ITV

Category: Viewership

  • OACT2021: Understanding the world of OTT and CTV Advertising

    OACT2021: Understanding the world of OTT and CTV Advertising

    Mumbai: The first session on day one of the OTT Advertising & Connected TV Summit 2021 saw Kurate Digital Consulting founder partner Uday Sodhi nudging the panel led by Madison VP-Digital products/performance Chintan Soni, ALTBalaji SVP – revenue and marketing Divya Dixit, Affle – co-founder, head- Agency Relation, chief of staff Madan Sanglikar, and MX Player and MX Takatak SVP head of revenue Viraj Jit Singh to share their understanding of the world of OTT & CTV advertising.

    The two-day event being organised by Indiantelevision.com is co-powered by mediasmart, an Affle company and summit partner – The Q. 

    As the panellists addressed the fundamental question around synergies and distinctions between OTT and CTV on the buying and selling side of the business, the overarching insight that emerged was that the imminent CTV revolution is being powered by two engines – the OTT platforms and OEMs which bring together the software or the content and advertising solutions and the hardware or the affordability and technology, respectively, along with their individual contribution to the ad inventories.

    Currently, there are about 500 million OTT users (including YouTube) in India. OTT platforms have played a crucial role in driving the content ecosystem with unique narratives. The pandemic further accelerated the rate, scale and quality of the content being delivered, as well as the mainstreaming of the medium. This has led to viewers looking for an enhanced experience of OTT offerings on smart TVs, most of which are more affordable than smartphones today.

    According to Madison’s Q2 report, smart TV shipment grew by almost 65 per cent, claiming an 80 per cent share of the total TV shipments; their massive adoption being fuelled by starting price points as low as Rs 15,000.

    Although the panel unanimously believed that both OTT and CTV will coexist in the future, some changes are inevitable. Divya Dixit observed that going forward “two parallel narratives of individualistic and inclusive viewing will emerge in the OTT space, with the growth in the latter driving certain genres of content.” In the context of evolving commerce, she stated, “As OTT platforms and OEMs grow their partnerships, they will evolve new business models, perhaps working on revenue sharing for content or on active marketing push, together.”

    Sharing his understanding of viewership trends Viraj Jit Singh of MX Player and MX TakaTak said, “The last five years have seen a huge transition in user behaviour and experiences as they moved from linear to on-demand viewing, but what we are seeing now is a shift back to TV as the screen for consumption of OTT content due to the large screen experience it offers. So platforms like us are working on tech as well as programming to ensure that we have enough to offer a CTV consumer in the near future.”

    From an advertising perspective, Singh shared that there’s significant demand for CTV, however, despite the reverse migration, he hasn’t come across any advertiser asking for separate measurement for CTV and OTT campaign impact yet. “We are still in the early days of CTV advertising and monetisation, though the expectation is that it will pick up from where mobile is today. The two platforms are different in terms of user behaviour such as time spent, length of viewing sessions, daypart and more importantly reach, with CTV targeting more than one person at any given time. Hence CTV advertising rates are higher, and also because marketers have a perception of the CTV audience being more premium than their mobile counterparts,” he said.

    According to Madison’s Chintan Soni, CTV advertising is nearly 2-2.5 times more expensive than purely mobile-based advertising, however as the pool size grows, efficiencies will be better.

    There are 20-22 million MAU on CTV, and the segment is growing faster than HD which is at 40-44 million as per Madison’s monthly report. Soni believes that by 2024 these figures will be comparable.

    Speaking in the context of advertising, and whether CTV will evolve its own ad ecosystem, he added, “Owing to its precision targeting capabilities and the immersive experience of the big screen CTV will be the ‘Next Big Unlock’. There will be a paradigm shift in the video advertising market wherein the KPIs and measurement will have to be changed. We cannot be measuring on regular metrics like CTR and VTR for CTV. A reach-frequency matrix or awareness/consideration score will be more apt for this platform.”

    Affle’s Madan Sanglikar asserted that the combining of TV and mobile metrics will lead to much higher levels of measurability. Commenting on the nuances of CTV advertising and what it brings to the table, he said, “While all aspects of digital targeting are available with CTV, the next step is to interact with the user. Almost all studies done so far have indicated that people engage with more than one device at any given time, and this is to the benefit of advertisers. Even though the current ecosystem is dominated by app-first advertising, one of the ways is to re-target the ad to the mobile handset so that the user can engage with it after having viewed it on the big screen where they are less likely to click/swipe it away. This translates into the advantage of a larger approach coupled with an interactive experience.”

    For more information: https://indiantelevision.com/events/oact-summit-2021/

  • OACT2021: The evolution of Connected TV in India

    OACT2021: The evolution of Connected TV in India

    Mumbai: The addressable connected TV (CTV) advertising universe is estimated at six to eight million, according to mediasmart, an Affle company, India and SEA, senior director- brand and strategy Nikhil Kumar.  The CTV evolution has arrived in India. Today, you can easily join the CTV ecosystem via a smart TV, dongle, gaming console, or connected set-top-box (STB).

    Kumar was addressing the ‘OTT Advertising and Connected TV Summit 2021’ organised by Indiantelevision.com on 7 October. The two-day event is co-powered by mediasmart, an Affle company and summit partner – The Q. Stakeholders across the industry engaged in insightful discussions on the dynamics of OTT and CTV advertising.

    The growth of CTV in India is driven by several factors. Chinese manufacturers have played a pivotal role by introducing low-cost smart TVs for as much as Rs 15,000. Low-cost dongles like Amazon Firestick and Google Chromecast are popular ways to access web content. Jio has led the adoption of connected STBs. These technologies have driven the penetration of the CTV market to a point where you don’t necessarily have to be from a metro or Tier-1 city to be a part of the CTV ecosystem. According to a report by Counterpoint Research, India’s smart TV market saw 65 per cent year-on-year growth in Q2 2021 due to increasing demand.

    Some may conflate over-the-top platforms with CTV but they are completely different ecosystems. While OTT can be seen as a subset of the CTV ecosystem, its journey began almost two decades back with Netflix. Certainly, a majority of the usage on CTV is driven by OTT viewing. A report indicates that 91 per cent of users watch movies on CTV, there is also a small but growing audience that is listening to music, playing games, and catching up on the news.

    “CTV is reaching an incremental base of evolved users who have come into the ecosystem to enjoy everything that the internet has to offer,” said Kumar, adding that the pandemic has played the role of a catalyst for CTV.

    “People confined at homes realised that linear TV was mundane because of repeated content and were looking at new ways to entertain themselves,” he added. It helped that India has the cheapest data costs in the world at $ 0.09 per Gb. A survey showed that 78 per cent of smart TV users were accessing the internet via direct apps instead of search and discovery platforms.

    Even though the base of CTV was nascent compared to other media, mediasmart was excited to tap into the opportunity. “We’ve always been a platform that’s believed in strong digital ownership of the consumer journey,” said Kumar.

    The company did not look at CTV in isolation. When it targeted a CTV household, it assumed that there were three to four members in the household who owned a smartphone. They developed a technology system called ‘Household Sync’ that maps the user journey on CTV and mobile.

    Marketers have always bifurcated between brand and performance, opined Kumar. “Here’s a technology that puts your brand advertising on the largest screen possible but also delivers middle and bottom-funnel conversions, so it takes you across the entire funnel. At mediasmart, we’ve always valued metrics such as cost per conversion and verticalisation approaches.”

    mediasmart’s solutions looked at delivering immediate action-oriented feedback to advertisers on the brand impact. Their platform allowed them to look at completion rates on TV followed by retargeting on mobile devices. It also let them measure click-through rates to analyse if the brand was reaching the last mile. “Ultimately, what every brand is concerned about is the bottom-funnel,” opined Kumar.

    The CTV market is growing in double-digits month-on-month that will lead to an increase in users, advertising penetration, and reach. In markets like the US, the share of video impressions on CTV is as high as the share of video impressions on mobile. While the US was never a major mobile market, unlike India, Kumar explains that the opportunity is still attractive because even though the base is small, the impact is large.

    He added, “There is a lot of headroom for CTV to grow in India. There is still a significant base of box TV users in India who may potentially migrate to low-cost smart TVs. Apart from cord-cutting, there is a whole new generation of ‘affluent cord nevers’ who are opting for CTV systems over DTH and cable connections.”

    (Source: India CTV Report 2021 by mediasmart, an Affle Company, VTION, and Interactive Avenues)

    For more information: https://indiantelevision.com/events/oact-summit-2021/

  • Zeel must get ‘reasonable time’ to reply to investors plea: NCLAT passes order

    Zeel must get ‘reasonable time’ to reply to investors plea: NCLAT passes order

    New Delhi: Zee Entertainment Enterprises Ltd (Zeel) should be given a “reasonable and sufficient opportunity” time to respond to the investors’ plea filed before the National Company Law Tribunal (NCLT), said the National Company Law Appellate Tribunal (NCLAT) on Thursday.

    Zeel had approached the Appellate authority, challenging NCLT’s order which asked the Company to submit its reply to the investors’ demand for calling an extraordinary general meeting (EGM) by Thursday, when its next hearing was scheduled.

    The appellate tribunal stated that NCLT had made an “error” by not granting Zeel “reasonable and sufficient time for filing a reply…. This was a complete violation of NCLT Rules and Principles of Natural Justice,” said the two-member bench of the NCLAT and asked NCLT to proceed after hearing both parties. “We are of the opinion that reasonable and sufficient opportunity should be given to the appellants for filing a reply.”

    The Appellate Tribunal also mentioned that “Section 98 of the Companies Act does not prescribe any limit and limitation on the learned NCLT to pass order within that time limit.” However, it did not mention the amount of time that should be granted to the media conglomerate. 

    Meanwhile, NCLT had deferred the hearing of the Zeel-Invesco case to Friday, citing the plea pending before the NCLAT.

    Zeel spokesperson said that the company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders.  

    Zeel’s top two investors Invesco Developing Markets Fund and OFI Global China Fund LLC who together hold an 18 per cent stake had sent a requisition notice to Zeel on 11 September to call an EGM and discuss the removal of MD Punit Goenka. When Zeel did not announce the date of the EGM even after two weeks, the investors moved NCLT, citing provisions of the Company Law, according to which the Company is bound to call an EGM within a specific number of days, if the stakeholder demanding it owns more than 10 per cent stake in the Company.

    The investors had also sought the removal of long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations.

    The investors had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to the approval of the ministry of information and broadcasting (I&B).

    Last week, Zeel Board refused to conduct the extraordinary general meeting (EGM) citing ‘shareholders interest’, and moved the Bombay high court seeking to declare the requisition notice as “illegal and invalid”.

  • Colors to launch ‘The Big Picture’ on 16 October

    Colors to launch ‘The Big Picture’ on 16 October

    Mumbai: Hindi general entertainment channel Colors is all set to launch its quiz show ‘The Big Picture’ on 16 October starting at 8:00 p.m every Saturday – Sunday. The show will telecast on Colors and stream simultaneously on the OTT platforms Voot and Jio TV.

    Bollywood actor Ranveer Singh will make his television debut as the host of the show, which will be co-presented by ed-tech brand BYJU’S, with Bikaji, LIC, and Haier Refrigerator as ‘associate’ sponsors.

    “We have been earnestly preparing for this show for a long time, and I can’t wait for the audience to play along and be a part of this unique proposition,” said Singh. “The format of the show will allow me to closely interact with the audience which makes it even more special.”

    A next-generation quiz show, it’s based on knowledge and visual memory, allowing the contestants to answer 12 visual-based questions and stand a chance to win the jackpot of five crores. Additionally, the viewers can also participate and win money with the Weekend and Weekday play-along on Voot app.

    “Whether it is introducing home-grown properties or adapting international formats, we push the envelope of innovation to give the best of fiction and non-fiction shows to our viewers,” said Viacom18, head of Hindi mass entertainment and kids TV network, Nina Elavia Jaipuria. “We are excited to kick off the festive season on a high note with the launch of two big properties – ‘Bigg Boss’ and ‘The Big Picture’ to keep the momentum going.”

    “People today consume and reciprocate well to any visual-based content and the concept of ‘The Big Picture’ is based on this insight,” said Viacom18, chief content officer – Hindi mass entertainment, Manisha Sharma. “It is a new-age, contemporary, and never seen format that will give the audience, playing from the studio and from the comforts of their home, an opportunity to answer questions based on pictures and walk away with the prize money.”

    Based on the international format owned by ITV Studios Global Entertainment B.V, ‘The Big Picture’ will be aired in India in association with Banijay Asia and SKTV. “Our collaboration with COLORS for the internationally acclaimed title ‘The Big Picture’ brings forward an intriguing format molded as per the Indian mindset and milieu,” said Banijay Asia, chief executive officer, Deepak Dhar.

    COLORS has devised a 360-degree multiscreen, multicity, high investment campaign spreading across the length and breadth of the country to build visibility and awareness of the show. A high-frequency promo campaign will run across the network and non-network channels, Local Cable channels, and major DTH service operators, along with ads in key HSM publications and an extensive out-of-home campaign on billboards, bus shelters, radio cabs, railway and metro stations, auto rikshaws and tempos.

    “The show is all set to nurture millions of dreams across the country and as brand partners, we hope to celebrate the spirit of Indians and also inspire a love for learning,” said BYJU’s, marketing head, Atit Mehta.

    On the digital front, the network will launch innovative campaigns like ‘The Big Picture Ki Paathshala’ and ‘#TaqdeerKiTareekh’ on the OTT platforms, social media, Voot, and Jio TV. In the launch week, the audience will also get a personalised invite to watch the show from Ranveer Singh using AI technology.

    As a part of the influencer outreach, Colors has roped in notable social media personalities and artists to bring alive the concept of ‘The Big Picture’ by posing against popular monuments and iconic locations across various cities, as well as to optimise its impact and reach.

  • Clandestine attempt to take over Zeel, says Subhash Chandra on Invesco’s notice

    Clandestine attempt to take over Zeel, says Subhash Chandra on Invesco’s notice

    New Delhi: As the boardroom tussle between Zee Entertainment Enterprises Ltd (Zeel) and its investors rages on, Essel group chairman Subhash Chandra who founded Zee TV said the latest move by its US-based investors is a “clandestine attempt to take over the Company”.

    “They (Invesco) has taken a hideous route to oust the current leadership. It is nothing, but an attempt to take over the Company in an illegal manner. This is not permitted under any of our (Indians) laws. They need to come clean on their exact motives. They need to be transparent, which they are not,” said Chandra on Wednesday, during an interview aired on Zee News.

    Chandra founded Zee TV in 1992 and reminisced the journey that the media and entertainment network has traversed over the last three decades. “In those days, our role was mainly that of a public broadcaster, creating awareness, and then slowly we evolved and provided family entertainment to masses. Today, the Zee channels are watched by crores of Indians, who consider Zeel as part of their family. It is not just any other business,” said the media veteran.

    Talking about the calls for removal of the Company’s MD and CEO Punit Goenka, Chandra said the Board and shareholders had placed their trust in him, and announced him as the MD, and any decision on the leadership rests with them. “Zeel is not owned by any one individual or investor,” emphasised Chandra. “It is owned by over 2.5 lakh shareholders who are part of its family. They are the real owners. The Board is also independent.”

    Zeel has been battling a boardroom crisis ever since, its two investors – the US-based Invesco Developing Markets Fund and OFI Global China Fund IIC who together hold an 18 per cent stake in the media company called for the removal of MD and CEO Punit Goenka. The investors had sent a requisition notice to the Board on 11 September demanding an extraordinary general meeting (EGM).

    They had also sought the removal of long-standing directors and close associates of the Chandra family from the Board, including two independent directors Ashok Kurien and Manish Chokhani, and suggested a few names of their own. Both had submitted their resignations a day prior. Meanwhile, the new appointments are yet to be approved by the ministry of information and broadcasting (I&B).

    “Such tactics (of Invesco) must draw the attention of the government and Securities Exchange Board of India (SEBI) who should consider taking action against them,” said the Zee TV founder, highlighting that Invesco has not been transparent about their future course of action, especially after their proposed removal of Goenka as MD. “No ship can sail out in the sea without a captain, and no Company can function even a day without a sitting MD.”

    While Invesco remains adamant on the EGM, Zeel too is defending the company with equal vigour. On Wednesday, the company moved the National Company Law Appellate Tribunal (NCLAT) against the order passed by National Company Law Tribunal (NCLT) to submit its reply to the investors’ demand for an EGM. The media and entertainment company has also moved the Bombay high court seeking to declare the requisition as “illegal and invalid.”

    “The Board is independent, and it has taken the decision based on the counsel of their senior legal experts. If Invesco wants to take over the Company through such hideous routes, then, the Company will not let that happen,” he summed up.

  • Zeel-Invesco Tussle: NCLT seeks Zeel’s reply, next hearing on 7 Oct

    Zeel-Invesco Tussle: NCLT seeks Zeel’s reply, next hearing on 7 Oct

    New Delhi: The National Company Law Tribunal (NCLT) has asked Zee Entertainment Enterprises Ltd (Zeel) to file its reply to the petition filed by its investors –  Invesco Developing Markets Fund and OFI Global China Fund IIC and posted the matter for the next hearing on Thursday.

    One of its top investors–Invesco and OFI Global China Fund IIC had approached NCLT last week, after Zeel did not announce the date of an extraordinary general meeting (EGM) as sought by them through a requisition notice sent on 11 September. According to Invesco, the Company is mandated to honour the request of EGM if so demanded by shareholders who own more than 10 per cent of the stake in the Company.

    However, Zeel has not only expressed inability to convene the EGM, but it has also moved the Bombay high court against Invesco’s requisition notice, seeking to declare it “invalid”.

    “As per the decision taken by the Board of the Company, which was communicated on October 1, 2021, and as per their guidance, the Company has already moved to the Bombay high court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid,” said the Zeel spokesperson. The Company further maintained that “it will continue to take all the necessary steps that are in the best interest of all its shareholders and as per the applicable law.”

    The investors had called for an EGM of the shareholders seeking removal of its sitting MD Punit Goenka, and long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani had submitted their resignations a day prior.

    The investors had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years. The special notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to the approval of the ministry of information and broadcasting (I&B). Last week, it informed the exchange filing that it will not convene the EGM, as the notice is “invalid and illegal.”

  • Zeel completes 29 years; the best is yet to come, says MD Punit Goenka

    Zeel completes 29 years; the best is yet to come, says MD Punit Goenka

    Mumbai: The media and entertainment major – Zee Entertainment Enterprises Ltd (Zeel) has completed 29 years of its foundation on Saturday, as it wades through a boardroom crisis.

    “29 years ago, on this very day, we set pen to paper and laid the foundation of this extraordinary institution, which we called ZEE. Back then, a lot of people thought it was a bold and impossible idea, but the power of passion and perseverance paid off and here we are today, celebrating this glorious milestone,” said managing director and chief executive officer Punit Goenka in a message to his employees. “It has been a journey where we embedded culture of consistent value creation and sustained growth. As we together step into the 30th year of the Company, we stay committed to many more successful years ahead filled with glory, growth, and profitability.”

    Goenka said “the best is yet to come,” as the company now gears up to seal a merger deal with Sony Pictures Network India (SPNI). “The proposed merger with Sony will make us the largest media and entertainment company in the country. With Sony as a partner in our value creation journey, the combined synergies will help us strengthen our capabilities, and create sharper content that enriches the lives of our viewers,” said Goenka.

    The Company is currently embroiled in a boardroom tussle with two of its top investors demanding the removal of MD and CEO Punit Goenka through an extraordinary general meeting (EGM). The demand made through a requisition notice has already been turned down by the Company, which is also exploring legal options against the move.

  • Zeel moves Bombay HC against Invesco’s requisition notice

    Zeel moves Bombay HC against Invesco’s requisition notice

    Mumbai: Zee Entertainment Enterprises Ltd (Zeel) has moved the Bombay high court against two of its top investors –  Invesco Developing Markets Fund and OFI Global China Fund IIC seeking the court’s intervention in declaring the requisition notice sent by them as “illegal and invalid”.

    Zeel informed the stock exchange that “there are no expected financial implications on the company that may arise as a result of this civil suit, except legal costs”.

    Both the investors together hold an 18 per cent stake in the media company. In a special notice sent to Zeel on 11 September, the two had called for an EGM of the shareholders seeking removal of its sitting MD Punit Goenka, and long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani had submitted their resignations a day prior.

    The Boardroom tussle intensified last week when Invesco moved the National Company Law Tribunal (NCLT) highlighting Zeel’s failure to make any announcement regarding the EGM. The Tribunal had then directed Zeel to convene the EGM as per law.

    The request for EGM was, however, turned down by Zeel board on Friday, terming the requisition notice sent by its investors as “illegal and invalid”. “The Board has arrived at this decision by referring to various non-compliances under multiple laws, including the Securities and Exchange Board of India guidelines, ministry of information and broadcasting guidelines, and key clauses under the Companies Act, and Competition Act, and after taking into account the interest of all the stakeholders of the company,” Zeel said in a statement.

    According to rules, a company has three weeks to announce a date for an EGM from the day it receives such a request from any of its big investors. So, if the special notice was received by Zeel on 12 September, then the company had until October 2 to announce a date for an EGM. 

    However, Zeel has maintained that it will continue to take all the actions needed in the interest of the shareholders as per law. “The Board comprising of experienced professionals deliberated and discussed various legal and statutory implications of the requisition notice. It also sought the opinions of independent counsel, legal experts including retired SC judges, and evaluated the matter in a fair and transparent manner,” Zeel said in a statement.  

    Apart from Goenka’s exit, the investors had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years.

    Meanwhile, the media and entertainment company also marked 29 years of its foundation on Saturday, “Back then, a lot of people thought it was a bold and impossible idea, but the power of patience and perseverance has paid off and we are here celebrating the glorious milestone,” MD Punit Goenka said. “As we step into the 30th year of the company, we stay committed to many more successful years filled with glory, growth, and profitability.” 

  • Star Plus trumps regional GECs to regain top spot in week 38: Barc

    Star Plus trumps regional GECs to regain top spot in week 38: Barc

    Mumbai: Star Plus trumped close rivals Sun TV and Star Maa to emerge as the most viewed channel in Barc week 38 (between 18 and 24 September). The three channels have been fighting it out for the top position for several weeks, with the regional GECs dominating the list for the past three weeks.

    This week Star Plus clocked 2744.83 (‘000s) AMAs as against 2719.62 (‘000s) last week when it was at the second position. Tamil major Sun TV was next with weekly AMAs of 2650.54 (‘000s). 2512.05 AMAs secured the third spot for Telugu GEC Star Maa.

    Colors and Star Utsav clinched the fourth and fifth position. Riding high on IPL viewership, Star Sports 1 Hindi made a direct entry as the sixth most-watched channel in week 38. Sony SAB, Star Vijay, Star Pravah, and Zee TV grabbed the remaining four spots.

    Sun TV led the tally in the mega cities with 459.74 AMAs. Star Plus, Colors, Star Vijay, and Sony SAB followed. With weekly AMAs of 2644.6 (‘000s), Sun TV was the top performer in the South Market as well. Star Maa, Star Vijay, Zee Kannada, and Zee Telugu were at positions two, three, four, and five respectively.

    Maharashtra/Goa showed a clear preference for Star Pravah which bagged 1507.05 AMAs. With 1076.13 AMAs, Zee Bangla toppled long-time leader Star Jalsha to clinch the top spot in West Bengal. The latter slipped to the second spot.

    At 419.59 AMA, Tarang was the most viewed channel in Odisha, Zee Kannada in Karnataka (1461.09), Star Utsav in Rajasthan (245.59), and Zee Anmol (355.23) in UP/Uttarakhand.

  • Invesco approaches NCLT against Zeel, presses for EGM

    Invesco approaches NCLT against Zeel, presses for EGM

    New Delhi: The boardroom tussle at Zee Entertainment Enterprises Ltd (Zeel) rages on. One of its top investors, Invesco Developing Markets Fund has now moved the National Company Law Tribunal (NCLT) against the company for not yet announcing a date of the extraordinary general meeting (EGM).

    The application moved under Sections 98(1) and 100 of the Companies Act, 2013 requests the tribunal to order the company to hold EGM. The NCLT has listed the hearing on Thursday. 

    “The company’s failure to take steps within its notice period to call an EGM, coupled with its delay in noticing our EGM on 11 September and failure to notice our 23 September letter to the exchanges, has prompted us to file a petition before NCLT to enforce our rights as shareholders to call for this EGM,” a spokeswoman for Invesco said.

    One of the largest shareholders of Zeel, Invesco Developing Markets Fund had sent a special notice to Zeel on 11 September calling for an EGM of the shareholders seeking removal of its sitting MD Punit Goenka, and long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani had submitted their resignations a day prior.

    The funds had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to the approval of the ministry of information and broadcasting (I&B).

    Invesco and OFI Global China Fund IIC together hold an 18 per cent stake in the media company. According to rules, a company has three weeks to announce a date for an EGM from the day it receives such a request from any of its big investors. So, if the special notice was received by Zeel on 12 September, then the company has until October 2 to announce a date for an EGM. 

    The latest move comes days after Zeel announced a mega-merger with its rival media group Sony Pictures Network India (SPNI). The merger will result in SPNI holding a majority of 52.93 per cent with Zeel and its shareholders having 47.01 per cent of the new entity which will continue to list on the stock exchanges. The joint company will appoint Punit Goenka as the CEO and managing director, with the promoter family being free to increase its holding from four per cent to 20 per cent over time.