ZEEL ready to take further steps in shareholders’ interest against Inveco’s EGM call

Further tightening its position against two of the company’s largest shareholders, Zee Entertainment Enterprises Ltd (ZEEL) said on Tuesday that the company will continue to take all the necessary steps that are in the best interest of its shareholders, and as per the applicable law.

On Saturday, ZEEL had moved the Bombay High Court against top investors Invesco Developing Markets Fund and OFI Global China Fund LLC’s requisition for an extraordinary general meeting (EGM) to discuss various issues, including the removal of Managing Director Punit Goenka.

The company’s plea before the court is to declare the call for EGM invalid after Invesco got NCLT nod seeking the meeting by the ZEE board, while the board at its meeting on October 1 rejected the EGM call, terming it as invalid and illegal.

“The next date of hearing before the National Company Law Tribunal (NCLT) is Thursday, October 7. As per the decision taken by the board of the company, which was communicated on October 1, and as per their guidance, the company has already moved the Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid. The company will continue to take all the necessary steps that are in the best interest of all its shareholders and as per the applicable law,” a ZEEL spokesperson said.

ZEEL is engaged in a boardroom brawl with the company’s two largest shareholders expressing non-confidence with the existing management and seeking an EGM to sack a few directors, including ZEEL’s MD and CEO Punit Goenka.

In the meanwhile, ZEEL announced its merger with Sony Pictures that further irked the shareholders who moved the NCLT to get their demand for EGM met.

–IANS

sn/arm

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