Invesco has filed a complaint with the National Company Law Tribunal (NCLT) against the company for failing to convene an EGM (extraordinary general meeting) for the removal of Puneet Goenka, MD and CEO and director of Zee Entertainment Ltd. It will be heard on Thursday (September 30) in the Mumbai Bench of the National Company Law Tribunal.
This is the rule for calling EGM
According to the rules related to the listed company, it has to be announced within three weeks from the day of seeking to convene an EGM by an investor with a holding of more than 10 per cent. Invesco holds a 17.88 percent stake in zee Entertainment. It is the largest shareholder in the company. Invesco wrote the first letter to convene the EGM on 11 September. This letter was received by zee Entertainment on 12 September. That is, zee has time till 2 October 2021 for this.
If zee fails to announce the date for the EGM by this weekend, then Invesco can announce the date for it next week. In the EGM, Invesco may ask shareholders to vote in favor of the removal of Puneet Goenka and appoint six independent directors to the board of zee.
Stock Tips: TCS and Infosys shares will get bumper profits, know why Goldman Sachs has so much trust in both the companies
This bet may also backfire for Invesco
Some experts say that zee still has time to call the EGM. In such a situation, it is not understood why Invesco took this matter to the Company Law Tribunal. He says that this matter may backfire for Invesco. If the matter is not decided by the Tribunal on Thursday, then zee can say that she was ready to call the EGM. Invesco itself took the matter to the Tribunal.
If the matter drags on, Invesco’s bet to remove Puneet Goenka may go empty. Zee Entertainment announced a merger with Sony Pictures Network after Invesco demanded the removal of Puneet Goenka. Together, both can become the biggest entertainment network of this country.
Get Business News ,, latest India News ,, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.