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Zee turns down EGM requisition, calls it invalid and illegal

The company says it has conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC

Zee Entertainment has informed the stock exchange that the board of the company has arrived at a conclusion that the requisition to call EGM is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC.

According to the press statement, “The Board has arrived at this decision by referring to various non-compliances under multiple laws, including the Securities and Exchange Board of India Guidelines, Ministry of Information and Broadcasting Guidelines and key clauses under the Companies Act & Competition Act, and after taking into account the interests of all the shareholders and stakeholders of the company.”

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“The company cannot comment on any future actions since the matter is sub judice,” the statement added.

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