ZEEL hits the roof

about 8 days ago
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ZEE Entertainment or ZEEL has been the top gainer since the opening bell today morning, followed by Dist TV at second place.

ZEEL which ha closed yesterday at Rs.186.80, rose over 24% to an intraday high at Rs.232.15, very close to its 25% UC of the day at Rs.233.50. And this is after hitting the UC consistently for three times. Volumes are up almost 4 times.

The stock has hit been hitting the roof as the market seems to be very happy with this development – the two largest shareholders, Invesco Developing Markets Fund and OFI Global China Fund LLC have called for an EGM, seeking removal of Punit Goenka, Manish Chokhani and Ashok Kurien as directors of the firm.

Goenka, son of Essel group founder and chairman Subhash Chandra, is the MD and CEO of the company.

The two funds want to appoint six new independent directors - Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta.

Two non-executive, independent directors, Manish Chokhani and Ashok Kurien resigned from their posts from the company with immediate effect.

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