The Bombay High Court on Tuesday granted an interim injunction in opposition to Zee Entertainment Enterprise Ltd’s (ZEEL) largest shareholder Invesco, restraining the latter from going forward with the requisition of a rare basic assembly (EGM) looking for elimination of the ZEEL MD and CEO Punit Goenka.
A single bench presided over by Justice Gautam Patel stated, “I have granted an injunction to the respondents.”
An in depth order of the court docket is awaited.
The excessive court docket had reserved its order on the difficulty final week after ZEEL had informed the court docket that it was not keen to carry an EGM of shareholders as requested by its largest shareholder, Invesco.
The submission was made in response to a earlier suggestion made by the Bombay HC whereby, Justice Patel had requested the ZEEL if it was keen to carry such a gathering.
Senior counsel Gopal Subramanium, who appeared for ZEEL, had informed the HC on the time that the corporate’s Board of Directors couldn’t grant permission for one thing that might become “illegal.”
Invesco Developing Markets Fund and OFI Global China Fund, the most important buyers of ZEEL, had despatched a requisition to the corporate on September 11 to name for an EGM for the elimination of MD and CEO Punit Goenka and two different non-independent and non-executive administrators from the corporate’s board. It had additionally sought the induction of six new impartial administrators.
ZEEL, nonetheless, moved the HC on October 2, looking for that the court docket declares the requisition discover for a shareholders assembly despatched by Invesco as unlawful and invalid.
