ZEE Entertainment Enterprises Limited’s (ZEEL) 18% shareholder, Invesco Fund has moved the National Company Law Tribunal, to direct the entertainment giant to call for an extraordinary general meeting (EGM) of shareholders to induct its nominees on the company’s board.
Business Standard reports that Invesco had asked ZEEL’s board to appoint six of its nominees on its board and had requested the company for an EGM. They were keen to oust Punit Goenka to be removed as ZEEL CEO and MD. Instead, Goenka was linked to be behind the merger between ZEE and Sony. If it goes through, Goenka would remained CEO of the merged entity.
A ZEE spokesperson said, “The Board of the company remains committed to act within the framework of law and is focused towards enhancing the company’s growth and shareholder value. It is in the process of taking the required steps within the statutory period. The company does not wish to comment on any impulsive or premature steps taken by Invesco Developing Markets Funds and OFI Global China Fund, LLC.”
The petition is expected to be heard on Thursday.
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