Zee Leisure board condemns allegations in opposition to Kurien & Chokhani


Zee Leisure Restricted’s board on Thursday issued a robust condemnation in opposition to the allegations made by sure proxy advisory companies in opposition to its former Non-Government Administrators, Ashok Kurien and Manish Chokhani, who give up on Monday, a day earlier than the annual basic assembly of the corporate. 

In a press release, Zee mentioned, “As disclosed by the Firm to the inventory exchanges, the above administrators determined to step down from the Board as a consequence of their private causes and to pursue their pursuits past the confines of a boardroom.” 

“Speculations disparaging the contribution of the 2 administrators are baseless and come up out of insufficient understanding of the trade. The choices taken by board committee members and your complete board are being wrongly attributed to particular person administrators with none foundation,” the corporate additional mentioned in a press release.

Zee’s assertion comes within the backdrop of two funding companies – Invesco Creating Markets Fund (previously Invesco Oppenheimer Creating Markets Fund) and OFI World China Fund LLC, which collectively account for 17.88 per cent of the paid-up share capital of ZEEL – in search of the elimination of Chokhani and Kurien. 

Invesco had additionally sought the elimination of the present Managing Director Punit Goenka from the board of the corporate.

Refuting to the allegations, Zee mentioned it’s immensely grateful to each Kurien and Chokhani for his or her contribution in the direction of the corporate. “Their steerage to the management crew has been beneficial, enabling Zee to the touch newer heights and ship better worth to all its stakeholders 12 months on 12 months. Underneath their collective course, the corporate has constantly undertaken a number of initiatives to usher in extra transparency to the shareholders.” 

R. Gopalan, Chairman of Zee Leisure Enterprises Ltd. mentioned,” The Board of ZEE Leisure Enterprises Ltd. unanimously applauds Ashok Kurien and Manish Chokhani, commending their skilled conduct throughout their affiliation with the Firm. It has been our privilege to have such esteemed members as a part of the Board, and their contributions in the direction of the Firm stay vital,” including, “On behalf of your complete ZEE household, I wish to thank Mr. Kurien and Mr. Chokhani for his or her steerage and help, and we want them success in each future endeavour.”

Kurien partnered with Subhash Chandra to arrange Zee, whereas Chokhani is director of funding agency Enam Holdings.

Earlier, in a separate submitting, ZEEL additionally knowledgeable that each unbiased board members Chokhani and Kurien had resigned from the board on Monday night.

The funding companies had additionally sought the appointment of six of its personal nominees on the board of the corporate – Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta.

Shares of Zee Leisure Enterprises Restricted on Tuesday zoomed 40 per cent after two funding companies sought the elimination of the present Managing Director Punit Goenka from the board of the corporate.

In frenzied shopping for, the inventory jumped 39.99 per cent to shut at 261.50 on the BSE. In the course of the day, it zoomed 44.99 per cent to its 52-week excessive of 270.85.

In the meantime, on 6 September, Dish TV knowledgeable the inventory exchanges that Sure Financial institution, which owns a 25.63% stake, had requested the corporate to interchange 5 administrators on its board together with the managing director Jawahar Goel, the youthful brother of Essel group chairman and founder Subhash Chandra.

 

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