Zee Entertainment gets injunction from Bombay HC, restrains Invesco from holding EGM

Mumbai, October 26: The Bombay High Court on Tuesday granted an interim injunction against Invesco, the largest shareholder of Zee Entertainment Enterprise Ltd (ZEL), in an extraordinary general meeting seeking removal of the MD of Zee Entertainment Enterprise Ltd (ZEEL). (EGM) was stopped from proceeding with the demand. and CEO Puneet Goenka. A single bench headed by Justice Gautam Patel said, “I have given injunction to the respondents.” The court’s detailed order is awaited.

The high court had last week reserved its order on the issue after ZEEL told the court that it was not prepared to conduct the shareholders’ EGM as requested by its largest shareholder, Invesco. The submission was made in response to a previous suggestion made by the Bombay HC, in which Justice Patel had asked ZEEL whether it was ready to hold such a meeting.

Senior advocate Gopal Subramaniam, appearing for ZEEL, had told the high court at that time that the board of directors of the company cannot give permission for something which may be illegal. The investors of ZEEL had sent a request to the company on September 11 to convene an EGM for the removal of MD and CEO Puneet Goenka and two other non-independent and non-executive directors from the company’s board of directors. Of the six new independent directors. ZEEL, however, moved the HC on October 2, seeking that the court declare the demand notice for the shareholders’ meeting sent by Invesco to be invalid and void.