Mumbai: Zee Entertainment Enterprises Ltd (Zeel) has announced that it will hold a board meeting on 11 November to approve the unaudited financial results for the quarter ended on 30 September.
Previously, in a BSE filing dated 26 October the company had informed shareholders that it had cancelled the board meeting that was scheduled for 27 October citing lack of quorum.
Zeel is in the midst of a boardroom struggle with its majority shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own 18 per cent stake in the company. The two shareholders had called for an extraordinary general meeting (EGM) of shareholders to remove the sitting managing director and chief executive officer Puneet Goenka and other members of the board. Two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations.
The investors moved to have six nominees appointed to the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepali, and Gaurav Mehta as independent directors of the board for a term up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to approval by the ministry of information and broadcasting (MIB).
Zeel has refused to conduct the EGM citing 'shareholders interest’ and moved to the Bombay high court on 2 October claiming that the call for an EGM was "illegal and invalid." The next hearing in the case will be held on 29 November.