ZEE Entertainment institutional investors seek removal of MD Punit Goenka; call for EGM today : Rashtra News Punit Goenka is the son of Essel Group Chairman Emeritus Subhash Chandra. (Image: REUTERS)Zee Entertainment Enterprises (ZEE) major institutional investors Invesco Developing Markets Fund and its subsidiary OFI Global China Fund LLC have called for the removal of Managing
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After two years of stalled negotiations, Japan’s Sony Corp officially called off its planned $10 billion merger between its Indian subsidiary and Zee Entertainment Enterprises Ltd. (ZEEL) on Monday (January 22), media reports said.
The regulatory hurdles that Zee Entertainments Managing Director Punit Goenka is entangled into seems to be one of the primary reasons prompting Sony to consider calling off the deal, which would have created a $10 billion entity, Bloomberg reported quoting sources late Monday.
The Securities Appellate Tribunal has postponed a decision in the Zee Entertainment case until Monday, and asked SEBI to respond within 48 hours. Punit Goenka has appealed against a recent SEBI order banning him and Essel Group chairman Subhash Chandra from holding any key management position.