Punit Goenka

Goenka moved the NCLAT on Thursday, a day after the Mumbai bench of the NCLT admitted insolvency proceedings against Zee on a plea filed by IndusInd Bank -- a financial creditor of Zee

The move came after Punit Goenka, chief executive of Zee, challenged the insolvency proceedings against the company

Goenka had appealed the NCLT's decision to allow IndusInd Bank to file for insolvency proceedings against Zee

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Says taking all necessary steps to protect interest of stakeholders and achieve timely completion of proposed merger with Sony

Shareholders of Zee Entertainment Enterprises Ltd (ZEEL) on Friday approved all eight resolutions in the Annual General Meeting of the company. The resolution for the re-appointment of its Managing Director Punit Goenka on board was also approved at the 40th AGM with the required majority. ZEEL also got the approval of the special resolution for the re-appointment of R Gopalan as Independent Director of the company, said a regulatory filing. "All the resolutions presented to the shareholders were approved during the meeting, expressing complete support towards the management and its strategic initiatives lined up for the future of the Company," said ZEEL in a statement. Last year in December ZEEL announced its merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India. The proposal has received approval from stock exchanges BSE and NSE and is currently before the fair trade regulator Competition Commission of India.

Statement comes as company re-enters sports broadcasting after six years; unlikely to bid along with Sony

The stock jumped 16.83 per cent to settle at Rs 299.15 on BSE

In September 2021, Invesco had put out a requisition to the Zee Board of Directors to hold an EGM on the grounds that it felt the company was not running as smoothly as desired.

The Bombay High Court allowed an appeal by the largest shareholder of Zee Entertainment against a single-judge order granting interim injunction on holding an EGM to remove Zee's CEO Punit Goenka

ZEEL's current CEO and managing director, Punit Goenka, will lead the combined company

The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence.

The company had cancelled October 27 board meet citing lack of quorum

Accuses Invesco of wanting to merge Zee with a rival at the cost of Zee shareholders

During the proceedings, Justice Patel said denying the right to call an EGM would set a "ferocious" precedent. ZEEL said it would inform the court on Friday about the EGM date

The public battle between the broadcasting giant and a key institutional shareholder has precipitated a high-decibel debate on corporate governance practices

Zee-Invesco saga hots up as Reliance name is dragged in

The fight between Zee and Invesco is showing no signs of abating. The two parties have dragged each other to court. And, in a new twist, Reliance Industries has also been drawn to the scene

Says he will ensure no one maligns Zee's intrinsic value, and will continue to pursue this in the best interests of shareholders, and at immense personal costs

Goenka questioned the intention of Invesco while pointing fingers at the investment firm over corporate governance for not making public a proposed deal Reliance Industries earlier

In a letter, Zee MD and CEO, Punit Goenka asked why Invesco was silent when it made the EGM requisition about its role as an investment banker