Active Stocks
Wed Jun 12 2024 15:59:40
  1. Tata Steel share price
  2. 182.25 0.50%
  1. Tata Motors share price
  2. 988.60 0.15%
  1. Power Grid Corporation Of India share price
  2. 324.60 2.54%
  1. NTPC share price
  2. 371.35 1.02%
  1. State Bank Of India share price
  2. 839.15 0.47%
Business News/ Markets / Stock Markets/  Zee share price falls over 4% after it seeks time on Sony merger deal
BackBack

Zee share price falls over 4% after it seeks time on Sony merger deal

The Subhash Chandra-founded Zee did not share any details in its intimation to the stock exchanges, including why it had sought more time. It is also not clear if Sony will agree to this request from.

Zee appointed three new independent directors on its board with effect from December 17, 2023. (Image: REUTERS)Premium
Zee appointed three new independent directors on its board with effect from December 17, 2023. (Image: REUTERS)

Zee Entertainment Enterprises Ltd (ZEEL) share price declined over 4% in early trade on Monday after the company sought more time from Sony Pictures Networks India to close their $10 billion merger. Zee shares fell as much as 4.07% to 266.05 apiece on the BSE.

“...the Company has requested CMEPL (Culver Max Entertainment Private Limited) and BEPL to extend the Date required to make the Scheme effective, as per the terms of the Merger Cooperation Agreement," Zee said in an exchange filing on Sunday.

The Subhash Chandra-founded Zee did not share any details in its intimation to the stock exchanges, including why it had sought more time. It is also not clear if Sony will agree to this request from.

Read here: Zee seeks time on Sony deal as two directors voted out

Additionally, Zee appointed three new independent directors, Venkata Ramana Murthy Pinisetti, Shishir Babubhai Desai and Uttam Prakash Agarwal with effect from December 17, 2023. 

These three will take charge as additional directors in the category of independent directors of the company, Zee said in a stock exchange filing after its annual general meeting (AGM) on Saturday. 

(Exciting news! Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)

Earlier, the reappointment of two independent directors was rejected while a third withdrew his candidature before the AGM.

On Saturday, Zee informed that two resolutions seeking the reappointment of independent directors Vivek Mehra and Sasha Mirchandani were defeated as the proposals failed to get approval from 75% of shareholders, the requisite for special resolutions. 

Read here: Zee appoints three new independent directors to board

While 52% of shareholders voted against the reappointment of Mehra, about 29% voted against reappointing Mirchandani.

Adesh Kumar Gupta, another independent director, withdrew his candidature on December 13, three days before the AGM, citing personal reasons.

At 9:45 am, Zee shares were trading 2.60% lower at 270.15 apiece on the BSE.

Catch Live Market Updates here

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 18 Dec 2023, 09:45 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started