Mumbai: The Bombay High Court on Thursday asked the board of Zee Entertainment Enterprises (z) to convene special shareholders’ meeting as per the demand of the largest investor invesco To remove MD Puneet goenka Company. However, it added that the voting result of the Special Shareholders’ Meeting or the Extraordinary General Meeting (EGM) “should be kept in abeyance” until it decides on the legality of the demand raised by Invesco. NS EGM The court further said that the resolution would be subject to the approval of the Ministry of Information and Broadcasting.
Apart from the removal of Goenka from Zee, US fund Invesco, which holds about 18% stake in the media and entertainment company, has sought the inclusion of several independent directors on the board of the investee. The court also asked the warring parties to propose an EGM date and the name of a neutral chairman to hold the meeting. zee Will inform the court about the date of EGM on Friday.
Apart from the removal of Goenka from Zee, US fund Invesco, which holds about 18% stake in the media and entertainment company, has sought the inclusion of several independent directors on the board of the investee. The court also asked the warring parties to propose an EGM date and the name of a neutral chairman to hold the meeting. zee Will inform the court about the date of EGM on Friday.
In that case, Invesco will withdraw its petition against Zee from the National Company Law Tribunal (NCLT), where it complained that the company had failed to announce the date of the EGM for Goenka’s removal. matter on NCLT The hearing is scheduled for October 26. The Bombay High Court held that Zee’s right to challenge the validity of the resolutions after the EGM can be reserved and it is too early to assume whether the resolutions will be passed.
On Thursday, the Bombay High Court was hearing a case filed by Zee seeking to declare Invesco’s demand invalid on the ground that it was suffering from several legal loopholes.
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