In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies. SEBIs investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit.
Another source said the Boston Consulting Group (BCG), which was tasked with completing the integration process, is working overtime to complete the responsibilities associated with the merger.
On August 11, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the merger scheme between Zee Entertainment Enterprises Limited (ZEEL) and Culver Max Entertainment (Sony).
Zee Entertainment share price: At today's closing price of Rs 206.45, the stock has rebounded 19.86 per cent from its 52-week low of Rs 172.25, a level seen on June 20, 2023. That said, it has declined 28.04 per cent from its one-year high price of Rs 286.90, hit on October 6 last year.
Stocks in focus today: Weak Q4 numbers are haunting the domestic market. Tepid cues from global peers are also creating havoc. Reliance Industries. HCL Technologies, Hindustan Zinc, Fortis Healthcare among stocks to watch on Friday.