At 09:50 (IST) Zee Entertainment Enterprises Ltd’s scrip traded at Rs 302.95, down 2.24% on the National Stock Exchange.
On Wednesday, US-based Invesco, the largest investor in Zee Entertainment Enterprises, approached the NCLT against the media company and the Mumbai bench of the tribunal has listed the hearing for Thursday.
Invesco had on September 11 served a notice on ZEE for an EGM to recast the board and remove Puneet Goenka, son of the company’s founder Subhash Chandra, as the CEO and MD following charges of corporate governance issues
The Invesco Developing Markets Fund, which along with OFI Global China Fund, holds 18% stake in ZEE, one of India’s largest television networks, reiterated its demand for a new board last week.
The move is likely to come in the way recent attempts by Sony Group Corp to merge Zee Entertainment Enterprises.
The stock had earlier risen as much as 40 per cent since September 22 following ZEE’s announcement of a merger with the Sony Group to form India’s biggest entertainment network.
