Nearly 5 Million zee shares amid turmoil - MMJC

On Tuesday 14 Sept 2021 shares of Zee Entertainment jumped nearly 40% after investors sought the removal of its three directors, including its chief executive. Invesco Developing Markets Fund and OFI Global China Fund LLC, with a combined 17.9% stake in the company, called for an extraordinary general meeting of shareholders to remove Punit Goenka, Manish Chokhani, and Ashok Kurien from the board.

Makarand Joshi – Partner said that Zee Entertainment’s governance issue is a wake-up call for board members and C-suite executives of India Inc. Adding further, he stated that “They must effectively play the role of trusteeship over ownership and avoid extending unreasonable financial support to group firms. Moreover, when Zee’s financial performance does not reflect well, the promoter director cannot take benefit of raising their own salaries.

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