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Prabhudas Lilladher Report
In a case of shareholder activism, two large shareholders of Zee Entertainment Enterprises Ltd. holding around 18% in equity have called for an extraordinary general meeting to reconstitute the current board.
Specifically, three replacements are being sought including Punit Goenka, current managing director and chief executive officer.
Further, institutional investors have also suggested inducting six new names into the board.
While the existing Zee Entertainment management had taken steps to improve corporate governance and disclosure practices, given that the promoter shareholding was just 4% odd, a rejig was expected.
We believe, if a professional board takes over, decisions surrounding non-core investment in Sugar-Box (existing management was already going slow) and expansion of highly volatile and margin dilutive movie production business may be revisited.
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