ZEE Entertainment cancels board meeting citing lack of quorum

Media major Zee Entertainment Enterprises Ltd (ZEEL) has cancelled its board meeting, scheduled to be held on Wednesday for considering the results for the July-September quarter, due to lack of quorum.

In a regulatory filing, ZEEL on Tuesday said, ''A meeting of the Board of Directors of the Company, 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 a standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum.'' Two independent board members–Manish Chokhani and Ashok Kurien - has resigned from the company last month after allegations of its largest investors Invesco Developing Markets Fund along with OFI Global China Fund LLC.

''The next date of the meeting will be duly informed with fresh notice,'' the company said.

Invesco Developing Markets Fund along with OFI Global China Fund LLC - which together hold 17.88 per cent ZEEL and had called an extraordinary general meeting of shareholders seeking to remove ZEEL’s Managing Director Punit Goenka along with Kurien and Chokhani.

Later both independent directors had resigned and ZEEL board had turned down the requisition of the shareholders to call for EGM.

After that the shareholders had moved before the Mumbai Bench of the National Company Law Tribunal and subsequently ZEEL has also approached the Bombay High Court filing a suit against the requisition.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)