Investors want MD Punit Goenka out of Zee Entertainment Enterprises

NEW DELHI: Indian promoters are increasingly confronted with shareholder activism, backed by institutional investors and proxy advisory firms. The latest to face the heat is Zee Entertainment Enterprises (ZEEL) with its largest shareholders calling for ouster of MD Punit Goenka, son of the Essel Group chairman Subhash Chandra, and appointing six new independent directors.

Invesco Developing Markets Fund and OFI Global China Fund, which together hold 17.88% stake in ZEEL, have called an extra-ordinary general meeting for the removal of Goenka and independent directors Ashok Kurien and Manish Chokhani.