The Bombay High Court on Tuesday issued an interim injunction against Invesco, Zee Entertainment Enterprise Ltd’s (ZEEL) largest shareholder, preventing the latter from calling an extraordinary general meeting (EGM) to remove ZEEL MD and CEO Punit Goenka. “I have given an injunction to the respondents,” Justice Gautam Patel, who ruled over a single bench, stated.
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The court has yet to issue a specific order. Last week, the high court postponed its decision on the matter when ZEEL informed the court that it was unwilling to convene an EGM of shareholders as sought by Invesco, the company’s largest stakeholder. The reply came in response to a prior request from the Bombay High Court, in which Justice Patel asked the ZEEL if it would be ready to convene such a meeting.
At the time, ZEEL’s senior lawyer, Gopal Subramanium, informed the HC that the company’s Board of Directors could not provide consent for something that may turn out to be “illegal.” On September 11, the business’s main investors, Invesco Developing Markets Fund and OFI Global China Fund, issued a requisition to the company.
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It was also looking for six additional independent directors to join the board. On October 2, ZEEL filed a motion with the HC, requesting that the court deem Invesco’s requisition notice for a shareholders meeting as unconstitutional and void.
