Bombay High Court on Thursday asked Zee Entertainment Enterprises to call for an extraordinary general meeting (EGM) of shareholders as asked by top investor Invesco for removing the company’s Chief Executive and Managing Director Punit Goenka as well as two other directors of ZEEL.
“EGM resolution to be kept in abeyance till court decides on the legality and validity of EGM requisition,” the court added, headed by a single judge bench of Justice GS.
EGM resolution to be subject to Ministry Of Information & Broadcasting (MIB) approval, it said.
Any resolution passed at the extraordinary general meeting will be put on hold until the Bombay High Court decides on the legality of Invesco’s request for such a meeting.
Invesco, which owns nearly 18% of Zee via two funds, is pushing for a management and board revamp at the TV network.
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