ZEE Merger
ZEE Entertainment approaches NCLAT over minority shareholders' demand for EGM
Mumbai/IBNS: Zee Entertainment Enterprises Ltd on Wednesday sought the directive of the National Company Law Appellate Tribunal (NCLAT) to declare illegal the requisition of minority shareholders Invesco and OFI Global China Fund to convene an Extraordinary General Meeting (EGM), to discuss various issues including the ouster of Managing Director Punit Goenka.
The media giant has challenged NCLAT's Mumbai-bench order which directed T Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday to file a reply to the petition filed by its minority shareholders by October 7 (Thursday), the next date of hearing, according to a report in the media.
According to the report, confirming the development, a ZEEL Spokesperson said: “The company has moved NCLAT in accordance with the due process available under the law.”
Last week, ZEEL had informed it had also moved the Bombay High Court against the requisition of minority shareholders.
“The company has also filed a suit in the Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid,” he added.
"The company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders," the spokesperson added.
Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) along with OFI Global China Fund LLC hold 17.88 percent stake in ZEEL.
“In its meeting held on October 1, 2021, the board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC,” ZEEL had said.
The meeting was held after had ordered ZEEL to call a board meeting to look into Invesco and OFI Global China Fund’s request for an EGM for discussing various issues.
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