ZEE Entertainment shares recover sharply after tumbling 9% over director's exit ahead of AGM

Shares of ZEE Entertainment Enterprises Ltd (ZEE) plunged 9 per cent in Thursday's trade amid an unexpected exit of a non-executive non-independent director from the board ahead of the company's upcoming annual general meeting (AGM). The stock, however, recouped most of the losses as the session progressed.  The director, Adesh Kumar Gupta, said he exited due to personal reasons and commitment. Gupta was a member of audit committee, and chairman of risk management committee and stakeholders relationship committee of the board after the AGM.

Following the development, the stock initially fell 8.79 per cent to hit a low of Rs 284.10 on BSE.

"I have communicated from time to time that owing to personal reasons and commitment, I regret that |will not be able to continue as the dirastor of the company after the ensuing Annual general Meeting (AGM). Accordingly, I withdraw my re-appointment as director of the Company at the AGM. I wish a great success to the company and hope the pending merger with Sony will be completed at earliest," Gupta said in his letter, as he thanked the board for continuous support during his tenure as director.

ZEE said Gupta will cease to be a member of audit committee, and chairman of risk management committee and stakeholders relationship committee of the board after the AGM.

ZEE's 41st annual general meeting is scheduled for Saturday, December 16, at 4.00 pm (IST). In a recent filing to stock exchanges, ZEE said the AGM would take place  through video conferencing other- Audio-Visual Means to transact the businesses as set out in the notice, in accordance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India time to time.

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