NEW DELHI: Shares of media firm Zee Entertainment Enterprises snapped their recent losing streak and gained 1% in early Mumbai trade on Monday, as the saga over the control of the company took a fresh turn after the Zee board rejected Invesco proposal for an extraordinary general meeting and the company moved the Bombay High Court against the same.
Majority shareholders Invesco and OFI Global China Fund have been seeking an Extraordinary General Meeting to consider the removal of Managing Director Punit Goenka over charges of corporate governance lapses.
At 10:00 hours (IST), ZEE shares traded at Rs 298.85 on the National Stock Exchange, up 1.01% from previous close.
The company’s scrip has shed close to 5% over the last week because of the ongoing tussle. The National Company Law Tribunal (NCLT) last week directed the television network giant to consider Invesco’s request for convening an EGM by Sunday.
