December 26, 2024 06:58 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Anna University sexual assault case: Accused is a DMK worker, claims BJP's Annamalai | Celebrities too responsible for crowd control: Telangana CM Revanth Reddy to Telugu filmdom amid Pushpa 2 stampede row | Boat capsizes off Calangute Beach in Goa; 1 killed, 20 rescued | Canada announces change to immigration system, likely to impact Indians seeking permanent residence | Azerbaijan Airlines tragedy: 32 passengers rescued, flight attempted several emergency landing before crashing | Man sets himself on fire near Parliament building; locals, police rush him to hospital | Azerbaijan Airlines passenger plane enroute to Russia with over 70 people onboard crashes in Kazakhstan | Atishi will be arrested in fake case, claims Arvind Kejriwal after Delhi govt disowns health and women's schemes | Delhi govt departments disown Arvind Kejriwal's major poll promises, AAP chief reacts | 'Our nation will always be grateful to him': PM Modi writes article in tribute to Atal Bihari Vajpayee on his birth centenary
ZEE-Invesco EGM Dispute

Bombay High Court's division bench set Nov 29 for next hearing after Invesco challenges Oct 26 ruling

| @indiablooms | Oct 29, 2021, at 10:20 pm

Mumbai/IBNS: A division bench of Bombay High Court has delayed the next hearing in Zee Entertainment’s dispute against Invesco till November 29 on the issue of calling an Extraordinary General Meeting, according to media reports.

A division bench led by Justices Kathawalla and Milind Jadhav deferred the hearing on Friday after Zee’s largest shareholder Invesco and OFI Global approached the bench on Thursday, challenging the Bombay High Court's October 26 decision.

The Bombay High Court on October 26 offered relief to Zee Entertainment by granting an injunction against Invesco's call for an extraordinary general meeting (EGM).

Directing Zee to call an EGM would be potentially non-compliant and there was a fundamental flaw in Invesco’s construct, Justice Gautam Patel had observed while passing the order.

On October 27, the counsel appearing for OFI Global China Fund, Janak Dwarkadas, told the National Company Law Tribunal (NCLT) that they might move an appeal against the order.

Invesco and OFI Global together hold a 17.88 percent stake in Zee. The two had sought an EGM for the ouster of MD and CEO Punit Goenka and appointment of six new directors.

According to media reports, Justice Patel in his October 26 order had said, “In the scheme of the Companies Act, shareholders do not get to choose individual independent directors. They may only demand that there be independent directors.”

On Invesco seeking removal of Punit Goenka as the MD and CEO of the company, Patel said: “The requisition demands his ouster — but without proposing a replacement. This puts Zee into a statutory blackhole, for it would then be totally in violation of Section 203(1); and it, and its directors, would have to face the liabilities, including fines, set out in Section 203(5).”

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.