MUMBAI: Minority shareholders of Zee Entertainment Enterprises Ltd (Zeel) have voted against a proposal to issue fully convertible warrants to promoter group entities on a preferential basis. The special resolution, proposed at an extraordinary general meeting (EGM) held on 10 July 2025, failed to secure the necessary majority.

The EGM, chaired by R Gopalan, commenced at 11:00 a.m. IST and concluded at 12:25 p.m. IST. The company had provided both remote e-voting and e-voting facilities during the meeting for its shareholders.

According to the scrutinizer's report, 59.5140 per cent of the total valid votes cast were in favour of the resolution, while 40.4860 per cent were against it. For a special resolution to pass, the votes cast in favour must be at least three times the votes cast against it. As this condition was not met, the resolution failed.

A company spokesperson for Zeel acknowledged the outcome, noting that 60 per cent of participating shareholders supported the resolution and expressed gratitude for their backing. The spokesperson also stated that the board and management respect the decision of the remaining shareholders and remain focused on maximising and safeguarding shareholder value.

The company highlighted its ongoing efforts to improve performance and profitability, particularly in boosting margin profile and reducing losses within the digital segment. Zeel intends to continue leveraging its cash reserves and entrepreneurial spirit to build a strong foundation, address market shifts, and outperform competition. The board's guidance will further fortify the company against unforeseen events and drive growth and investment in technology and innovation.

The total number of shareholders on the cut-off date (3 July 2025) was 653,378. A total of nine promoter and promoter group shareholders and 114 public shareholders attended the meeting via video conferencing/other audio-visual means. The resolution involved the "issue of fully convertible warrants to the promoter group entities on preferential basis."