Bombay High Court allows EGM to vote on Zee managing director removal

In a setback to the Subhash Chandra family, the Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund, a shareholder of Zee, against a single judge order of October last year that had stayed a shareholders’ meeting to remove Zee’s Chief Executive Officer and Managing Director, and family scion, Punit Goenka.
 

Invesco holds an 18 per cent stake in Zee and wants to remove Goenka from the board and appoint its own nominees after a bitter legal feud broke out between the shareholders. The Chandra family owns only 4 per cent stake in the company.

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