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Zee seeks time on Sony deal as two directors voted out
Mint Mumbai
|December 18, 2023
Some of the largest foreign investors, which own a third of Zee, voted against the resolutions
Zee Entertainment Enterprises Ltd has sought more time from Sony Pictures Networks India to close their $10 billion merger, even as the country’s largest listed entertainment company witnesses rising investor unrest. The reappointment of two independent directors was rejected while a third withdrew his candidature before the annual general meeting (AGM) last week.
Zee did not share any details in its intimation to the stock exchanges on Sunday, including why it had sought more time. It is also not clear if Sony will agree to this request from the Subhash Chandra-founded company.
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