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telegraphindia.com 15 Sep, 2021 01:15 am

Punit Goenka battling for control over Zee Entertainment Enterprise Ltd

Punit Goenka battling for control over Zee Entertainment Enterprise Ltd
Invesco Developing Markets Fund and OFI Global China Fund LLC recently sought a general meeting of shareholders seeking to remove Goenka and two other directors

Punit Goenka battling for control over Zee Entertainment Invesco Developing Markets Fund and OFI Global China Fund LLC recently sought a general meeting of shareholders seeking to remove Goenka and two other directors Representational image.21, 04:27 AM Punit Goenka is battling for control over Zee Entertainment Enterprise Ltd (ZEEL) as the managing director and chief executive officer of the Rs 7730 crore broadcasting outfit tries to fight off demands from two of the company's largest shareholders to replace him and introduce a new slate of six independent directors.Zee Entertainment has become embroiled in a bitter boardroom battle after Invesco Developing Markets Fund and OFI Global China Fund LLC -- which together hold 17.In their letter to Zee Entertainment, the two overseas investment firms sought to appoint six of their nominees -- Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli and Gaurav Mehta -- as independent directors.

Two other developments during the day added fizz to the speculation over Zee Entertainment's future.Ace investor Rakesh Jhunjhunwala's Rare Enterprises bought 50 lakh shares of Zee Entertainment through a bulk deal transacted on the National Stock Exchange at a price of Rs 220.

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