Court asks Zee to call shareholders’ meeting

Any resolution at EGM to be on hold

October 22, 2021 04:18 am | Updated 04:18 am IST - NEW DELHI

A guard stands next to a banner of Zee television outside a film studio in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas

A guard stands next to a banner of Zee television outside a film studio in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas

A court on Thursday asked Zee Entertainment Enterprises to call a meeting of shareholders, as sought by top investor Invesco, which is pushing for the removal of the TV network’s CEO and a board revamp.

Any resolution passed at the extraordinary general meeting will be put on hold, however, until the Bombay High Court decides on the legality of Invesco’s request for such a meeting.

Also Read: Explained | Why is Invesco entangled in a legal dispute with Indian TV giant Zee?

Zee and Invesco did not immediately respond to a request for comment.

Invesco, which owns almost 18% of Zee via two funds, wants a shake-up at the Indian TV network over corporate governance concerns at a time when the company is planning a merger with the local unit of Japan’s Sony Group.

That move is set to create India’s biggest broadcaster, but Invesco has raised concerns about options given to Zee’s founding family to raise their stake in the merged company to 20%.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.