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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.

“This is to inform that a meeting of the Board of Directors of the Company, which was scheduled to be held on Wednesday, October 27, 2021, inter alia, to consider and approve the unaudited financial results of the Company both on standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum," Zee Ent said in an exchange filing.

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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