With Japan’s Sony Corporation calling off its merger plan, the promoters — Subhash Chandra family — in Zee Entertainment Ltd (ZEEL) are in a peculiar situation as they are controlling the company with just 3.99 per cent equity stake.
Institutional shareholders, including mutual funds, insurance companies and foreign portfolio investors (FPIs), who hold 71.78 per cent stake in ZEEL, are in a position to wield the clout in the running of the company even as Sony and the company are bracing for arbitration and court proceedings over the termination of the merger plan.
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