Bombay HC Orders Zee To Consider Invesco's EGM Demand

Bombay HC has requested that the ZEE Board convene an extraordinary general meeting (EGM) as requested by their shareholders Invesco Developing Market Funds and OFI Global China Fund, says some media reports.

Zee Entertainment has previously filed a petition in Bombay High Court opposing the call for an Extraordinary General Meeting made by shareholders Invesco Developing Markets Fund and OFI Global China Fund. The firm, which had denied their request for an EGM, asked the court to rule that the demand was "illegal and void."

The court also advised that when asking for the EGM, Zee's right to challenge the resolutions' legality after the EGM be reserved.

"The injunction that Zee seeks is in contravention of a legislative provision," the court stated (provisions of the Companies Act, 2013). I'm not sure if the resolution will be passed, and I'm not sure why I should assume it will. If the resolution is passed, the most we can do is request that it not be implemented for a week."

Gopal Subramanium, the Senior Advocate at Zee, informed the court that the corporation will announce the date for the EGM by Friday morning