Shareholders reject reappointment of independent director on ZEE board
₹216 apiece after rising to an intraday high of ₹217.4. “The Board shall take necessary steps for complying with the requirement of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the purpose of having optimum composition of the Board of Directors of the Company," the company said.
Zee has underperformed the broader market, falling by 3.7% over the past year against a 22.7% rise in the Nifty over the same period. Zee was one of seven stocks banned for trading on the F&O segment of NSE on Friday.
Under a ban, fresh positions cannot be initiated on the stock futures or options contracts. Only existing positions can be squared off.
One of the reasons for Friday's stock rally was a covering of short positions of F&O contracts. Closing out of a contract implies that it is repurchased, giving the stock a short covering boost.
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