Zee Entertainment promoters have received a second setback from shareholders, as investors on Wednesday voted against the proposed capital infusion of ₹2,237 crore through preferential warrants. According to a disclosure made by the company to the stock exchanges, 40% of shareholders voted against the resolution.
A normal resolution requires over 50% support, while a special resolution needs over 75%. The current proposal was a special resolution.
“In view of the above scrutiny as the number of votes cast in favour of the resolution was not more than three times of the number of votes cast against, I hereby certify that the Special Resolution with regard to resolution no. 1 has not been passed with requisite majority,” as disclosed to the stock exchanges.
In December 2024, shareholders had similarly rejected the appointment of Punit Goenka, a promoter of the company, as managing director.
“The Board and the management of the Company have noted that ~ 60% of the shareholders who participated in the voting process, have expressed their support towards the resolution pertaining to the issuance of fully convertible warrants to promoter group entities, and are grateful for their support. The Board and the management also respect the decision taken by the remaining shareholders,” a company spokesperson said.
First Published: Jul 10, 2025 8:57 PM IS
