ZEE Entertainment Enterprises Limited has moved the Bombay High Court against its investor, Invesco and OFI Global China Fund LLC over the latter’s request for an Extraordinary General Meeting (EGM).
The investors have been seeking a meeting for the past few weeks to discuss the removal of Managing Director, Punit Goenka.
In a regulatory filing, ZEE said “…Company has filed a suit before the Hon’ble High Court of Judicature at Bombay (Bombay High Court) under the ordinary original civil jurisdiction (Civil Suit), inter alia requesting the Bombay High Court to declare that the requisition notice sent to the Company by Invesco Developing Markets Fund and OFI Global China Fund LLC (shareholders of the Company) is illegal and invalid.”
The ZEE board had rejected the meeting request on Friday from Invesco. At the time, ZEE said, “In its meeting held on 1st October 2021, the board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC.”
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