertainment Enterprises Ltd (ZEEL), has approved to constitute an independent advisory committee that will enable it to review and take cognizance of the widespread circulation of misinformation, market rumours, and speculation that has led to the formation of negative public opinion about the company and consequent erosion of investor wealth," ZEEL said in a statement. The committee will be presided by Dr Satish Chandra, a former judge of Allahabad High Court.

Sebi to question Subhash Chandra, Punit Goenka on fund diversion: Report

This comes just a day after media reports suggested that Sebi has found an accounting 'hole' of Rs 2,000 crore in Zee's books

Stocks to Watch today: RIL, LTIMindtree, Marurti, NBCC, Axis Bk, Zee, Sugar

Stocks to watch on Thursday, February 22, 2024: As many as 15 stocks are in F&O ban today including Ashok Leyland, Balrampur Chini, Biocon, India Cement, PVR Inox and Zee Entertainment.

Mutual funds pare holdings in Zee Ent by 40% post Sony merger deal fallout

Shares held by active MF schemes decline 40% to 173 million

Mystery thickens in Zee fund diversion case amid reports of accounting hole

Stock tanks 14% amid reports of 10x fund diversion; Sebi final order expected by mid-April

SAT to hear Subhash Chandra's appeal in fund diversion case tomorrow

In the same order, issued in August 2023, Chandra's son Punit Goenka was granted relief by the tribunal

Zee Entertainment sinks 14% amid report of Rs 2,000-cr fund diversion

Bloomberg reported that market regulator Securities and Exchange Board of India (Sebi) has found a hole of more than $240 million in the accounts of ZEE