Zee Entertainment extends fall on resignation of independent directors

Shares of Zee Entertainment Enterprises (Zee) slumped 5 per cent to Rs 302 on the BSE on Thursday after the media company said its three directors had resigned from its board, two of whom cited related-party transactions, among other reasons, for quitting.

The company, on Wednesday, said that independent directors Neharika Vohra and Sunil Sharma had stepped down on November 22 and November 24, respectively. Non-independent director Subodh Kumar had also resigned, Zee said, on the same day that Vohra stepped down. Zee said the disclosures were part of its corporate governance policy.

Kumar and Vohra had said that Zee failed to take action against Dish TV and Siti Cable for outstanding amounts they owed to the company as well as for lack of clarity on how corporate social responsibility (CSR) amounts were spent by the company.