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India's Zee cancels board meeting on quarterly results

10/26/2021 | 04:35am

BENGALURU (Reuters) - India's Zee Entertainment Enterprises Ltd said on Tuesday its board meeting to consider and approve the firm's financial results for the second quarter has been cancelled due to lack of quorum.

The media company has been embroiled in a legal dispute regarding a board revamp and management changes with two Invesco-controlled funds, which together own nearly 18% of the firm.

The Mumbai-headquartered company was scheduled to hold its board meeting on Wednesday, Oct. 27.

Zee did not immediately respond to an email seeking more details on the lack of quorum but said in its exchange filing that the next date of the meeting would be informed with a fresh notice.

In September, Sony's India entertainment unit announced a deal to buy a majority stake in Zee to become the country's largest broadcaster.

U.S. investment firm Invesco had publicly lashed out at Zee and objected to some terms of its proposed merger with Sony, weeks after the deal announcement.

Earlier this year, Invesco had tried to forge a deal between companies owned by Mukesh Ambani's Reliance Industries and Zee.

(Reporting by Shivani Singh in Bengaluru; editing by Uttaresh.V)

© Reuters 2022
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