Financial Insights

Zee Entertainment shares up by 7% as Bombay HC grants injunction

Zee Entertainment’s share price rose 7% on October 26, the day the Bombay High Court issued an injunction against the holding of an extraordinary general meeting (EGM) at Zee Entertainment Invesco today.

Meanwhile, the company has canceled its board of directors scheduled for October 27 as per filings.

“Zee Entertainment Enterprises’ Board of Directors, scheduled for Wednesday, October 27, 2021, will include unaudited financial results for the company, both standalone and on an approved integration basis for the second quarter.

And the half-year that ended on September 30, 2021 was canceled due to a shortage of fixed legs, “the company announced.

The company has announced that the next date of the meeting will be announced in a new announcement.
Invesco has requested that MD and CEO Punit Goenka be dismissed and convene an extraordinary meeting to appoint six new independent directors, but Zee said it is illegal and invalid to convene an extraordinary meeting.

At 2:50 pm, Zee Entertainment Enterprises was trading at Rs 10.30, or 3.38 percent, at Rs 314.75 at BSE.

The share reached a 52-week high of Rs362.85 and a 52-week low of Rs166.80, respectively, on September 23, 2021 and August 23, 2021 respectively. It is 13.26 percent below the 52-week high and 88.7 percent above the 52-week low.

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