ZED Entertainment Enterprises Ltd (ZED) shares fell 9% in Thursday trading following the unexpected departure of a non-executive non-independent director from the board before the company's impending annual general meeting (AGM). However, the stock recovered the majority of its losses as the day progressed.
Adesh Kumar Gupta, the director, stated that he left due to personal reasons and a commitment. Following the AGM, Gupta became a member of the audit committee, as well as the chairman of the risk management committee and the stakeholders relationship committee of the board. Following the news, the stock dropped 8.79 percent to a low of Rs 284.10 on the BSE.
"I have communicated on several occasions that, due to personal reasons and commitments, I regret that I will not be able to continue as the company's director after the upcoming Annual General Meeting (AGM)." As a result, I will not be re-appointed as a director of the Company at the AGM. "I wish the company great success and hope that the pending merger with Sony will be completed as soon as possible," Gupta wrote in his letter, thanking the board for its unwavering support during his stint as director.
After the AGM, Gupta will step down as a member of the audit committee, as well as the head of the risk management committee and the stakeholders engagement committee, according to ZED.
The 41st annual general meeting of ZED is set for Saturday, December 16, at 4 p.m. (IST). In a recent filing to stock exchanges, ZED stated that the AGM would be held via video conferencing or other Audio-Visual Means to transact the business set out in the notice, in accordance with the applicable circulars issued from time to time by the Ministry of Corporate Affairs and the Securities and Exchange Board of India.
