Zee Ent says board meeting cancelled on quarterly results

Media giant Zee Entertainment Enterprises Ltd on Tuesday informed said that its board meeting to consider and approve the firm’s financial results for the second quarter has been cancelled due to lack of quorum. The Mumbai-headquartered company was scheduled to hold its board meeting on Wednesday, October 27.

Shares of Zee were trading 0.5% higher at ₹306 apiece on the BSE in Tuesday’s afternoon session.

The company further said that the next date of the meeting would be informed with a fresh notice.

The media company has been embroiled in a legal dispute regarding a board revamp and management changes with two Invesco-controlled funds, which together own nearly 18% of the firm. In September, Sony’s India entertainment unit announced a deal to buy a majority stake in Zee to become the country’s largest broadcaster.

US investment firm Invesco had publicly lashed out at Zee and objected to some terms of its proposed merger with Sony, weeks after the deal announcement.

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