In relief to Zee Entertainment, HC stops Invesco from calling EGM

Zee cancels Wednesday's board meeting to consider Sept-quarter results

The Bombay High Court on Tuesday restrained Zee Entertainment Enterprises from holding an extraordinary general meeting (EGM) requested by its largest shareholder, Invesco, in a reprieve for Zee’s founders. Zee had sought an injunction against Invesco’s request to call a shareholders’ meeting to oust Zee’s present MD and CEO, Punit Goenka, and appoint six of its nominees to the company’s board.
 
With the Bombay High Court ruling, the proceedings at the National Company Law Tribunal (NCLT) — initiated by Invesco — will become infructuous, say lawyers. The NCLT was scheduled to hear Invesco’s petition on Wednesday. Invesco, however, has