Zee To Hold Call On Monday To Address Investors' Concerns

Zee Entertainment Enterprises Ltd. said it will hold a conference call on Monday to address the concerns of investors.

The Indian media and entertainment company’s board will interact with investors on a conference call on Monday (4 March) at 8:00 pm local time, Zee’s Company Secretary Ashish Agarwal said in a stock exchange announcement.

The objective of the call is to interact with the investors, discuss key topics and address their concerns, he added.

The Mumbai-based company, which is in a legal battle with Sony Group over scrapped merger deal, recently enhanced the role of its independent advisory committee to include investigation assessment.

Zee had constituted the advisory committee amid erosion of investor wealth due to widespread circulation of misinformation, market rumors, and speculation that led to formation of negative public opinion about the company.

Zee is fighting legal battle with Sony Group’s Indian units -- Culver Max Entertainment Private Ltd. (formerly known as Sony Pictures Networks India Private Ltd.) and Bangla Entertainment Private Ltd. -- after they scrapped the proposed merger with the company in January.

The units also invoked the arbitration clause and sought a termination fee of $90 million from Zee alleging the company breached the terms of the agreement signed in December 2021. Zee denied all the assertions raised by Culver Max and Bangla Entertainment on the alleged breaches under the agreement terms, including their claims for the termination fee.

Sony Group’s units recently withdrew the merger application with Zee from India’s National Company Law Tribunal (NCLT), which is set to hear the petitions related to the merger scheme on 12 March, according to media reports.

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