“Impulsive and premature,” says Zee as Invesco moves court

Zee’s largest investors Invesco Developing Markets Fund and OFI Global China Fund, LLC have sharpened their offensive over their demand to hold an extraordinary general meeting of the company for the removal of MD and CEO Punit Goenka from the board of directors.

Zee informed BSE on Wednesday that the two investors filed a petition against the company before the National Company Law Tribunal, Mumbai Bench, under Sections 98(1) and 100 of the Companies Act, 2013, inter alia requesting the tribunal to order an EGM of the company.

The investors moved a resolution demanding an EGM on September 12, to which Zee has time till October 3 to respond. According to the Companies Act, the company gets 21 days to notify the EGM date.

However, the investors’ move to approach the court appeared to have been sparked off by apprehensions that the company was trying to checkmate their move to remove Punit Goenka.

Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC hold 7,43,18,476 equity shares and 9,73,50,000 equity shares, respectively. The two shareholders represent an aggregate of 17.88% of the paid-up share capital of the company.

The case is listed for the hearing before NCLT Mumbai Bench today where Dhruve Liladhar & Co is representing Invesco while Trilegal is representing Zee.

When we reached out to Zee for their comment, a spokesperson termed the move by Invesco and OFI impulsive and premature.

“The Board of the Company remains committed to act within the framework of law and is focused towards enhancing the Company’s growth and shareholder value. It is in the process of taking the required steps within the statutory period. The Company does not wish to comment on any impulsive or premature steps taken by Invesco Developing Markets Funds and OFI Global China Fund, LLC,” the spokesperson said.

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