Lagatar24 Desk
The board of Zee Entertainment Ltd will not hold an extra ordinary General Meeting (EGM) as demanded by the Invesco. On Friday, the Company called a board meeting and made this decision. Now the tussle between Invesco and Zee will increase further.
“The Board sought the opinions of independent counsel, legal experts including senior retired Supreme Court judges and evaluated the matter in a fair and transparent manner. In its meeting held on October 1, 2021, the Board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC,” Zee said in a stock exchange filing.
On Thursday itself, the NCLT had ordered Zee Entertainment to inform about the Extra Ordinary General Meeting (EGM) before October 3. Invesco holds close to 18% stake in Zee Entertainment. Raising the issue of corporate governance, Invesco had demanded the convening of the EGM. Invesco had earlier given notice for the EGM on September 11. Zee had received this notice on September 12.
Notably, On September 22, the board of Zee announced that it was merging with Sony Pictures. This merger will be completed in the next 90 days. Two independent directors of Zee Entertainment resigned on the same day Invesco served the notice for convening the EGM.
