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Business News/ Companies / News/  Shareholders reject reappointment of independent director on ZEE board
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Shareholders reject reappointment of independent director on ZEE board

The special resolution seeking her reappointment received just 42 percent of the votes in favour, compared with 57.97 percent against it, according to an exchange filing.

Representative image: Zee Entertainment logo is displayed in this illustration (REUTERS)Premium
Representative image: Zee Entertainment logo is displayed in this illustration (REUTERS)

Mumbai: Zee Entertainment Enterprises shareholders have rejected a proposal for the reappointment of Alicia Yi as an independent director on the company's board.

The special resolution seeking her reappointment received just 42 percent of the votes in favour, compared with 57.97 percent against it, according to an exchange filing.

“Based on the votes cast by the Members, the Special Resolution pertaining to 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 requisite number of votes in favour and hence, she vacates the office of Independent Director of the Company, with effect from today i.e. July 13, 2023," the company said.

Alicia Yi, who currently serves as the Vice Chairman, Consumer Market for Korn Ferry, is based out of Singapore. She is also a member of the Board & CEO Services Practice, HR Practice and PE Practice.

Shares of Zee closed up 8.6% at 216 apiece after rising to an intraday high of 217.4.

“The Board shall take necessary steps for complying with the requirement of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the purpose of having optimum composition of the Board of Directors of the Company," the company said.

Zee has underperformed the broader market, falling by 3.7% over the past year against a 22.7% rise in the Nifty over the same period.

Zee was one of seven stocks banned for trading on the F&O segment of NSE on Friday. Under a ban, fresh positions cannot be initiated on the stock futures or options contracts. Only existing positions can be squared off.

One of the reasons for Friday's stock rally was a covering of short positions of F&O contracts. Closing out of a contract implies that it is repurchased, giving the stock a short covering boost.

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Mayur Bhalerao
"Mayur spearheads data-driven reporting on IPOs for Mint. He also covers market trends, and corporate announcements to ensure comprehensive coverage of the financial landscape. Mayur believes in harnessing the power of Bloomberg Terminal and Capital Line to extract and disseminate critical financial data to cross-functional teams within the newsroom and beyond. disseminate critical financial data to cross-functional teams within the newsroom and beyond."
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Published: 14 Jul 2023, 08:28 PM IST
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