After nearly six months of dispute, the Bombay High Court has granted Invesco Developing Markets Fund to call for an an extraordinary general meeting (EGM) of ZEE Entertainment Enterprises.
Over the last few months, Invesco, the largest shareholder of ZEE, has attempted to hold an EGM to remove ZEE’s CEO, Punit Goenka.
The court was published in Business Standard saying, “The appeal is allowed. The single bench order is quashed and set aside. We have held that the requisition notice (sent by Invesco to ZEE) is neither illegal nor incapable of being set aside.”
If the EGM goes ahead, ZEE’s planned merger with Sony could hit a roadblock. As per plans, Goenka is expected to head the merged entity for five years. However, Invesco is not in favour of Goenka in his current capacity.
