Zee Entertainment Moves NCLAT Over Shareholders' Requisition For EGM

The two shareholders have been demanding an EGM for discussing several issues prominently the ouster of managing director Punit Goenka.

Outlook Business Team

Updated on: 6 October 2021 5:42 pm

Zee Entertainment Moves NCLAT Over Shareholders' Requisition For EGM

Zee Entertainment has approached NCLAT concerning the requisition of shareholders Invesco and OFI Global China to convene an extraordinary general meeting (EGM). The two shareholders have been demanding an EGM for discussing several issues prominently the ouster of managing director Punit Goenka.?

ZEEL Spokesperson confirmed the development to PTI, "The company has moved NCLAT in accordance with the due process available under the law."?

The media company has challenged National Company Law Tribunal's Mumbai bench which had directed them to reply to the petition filed by Invesco and OFI Global Fund by October 7 which is the next date of hearing.?

On October 2, Zee had moved Bombay High Court seeking its shareholders?Invesco Developing Markets Fund and OFI Global China Fund LLC's demand for an extraordinary general meeting be declared invalid.?

Invesco and OFI Global China Fund collectively own 17.88 per cent stake in the company.?