Zee Entertainment shares are under pressure as Sebi is blocking 5 people in an internal trading case

The share price of Zee Entertainment Enterprises was trading below 2 percent in the morning program on September 28 after Sebi confirmed the closure of five people in a Zee Entertainment business venture.

Sebi on September 27 reaffirmed his previous directive which was extended to five people where they were barred from the security market for engaging in trading within the Zee Entertainment Enterprises.

“Bijal Shah, Gopal Ritolia, Jatin Chawla, Gomti Devi Ritolia and Daljit Chawla are prohibited from purchasing, selling or cooperating with security, either directly or indirectly, in any way until instructed,” Sebi said in his 43-page affidavit. .
However, they are allowed to buy and sell joint currency units.
Sebi will transfer the separate order after giving the opportunity to hear other organizations not listed on the interim order but to whom the interim order has been transferred.

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Stocks were trading after more than 84 percent of stocks last 1 month. Invesco’s largest shareholder continued the need to convene an extraordinary general meeting (EGM), demanding the newly rebuilt board and removal of MD & CEO Punit Goenka.
Invesco, however, did not reject the contract negotiations with Sony and highlighted in the letter that the Zee Entertainment Enterprises business was important, “whether alone or in line with strategic partners such as Sony”.
“The newly established Independent Support Board will be better equipped to evaluate and manage strategic trade power, such as the one announced on 22 September 2021 in a non-binding manner, and to make decisions on the Company’s future leadership,” it said.

The stock was trading at Rs 315.15, down Rs 7.20, or 2.23 percent. It affected the internal highs of Rs 323.00 and the intraday low of Rs 312.45.

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