(Bloomberg) -- Two independent directors were unable to secure re-appointment to the board of Zee Entertainment Enterprises Ltd., days before a deadline for completing a planned merger with Sony Group Corp.'s India unit.
Independent directors Sasha Mirchandani and Vivek Mehra “failed to get the requisite majority of votes,” the company said in an exchange filing.
Zee Entertainment has been locked in a showdown with Sony over whether Chief Executive Officer Punit Goenka will lead the firm after the completion of any potential deal to create a $10 billion media giant. Zee is insisting that Goenka — also its founder's son — will helm the new entity, as agreed in a pact signed in 2021, while Sony is wary of appointing him given a regulatory probe against the executive, according to people familiar with the matter.
Shares of Zee Entertainment slid as much as 8.9% on Friday before paring losses on speculation around the fate of the deal ahead of a December 21 deadline. Non-executive director Adesh Gupta is stepping down for personal reasons, the company said on Thursday.
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