Zeel

Equity boom spurs shareholder activism, reshapes corporate boardrooms

Large investors now assert their right to have a say in investee companies, underscore analysts

Zeel's shareholders want a professional to lead the company: Proxy advisors

Stock rises after shareholders reject Punit Goenka's reappointment as a director

ZEEL shareholders reject proposal to reappoint Punit Goenka as director

The shareholders of Zee Entertainment have rejected a proposal for the reappointment of Punit Goenka as director, according to a regulatory filing by the company. The filing by Zee Entertainment Enterprises Ltd (ZEEL) stated that the resolution for the reappointment of Goenka was defeated in the annual general meeting (AGM) of the company. Resolution number three in the AGM, which proposed the reappointment of Goenka as director, was supported by only 49.54 per cent of the total number of votes cast while 50.4 per cent voted against the resolution. "Resolution No. 3 (Goenka's reappointment) failed to get the requisite majority of votes as required under the provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," ZEEL said. This is a major setback for Goenka who is currently the CEO of the company. Several proxy firms had earlier advised the shareholders to vote against resolution number three. However, the three other .

Punit Goenka withdraws from reappointment for ZEEL MD in upcoming AGM

ZEE Entertainment CEO Punit Goenka, who resigned from the post of Managing Director last week, has also withdrawn himself from reappointment for the post in the coming AGM, according to an exchange filing. While sharing Goenka's resignation letter to exchanges on Saturday, Zee Entertainment Enterprises Ltd (ZEEL) said he is "withdrawing his consent for his re-appointment as Managing Director of the company as proposed in the Notice of the ensuing Annual General Meeting. Earlier on October 18, 2024, the ZEEL board approved the proposal for Goenka's reappointment for a five-year term, effective from January 1, 2025, to December 31, 2029. Goenka's present tenure as Managing Director & CEO of the company was scheduled to finish at the 2024-end. Goenka's re-appointment was subject to approval from the shareholders, in the coming AGM, which is scheduled to be held on November 28. However, on November 18 Punit Goenka, son of media baron Subhash Chandra, resigned as the Managing Director .

ZEE gains 7% after Punit Goenka resigns as MD to take over reins as CEO

Thus far in calendar year 2024, the market price of ZEE has more-than-halved, or tanked 56 per cent, as compared to the 8 per cent rise in the BSE Sensex

Punit Goenka asks ZEEL board to relieve him from managing director position

He intends to dedicate his time and energy towards the set goals for the company's future, ZEE Entertainment Enterprises said in a press release

Zee Entertainment falls 8% in 3 days on mixed Q2 nos; hits over 4-year low

Zee's revenues have continued their declining trend as ad revenue growth remained underwhelming, declining by another 7.9 per cent YoY during the second quarter

ZEEL's committee finds no irregularities against firm during Sebi probe

The committee also reviewed the matter that is currently under adjudication with Sebi and stated that no further action is required by the company based on its findings

ZEEL aims to deliver higher profitability through enhanced performance: MD

ZEE Entertainment Enterprises Ltd (ZEEL) aims to deliver higher profitability through enhanced performance across its businesses and generate better value for all stakeholders, the company's Managing Director & CEO, Punit Goenka said on Tuesday. Addressing employees at a town hall on the company's 32nd anniversary, Goenka said in the next 32 years he envisioned ZEE to "emerge as a beacon of hope and change for the society". "I envisage our purpose should be to enrich the lives of people around the world, by creating such extraordinary moments, that celebrate the power of optimism and togetherness," he said. During the session, Goenka reiterated ZEEL's "aspirations to deliver higher profitability through enhanced performance across the business and generate higher value for all stakeholders". The company said it continues to take the necessary action-oriented steps across the business to enhance the performance and deliver stronger returns, in line with the strategic plan laid out .

Zee to push for global reach of DP World ILT20, targets premium advertisers

For advertisers, Sehgal said that ZEEL is focused on creating value as the consumer base consists predominantly of high-income groups in the UAE

Zee, Sony amicably settle disputes over failed merger, withdraw claims

ZEEL's stock price rose to Rs 154.9 per piece on NSE during the day and closed at Rs 150.9 per piece, which was still 10 per cent higher than the previous day's closing price

ZEE Entertainment shareholders approve plan to raise Rs 2,000 crore

Zee Entertainment shareholders have approved a plan to raise Rs 2,000 crore from the market through various routes, including issuing equity shares and qualified institutions placements (QIPs). The special resolution for "issuance of securities for an amount not exceeding Rs 2,000 crore" was passed by 78.83 per cent of the total polled votes, according to a scrutiniser report filed by Zee. "The shareholders of the company have duly passed the resolution for issuance of securities for an amount not exceeding Rs 2,000 crore with requisite majority," the regulatory filing said. The remote e-voting period for this special resolution commenced on Sunday and ended on Monday, July 15, 2024, at 5 pm. Zee Entertainment Enterprise Ltd (ZEEL) plans to raise in one or more tranches through a private placement, a qualified institutional placement, a preferential issue or a combination of them. Though the company has not specified how it plans to invest the amount, experts expect a portion of t

Zee Entertainment CEO Punit Goenka buys majority stake in Maverick Media

Maverick Media is promoted by Vistaar Entertainment and focuses on expanding the large-screen cinema experience across India

Q4 results today: NHPC, ZEEL, Pfizer among 116 firms to post earnings today

Q4 FY24 company results: Delhivery, JSW Steel, Godrej Industries, Bandhan Bank and many more companies are slated to release their fourth-quarter earnings

ZEEL announces streamlined structure, Goenka to oversee critical verticals

ZEE Entertainment Enterprises Ltd on Wednesday announced a streamlined organisational structure with its MD and CEO Punit Goenka assuming direct charge of critical verticals, including domestic broadcast business. Under the new organisational structure approved by its board, ZEE Entertainment Enterprises Ltd (ZEEL) will have four key business segments -- broadcast, digital, movies and music. Punit Goenka's brother Amit Goenka, who currently heads the digital business has been given additional charge of the international broadcast, enterprise technology, broadcast operations and engineering. He will also take direct charge of original content, including movies, the company said in a statement. In the domestic broadcast business, Siju Prabhakaran, who has led the South cluster of channels, will take additional responsibility of the West cluster. Similarly, Samrat Ghosh, head of East cluster of channels, will take additional responsibility of North and Premium clusters. Ruchir Tiwari

PPFAS Mutual Fund buys 6.2 million shares of ZEEL for Rs 88 crore

PPFAS Mutual Fund on Wednesday bought over 62 lakh shares of Zee Entertainment Enterprises Ltd (ZEEL) for Rs 88 crore through an open market transaction. PPFAS Mutual Fund through its affiliate Parag Parikh Long Term Value Fund acquired the shares of Mumbai-based ZEEL on the National Stock Exchange (NSE). According to the bulk deal data available with the NSE, Parag Parikh Long Term Value Fund acquired 62.22 lakh shares of Zee Entertainment Enterprises. The shares were bought at an average price of Rs 141.44, taking the deal value to Rs 88 crore. Details of the sellers of ZEEL's shares could not be ascertained. Shares of Zee Entertainment Enterprises gained 1.18 per cent to close at Rs 140.90 apiece on the NSE. Meanwhile, in a post on X (formerly Twitter), PPFAS Mutual Fund said, "There is a bulk deal trade of Parag Parikh Flexicap Fund buying Zee Entertainment Enterprises Ltd shares reported on NSE today. We wish to clarify that this was an Arbitrage transaction.

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

Intense merger activities impacted operations, business: ZEEL Chairman

Intense and prolonged merger-related activities have impacted operations and business, Zee Entertainment Chairman R Gopalan said adding the company has now taken several incremental steps to protect all stakeholders and enhance its intrinsic value through this phase. There is "significant room for performance enhancement" and a revival plan by the management team is already being put in action to accelerate growth and enhance profitability, said Gopalan in the opening remarks of an investor conference call of Zee Entertainment Enterprise Ltd (ZEEL) on Monday. The board has also decided to closely monitor the business model and plan presented by the MD & CEO of the company wherein he has provided the roadmap to improve the performance and efficiency of each of the businesses to achieve higher EBITDA. "We are fully cognizant that significant room for performance enhancement exists and a revival plan by the ZEEL management team is already being put in action to accelerate growth and .

Zee board expands scope of advisory panel to include probe assessment

Zee Entertainment Enterprises Ltd on Tuesday said its board has expanded the scope of independent advisory panel to include investigation assessment. The announcement by the company comes amid the ongoing probe by market regulator Sebi against its promoters for fund diversion. Last week, the company announced constituting of independent advisory panel to curb erosion of its investor wealth in the wake of speculations leading to negative public opinion of the company. In a regulatory filing, Zee Entertainment Enterprises Ltd (ZEEL) said, "On recommendation of the Audit Committee, the Board of Directors of the Company, in its meeting held today, has considered and approved to further expand and strengthen the role of the 'Independent Advisory Committee' by including 'Investigation Assessment' as a primary responsibility of this Committee.

Zee Entertainment reaches out to Sony to revive terminated merger

Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a USD 10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its USD 10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee. Comments from Sony Picture Networks India could not be obtained as an e-mailed query remained unanswered. A Zee spokesperson said, Since the matter is subjudice we have no comments to offer. Another source said ZEEL never stopped working for a possible reconciliation dialogue citing that it was ZEEL that moved to NCLT to make the merger happen. The ball is in Sony's court. They need to respond if the deal has to be revived, the source said. The development comes amidst the two parties filing cases again