Indian Zee tries to block investors’ EGM request in court
MUMBAI, Oct. 2 (Reuters) – India-based Zee Entertainment Enterprises (ZEE.NS) said on Saturday it had filed a lawsuit against a notice issued by two institutional investors pushing the media company to call a shareholders’ meeting.
Zee’s board on Friday rejected calls for Invesco Developing Markets Fund and OFI Global China Fund LLC for an extraordinary general meeting, citing lack of required approvals from India’s capital markets regulator and the Federal Ministry of Broadcasting to initiate changes to the board of directors of a company.
Invesco and OFI, which together own 17.88% of Zee, want the dismissal of its chief executive, Punit Goenka, and an overhaul of the board of directors.
The two investors filed a lawsuit with the Indian companies court after Zee signed a merger agreement with the Indian unit of Sony Group Corp (6758.T) last week to create the country’s largest broadcaster. Read more
Goenka is about to take over the new business.
The next hearing in the case is scheduled for October 4.
Reporting by Nupur Anand and Sankalp Phartiyal; Editing by Alexander Smith
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