Bombay HC asks ZEE Board to consider EGM as demanded by shareholders

Updated reports say that ZEE will get back to court on October 22 regarding giving consent for EGM

e4m by exchange4media Staff
Updated: Oct 21, 2021 7:47 PM

According to reports, Bombay HC has asked ZEE Board to consider convening an extraordinary general meeting (EGM) as requisitioned by their shareholders Invesco Developing Market Funds & OFI Global China Fund.

ZEE Entertainment had earlier moved to Bombay High Court against shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC's demand for an Extraordinary General Meeting. The company, which had turned down their request for EGM, requested the court to consider the demand "illegal and invalid." 

The court also suggested that while calling for the EGM, Zee's right to contest the validity of the resolutions post the EGM can be reserved.

The court said, “The order that Zee seeks is in the teeth of a statutory provision (provisions of the Companies Act, 2013). I can't see if the resolution is going to be passed and I don’t see why I should presume it will be passed. If the resolution is passed, the best we can do is ask that it should not acted upon for a week.” 

Zee's Senior advocate Gopal Subramanium informed the court that the company will announce the date for EGM by Friday morning.

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