Mumbai, July 10 -- Shareholders of Zee Entertainment Enterprises Ltd on Thursday rejected a proposal that would have allowed the media company's promoters to increase their stake over four-fold from 3.99% they currently hold.

As many as 60% of the votes cast at the annual general meeting were in favour of the proposal to issue warrants to two promoter entities of the company, falling short of the 75% required to pass muster. Upon conversion, the warrants would have helped increase the promoters led by Subhash Chandra to increase their shareholding to 18.39%.

This comes just two days after shareholders ratified two director appointments at the firm after a spate of rejections over the past three years.

"The Board and the management of t...