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Bombay HC has declared Invesco's EGM call 'illegal and invalid', says Zee

Bombay HC has declared Invesco's EGM call 'illegal and invalid', says Zee

Invesco, the largest shareholder in Zee, has approached a division bench of the Bombay HC, challenging the injunction order passed by a single-judge bench.

The entertainment company said the requisition notice sent by Invesco and OFI (shareholders of the company) has been deemed illegal and invalid by the Bombay HC. The entertainment company said the requisition notice sent by Invesco and OFI (shareholders of the company) has been deemed illegal and invalid by the Bombay HC.

Zee Entertainment Enterprises (ZEEL) on Friday informed the stock exchanges that the Bombay High Court had granted an injunction in its favour in its dispute against Invesco Developing Markets Fund and OFI Global China Fund LLC.

"Further, this is to update that Defendant Nos. 1 and 2 have preferred an appeal against the Order and the same is listed on October 29, 2021 before the Honourable Bombay High Court," said a ZEE statement said.

Invesco, the largest shareholder in Zee, has approached a division bench of the Bombay HC, challenging the injunction order passed by a single-judge bench in a petition filed by Zee.
 
The entertainment company said the requisition notice sent by Invesco and OFI (shareholders of the company) has been deemed illegal and invalid by the Bombay HC. The court further restrained them from taking action of the requisition, including calling and holding an EGM.

On October 2, Zee had moved the Bombay HC against a demand by institutional investors Invesco and OFI, seeking an EGM. Besides the HC, the dispute is also playing out before the National Company Law Tribunal. Invesco had earlier approached the NCLT, seeking the EGM, which Zee's board rejected.