Will take proper action as per applicable law: Zee on board revamp demand

Zee Entertainment Enterprises on Monday said it will take “necessary action as per applicable law” amid demand for the ouster of Managing Director Punit Goenka by two institutional investors.

Two investment firms — Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC, which together hold 17.88 per cent stake in ZEEL — had earlier this month sought an extraordinary general meeting to remove Goenka and two independent directors Manish Chokhani and Ashok Kurien.

Chokhani and Kurien had subsequently resigned from the board.

When reached out for comments on the demand from the two institutional investors, a ZEEL spokesperson said the board is seized of the matter.