Zee Entertainment shares up 7% as Bombay HC grants injunction

Stocks

The share touched a 52-week high of Rs 362.85 and a 52-week low of Rs 166.80 on September 23, 2021 and August 23, 2021, respectively.

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Zee Entertainment share price rose 7 percent intraday on October 26 as the Bombay High Court granted injunction against calling extra ordinary general meeting (EGM) today in the Zee Entertainment-Invesco row. Meanwhile, the company has cancelled its board meeting scheduled for October 27, the media company has said in an exchange filing.

“This is to inform that a meeting of the Board of Directors of Zee Entertainment Enterprises, which was scheduled to be held on Wednesday, October 27, 2021, inter alia, to consider and approve the unaudited financial results of the Company both on standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum,” the company said.

The company said that the next date of the meeting will be announced with a fresh notice.

“Further, the Trading Window for dealing in securities of the Company which stands closed from October 1, 2021, in pursuance of Company’s Insider Trading Code, shall remain closed till 48 hours after the announcement of Un-audited financial results of the Company for the 2nd quarter and half year ended September 30, 2021,” the exchange filing added.

This comes at a time when Zee is embroiled in a legal tussle with its largest shareholders Invesco and OFI Global that together hold 17.88 percent stakes in the company.

While Invesco has requisitioned to call for an extraordinary general meeting (EGM) for the ouster of MD and CEO Punit Goenka and appointment of six new independent directors, Zee has said that the call for an EGM is illegal and invalid.

At 14:50 hrs Zee Entertainment Enterprises was quoting at Rs 314.75, up Rs 10.30, or 3.38 percent on the BSE.

The share touched a 52-week high of Rs 362.85 and a 52-week low of Rs 166.80 on 23 September, 2021 and 23 August, 2021, respectively.

Currently, it is trading 13.26 percent below its 52-week high and 88.7 percent above its 52-week low.