Zee Entertainment Shares Surge 15% As Big Investors Seek Removal Of MD

Shares in Zee Entertainment surged 15%, after two big investors in the company holding shares aggregating 17.88% called for an extra ordinary meeting, seeking the removal of Managing Director, Punit Goenka.

"We, Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund llC are shareholders of Zee Entertainment Enterprises Limited (the "Company") and hold, as on the date of this letter, 7,43,18,476 equity shares and 9,73,50,000 equity shares, respectively representing an aggregate of 17.88% of the paid-up share capital of the Company that carries the right of voting submit this requisition to you for calling an extraordinary general meeting of the shareholders of the Company in the manner prescribed under the applicable provisions of the Companies Act, 2013, to pass the following resolutions as ordinary resolutions

"RESOLVED THAT pursuant to the provisions of Section 169 and other applicable provisions of the Companies Act- 2013 and the Rules framed thereunder, Mr. PunitGoenka be and is hereby removed from the office of the director of the Company," the notice to the exchange said.

Shares in Zee Entertainment were last locked at the upper end of the circuit filter of 15% at Rs 214.85 with only buyers in the counter.