Zee Entertainment Enterprises Limited has filed a suit before the Bombay High Court requesting it to declare shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC’s requisition notice to hold an extraordinary meeting (EGM) illegal and invalid, the company said on Saturday.
According to sources, Invesco is likely to argue that the EGM requisition is under Section 98 and 100 and is under the jurisdiction of NCLT.
On Invesco’s request to pass a resolution for the removal of Punit Goenka as Director of the company, Zee cited Paragraph 5.10 of the Policy Guidelines for Up linking of Television Channels from India (MIB Guidelines).
The rule, the company said, states, “It will be obligatory on the part of the company to take prior permission from the Ministry of Information & Broadcasting before effecting any change in the CEO/ Board of Directors.”
The developments come against the backdrop of the EGM sought by the shareholders on September 11. However, Zee failed to call the meeting and on September 22 announced the merger with Sony Pictures Networks India Private Limited. And, according to the proposed transaction, both entities plan to list the merged entity where Punit Goenka will continue as the managing director and chief executive officer.
The NCLT will hear the matter again on October 4.
(Edited by : Kanishka Sarkar)
First Published: IST