Zee Entertainment has rejected the demand of the shareholders of Invesco and Global China Fund to convene an EGM. The Mumbai Bench of NCLT had asked Zee only yesterday (30 September 2021) to consider Invesco’s demand to convene the EGM. Zee Entertainment has said that in view of non-compliance under 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 intensify its legal battle with Invesco. This may have an impact on the merger of zee Entertainment and Sony Pictures Networks.
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 total loss 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.
Big blow to Zee Entertainment from NCLT; Decision given in favor of Invesco, said- company called EGM
Invesco had demanded the removal of Puneet Goenka
Invesco Developing Markets Fund and OFI Global China Fund LLC hold 18 per cent stake in Zee Entertainment. Invesco had demanded to convene an EGM of the shareholders to remove the director of zee Entertainment, Punit Goenka. But before that Zee Entertainment had announced the merger with Sony Pictures Network. Zee Entertainment’s decision may affect its merger with Sony. The next hearing of the case will be on October 4. After the merger of zee and sony, Puneet Goenka will continue as the CEO and MD of the new company.
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