Zee to take call on EGM as per statutory time allotted

Following the National Company Law Tribunal (NCLT) directions to consider Invesco’s requisition for calling an EGM positively, Zee has said the board of the company is scheduled to meet as per the statutory time allotted in relation to the matter.

“The Company will continue to take all the actions needed in the interest of the shareholders and as per law,” said the company spokesperson.

Hearing the petition filed by Zee’s largest investors Invesco Developing Markets Fund and OFI Global China Fund, LLC, the Mumbai bench of National Company Law Tribunal on Thursday said Zee shouldn't have made the disclosure on discussions with Sony public as these were nothing but playing with the stock market.

On Wednesday, the two investors approached the tribunal 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.

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