ZEE considering Invesco’s EGM demand

ZEE Entertainment Enterprises Limited is reportedly considering Invesco’s demand to convene a shareholder’s meeting after assurances from the Bombay High Court.

Mint reports that the broadcaster’s counsel Gopal Subramaniam would inform the court about the date it plans to convene an EGN on Friday.

“This is not a fight between requisitionist (Invesco) and the board (of ZEE). It is for the shareholders to determine,” observed Justice G.S. Patel. “You can’t have a situation that I as the board tell the shareholders that because of the result of illegality, I won’t call the meeting. By all means, you can canvas at the EGM, persuade them.”

“The order that Zee seeks is in the teeth of a statutory provision (provisions of the Companies Act, 2013). I can’t see if the resolution is going to be passed, and I don’t see why I should presume it will be passed. If the resolution is passed, the best we can do is ask that it should not be acted upon for a week,” said Justice Patel.