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Bombay High Court restrains Invesco from convening Zee shareholders’ meeting

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Bombay High Court restrains Zee Entertainment shareholder Invesco from holding EGM

The Bombay High Court on Tuesday granted an interim injunction against Invesco, the largest shareholder of Zee Entertainment Enterprise Ltd (ZEEL), the latter requiring an Extraordinary General Meeting (EGM) seeking the removal of ZEEL Managing Director and CEO Puneet Goenka. stopped moving forward. .

A single bench headed by Justice Gautam Patel said, “I have given injunction to the respondents.”

The detailed order of the court 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.

This submission was made in response to a previous suggestion made by the Bombay High Court, 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 company’s board of directors could not allow anything that could be “illegal”.

Invesco Developing Markets Fund and OFI Global China Fund, Zeel’s largest investor, had on September 11 sent a request to the company to convene an EGM to remove Puneet Goenka and two other non-independent and non-executive directors. Company’s board. It had also sought the induction of six new independent directors.

However, ZEEL moved the High Court on October 2, seeking that the court declare the demand notice for the shareholders meeting sent by Invesco to be invalid and invalid.

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