Lagatar24 Desk
Mumbai, Oct 26: Invesco received a major setback from the Bombay High Court on Tuesday in the case of Zee Entertainment. The Bombay High Court has rejected Invesco’s demand to convene an Extra General Meeting (EGM). Earlier the Bombay High Court had advised the Zee Board to call the EGM on October 21.
Due to this decision, the stock of Zee Entertainment closed at Rs 317 up by 4.27% on BSE today. Earlier, the company’s shareholders Invesco Developing Market Funds and OFI Global China Fund had demanded to convene an EGM meeting. The Bombay High Court had also directed to preserve the resolution passed in the EGM until the decision on whether the demand for convening the EGM is valid or not. Now the court has made it clear by rejecting the application for convening the EGM.
Notably, Invesco and OFI Global China hold 18% in Zee Entertainment. Both the companies had recently demanded to call the company EGM. Interestingly, Invesco had sought to convene an EGM to remove directors Ashok Kurian and Manish Chokhani, apart from the MD and CEO. However, Kurien and Chokhani have already resigned from their posts. Invesco had also sought the appointment of 6 new directors, but the people sought to be appointed were not from the entertainment and media industry.
