On Sensex, Zee Entertainment stock skyrocketed by more than 24% so far today. The stock has hit an intraday high of Rs232.15 per piece that was near the upper circuit of Rs233.50 per piece.
At around 11.29 AM, Zee Entertainment was trading at Rs229.10 per piece up by Rs42.30 or 22.64% on Sensex.
On Monday, Ashok Kurien and Manish Chokhani resigned from the position of Non-Executive Non-Independent Directors of the Company with immediate effect.
The two directors resigned after shareholders like Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC demanded the removal of three directors of the company.
Apart from Kurien and Chokhani, the two mentioned shareholders have also demanded the removal of the company's managing director and chief executive Punit Goenka as director.
On the other hand, the two shareholders recommended the appointment of six directors. These are - Rohan Dhamija, Arun Sharma, Srinivasa Rao Addepalli, Gaurav Mehta, Surendra Singh Sirohi and Naina Krishna Murthy.
Invesco Developing Markets Fund and OFI Global China Fund LLC hold about 7,43,18,476 equity shares and 9,73,50,000 equity shares in Zee Entertainment. The shares represent 17.88% of the paid-up share capital of the Company.