The Bombay High Court on Tuesday granted an interim injunction against Zee Entertainment Enterprise Ltd’s (ZEEL) largest shareholder Invesco, restraining the latter from going ahead with the requisition of an extraordinary general meeting (EGM) seeking removal of the ZEEL MD and CEO Punit Goenka.
Zee had filed a civil suit in the High Court challenging the requisition notice sent by Invesco Developing Markets Fund to convene an extraordinary general meeting (EGM).
Through the suit, Zee had sought a declaration that the requisition notice by Invesco was illegal and invalid. In an interim application allowed today, Zee had sought for a stay on the requisition notice till the pendency of the suit.
A single bench presided over by Justice Gautam Patel said, “... there will be an injunction in terms of prayer clause (a) of the Interim Application, restraining Defendants Nos. 1 and 2 [Invesco and OFI Global China Fund] (including their employees, agents and anyone acting by, through or under them) from taking any action or step in furtherance of the Requisition Notice dated 11th September 2021, including calling and holding an EGM under Section 100(4) of the Companies Act, 2013.”
The high court had reserved its order on the issue last week after Zee had told the court that it was not willing to hold an EGM of shareholders as requested by Invesco.
Commenting on the order, a Zee spokesperson said, “The decision taken by the Hon’ble Bombay High Court is a huge win for all the stakeholders of the Company.”