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Wednesday, December 1, 2021

Relief for zee: Shock to Invesco in Zee capture fight, Bombay High Court restrains EGM from convening for the time being

Its biggest investor Invesco has suffered a setback in a court battle with Zee Entertainment over the issue of calling the EGM. The Bombay High Court has currently restrained Invesco from convening the shareholders’ EGM. Invesco, which holds 18 per cent stake in Zee Entertainment through its two funds, is seeking to convene an EGM of shareholders to remove the company’s CEO Punit Goenka. Invesco was also looking to appoint six new members to the board.

Invesco plunges Zee into a statutory blackhole – Bombay High Court

Justice GS Patel of the Bombay High Court, after hearing the case, said that the six new people Invesco wanted to see on the board did not appear to be independent. He said that by offering another CEO in place of Goenka, Invesco has put Zee in a statutory blackhole. Zee Entertainment’s shares jumped 4.3 per cent on Tuesday after the Bombay High Court’s decision. Zee Entertainment said that the court’s decision is a big victory for all the stakeholders of the company.

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Zee moves High Court against Invesco

The Bombay High Court had last week asked Zee to convene a shareholder meeting but on Tuesday it gave its verdict after hearing the arguments of the company’s counsel. Zee’s counsel had said that a balance should be struck between executive and non-executive directors on the board. After Invesco served notices to the shareholders about the meeting for the EGM, Zee moved the Bombay High Court to stay the same. Invesco has dealt a blow to Zee Entertainment on the issue of corporate governance at a time when it is planning a merger with Sony Pictures. It will become the largest broadcaster group after the merger, but Invesco objected to the fact that Zee’s founder family (which includes the Goenkas) was being allowed to increase its stake to 20 per cent, while its stake was four per cent. Is.

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