Lawstreet Journal

Zee moves Bombay High Court to declare Invesco's requisition notice ‘illegal, invalid’

Lawstreet Journal 6 Oct 2021 7:46pm

Image courtesy: Lawstreet Journal Business Zee moves Bombay High Court to declare Invesco's requisition notice ‘illegal, invalid’

Zee Entertainment Enterprises has filed a petition before the Bombay High Court asking it to declare the requisition by a foreign investor to hold an extraordinary general meeting (EGM) as “illegal and invalid”.

ZEE announced that its board has rejected the request of shareholders, Invesco and OFI Global China Fund, to convene an EGM to discuss various issues, including removal of Managing Director Punit Goenka.

According to ZEE, the appointment of new independent directors, as proposed by Invesco in the requisition notice, is subject to prior approval from the Ministry of Information and Broadcasting.

On September 30, 2021 the National Company Law Tribunal (NCLT) at Mumbai had directed the Board of Directors (BoD) of Zee Entertainment Enterprises (ZEE) to consider requisition made by the company’s largest investor to hold an extraordinary general meeting (EGM) by October 3,2021. 

A bench of Bhaskara Pantula Mohan and CB Singh said, “We direct respondents (ZEE) to consider requisition made by the petitioners (Invesco) under the Companies Act positively and comply with section 100 of Companies Act.”

The tribunal was hearing an application filed by the shareholders to hold an EGM and consider removal of MD & CEO Punit Goenka and two other non-independent non-executive directors from the company’s board and induction of six new independent directors.

The promoters, including Goenka, hold 3.99 per cent of the shares in the company. The remaining 96.01 percent of the shares are held by the public of which the two petitioners, together, hold 18 percent shares in ZEE. 

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Tagged: Zee Entertainment   ZEE  
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