Alicia Yi’s request to be reappointed as an independent director on the board of Zee Entertainment Enterprises was denied by the company’s shareholders. According to an exchange filing, only 42 percent of people voted in favor of the special resolution asking for her reappointment, while 57.97 percent opposed it.
“According to the votes cast by the Members, the Special Resolution pertaining to the re-appointment of Ms. Alicia Yi (DIN: 08734283) as an Independent Director of the Company for a second term of 3 years has failed to receive the requisite number of votes in favour and, therefore, she resigns from the office of Independent Director of the Company, effective as of today, July 13, 2023,” the company stated.
At the moment, Alicia Yi is headquartered in Singapore and works for Korn Ferry as the Vice Chairman, Consumer Market. She belongs to the PE Practice, the HR Practice, and the Board & CEO Services Practice. After reaching an intraday high of 217.4, Zee shares ended the day up 8.6% at 216 per share.
The Board “shall take necessary steps for complying with the requirements of the Companies Act, 2013, and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the purpose of having an optimal composition of the Board of Directors of the Company,” the company stated.
Zee has performed worse than the overall market, losing 3.7% over the past year while the Nifty gained 22.7%. Seven stocks were prohibited from trading on the NSE’s F&O sector on Friday, including Zee. Fresh positions on the stock futures or options contracts cannot be opened while there is a ban in place. It is only possible to square off existing places. A covering of short positions in F&O futures was one of the factors contributing to Friday’s stock market rise. A contract is repurchased if it is closed out, which gives the stock an increase from short covering.
