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Dolat Capital Report
Invesco Oppenheimer group as largest shareholder with 17.9% holding in Zee Entertainment Enterprises Ltd. demanded resignation of three directors viz. Punit Goenka, Ashok Kurien (Co-founder) and Manish Chokhani.
Later two have immediately resigned. Resignation of these directors is positive.
Punit Goenka is Managing Director and Chief Executive Officer. Resignation of him as Director seems inevitable. His continuance as CEO will be positive.
If he resigns as MD and CEO then Zee Entertainment may witness disruption in business in short-term.
It has already saw almost 300-350 basis points market share loss from peak to 17% now.
Nevertheless, irrespective of whether Punit Goenka resigns or continue as CEO, the PE warrants re-rating.
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