Zee Entertainment has approached the Bombay High Court against the demand of the company’s biggest investors Invesco and OFI Global China Fund to convene an EGM. Both the investors have demanded to convene an EGM to remove the company’s MD Puneet Goenka. Zee has said in a regulatory filing that it has requested the Bombay High Court to declare the Requisition Notices sent to Invesco and OFI Global China Fund for convening the EGM as illegal and invalid.
Zee rejects Invesco’s demand in NCLT hearing
Zee Entertainment yesterday rejected the demand of the shareholders of Invesco and Global China Fund to convene an EGM. Whereas the Mumbai Bench of NCLT, during the hearing on 30 September 2021, asked Zee to consider Invesco’s demand to convene the EGM. Zee Entertainment said yesterday that in view of the non-compliance of various laws and in view of the interests of the shareholders and stakeholders of the company, the demand for convening the EGM has been rejected. This decision of Zee’s board may further intensify its legal battle with Invesco. This may affect the merger of zee Entertainment and Sony Pictures Networks.
Zee rejects Invesco’s demand to call EGM, merger with Sony will be difficult if legal battle intensifies
Invesco said, all our investment in Zee is in danger of sinking
Invesco’s counsel had told the NCLT bench during the hearing on Thursday that the way Zee Entertainment is being run cannot do better to the shareholders. We are worried about the complete sinking of our investments. The National Company Law Tribunal i.e. NCLT in a hearing yesterday had asked Zee Entertainment to consider the demand of Invesco Developing Markets Fund and OFI Global China Fund LLC and prepare to convene the EGM.