Company in process of taking steps within statutory period: Zee on Invesco moving NCLT

In a statement, Zee has called Invesco’s move 'impulsive' and 'premature'

e4m by exchange4media Staff
Published: Sep 29, 2021 7:10 PM  | 2 min read
Punit Goenka

Company in process of taking steps within statutory period: Zee on Invesco moving NCLT

In a statement, Zee has called Invesco’s move “impulsive” and “premature”



Hours after Invesco Developing Markets Funds and OFI Global China Fund, LLC moved the National Company Law Tribunal (NCLT) against ZEEL for failing to announce a date for the EGM to remove Zee’s chief executive and managing director Punit Goenka and reconstituting the board, the company has issued a statement calling the move “impulsive” and “premature”.

Invesco’s case will come up for hearing at NCLT on Thursday.

“The Board of the company remains committed to act within the framework of law and is focused towards enhancing the company’s growth and shareholder value. It is in the process of taking the required steps within the statutory period. The company does not wish to comment on any impulsive or premature steps taken by Invesco Developing Markets Funds and OFI Global China Fund, LLC,” stated a company spokesperson.

Besides asking for Goenka’s removal, Invesco has also proposed six candidature including Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli and Gaurav Mehta for the role of independent directors.

Invesco has stood firm on its demand for an EGM even after Zee’s merger with Sony, causing troubles for zee.

As per the ZEE-Sony deal, Goenka would have remained at the helm of the combined entity as MD and CEO. In fact, Goenka's appointment as MD and CEO is one of the conditions for the merger deal between the two companies.

According to reports, Invesco had shot off a letter dated September 23 to the board of directors of ZEEL following the announcement of the ZEE-Sony deal. In the letter, Invesco said that the disclosure of 22 September 2021 (signing of term sheet between ZEE and Sony) is symptomatic of the erratic manner in which important and serious decisions have been handled at the company.

 

 

 

 



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