Zee is mandated to hold an EGM 45 days after receipt of shareholder request while delay in convening the EGM could create uncertainty, the media reports added.
In this week, Rare Enterprises, owned by Rakesh Jhunjhunwala, on September 14 picked half a per cent stake in Zee Entertainment Enterprises, a day when the stock spiked 40% after shareholders have demanded the removal of three directors including Punit Goenka, the elder son of Essel Group Chairman Subhash Chandra.
Also, BofA Securities Europe SA also acquired 48,65,513 equity shares in the company at Rs236.2 per share.
The stock is currently trading at Rs254.60, up by Rs7.55 or 3.06% from its previous closing of Rs247.05 on the BSE. The scrip opened at Rs249.50 and has touched a high and low of Rs262 and Rs242.20 respectively.