Zee Entertainment Enterprise Ltd. on Wednesday, November 3 announced a new date to hold a board meeting to deliberate and approve the company’s financial performance for the second quarter of the current fiscal along with its half-yearly financial performance. The board meeting will be held next week on November 11.
In an exchange filing to the BSE, ZEEL notified that the meeting with the board of directors of the company will be held next Thursday to “consider and approve the unaudited financial results of the company both on a standalone and consolidated basis” for the July-September quarter as well as the H1 for the current fiscal year, among other things.
The board meeting was earlier scheduled to be held on Wednesday, October 27 but was cancelled due to a lack of quorum. Following the announcement, ZEEL had affirmed that it would announce a new date to hold the board meeting with the issuance of a fresh notice.
The board meeting comes in the midst of a legal dispute between ZEEL and two of the company’s largest shareholders — Invesco Developing Market Funds and OFI Global China Fund LLC — over the requisitioning for an Emergency General Meeting (EMG).
Following a suit filed by ZEEL against the two shareholders on October 2, the Bombay High Court had temporarily restricted US-based Invesco from calling the EMG on October 26.
In September, Invesco had also objected to several terms of ZEEL’s proposed merger with Sony’s India entertainment arm, weeks after Sony had announced that it would acquire a majority stake in ZEL to become the country’s largest broadcaster. Shares of Zee Ent were trading 1.08 per cent lower at Rs 310.55 on the BSE in Wednesday’s afternoon deals after opening at Rs 314 during morning trade.