The Bombay High Court on Tuesday granted an interim injunction in the favour of Zee Entertainment Enterprises Ltd (ZEEL) against the demand of shareholder Invesco to call for an extraordinary general meeting (EGM) of the company.
Zee had sought an injunction against Invesco from taking any action or steps in furtherance of its requisition notice calling for holding an EGM.
A single bench presided over by Justice Gautam Patel said, "I have granted an injunction to the respondents." A detailed order of the court is awaited.
"The decision taken by the Hon’ble Bombay High Court is a huge win for all the stakeholders of the company," a spokesperson of Zee said.
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The court had reserved its order on the issue last week after Zee told the court it was not willing to hold an EGM of shareholders as requested by its largest shareholder Invesco.
The submission was made in response to a previous suggestion made by the Bombay HC whereby, Justice Patel had asked Zee if it was willing to hold such a meeting.
Invesco, which along with OFI Global China Fund LLC, holds 17.88 per cent stake in Zee, has been pressing for an EGM to discuss various issues, including the removal of Zee CEO and MD Punit Goenka and two other non-independent and non-executive directors from the company's board. It is also seeking induction of six new independent directors.
(With PTI inputs)
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