Zee Entertainment Enterprises hardens stance against shareholders Invesco, OFI Global China Fund

New Delhi, Oct 11 (FN Agency) In what suggests Zee Entertainment Enterprises Ltd (ZEEL) hardening its stance against Invesco Developing Markets Fund and OFI Global China Fund LLC, the company on Tuesday said that will continue to take all the necessary steps in the best interest of all its shareholders. “As per the decision taken by the Board of the Company, which was communicated on 1st October 2021, and as per their guidance, the Company has already moved to the Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid,” an official spokesperson said.

“The company will continue to take all the necessary steps that are in the best interest of all its shareholders and as per the applicable law,” the spokesperson added. Meanwhile, National Company Law Tribunal (NCLT) on Tuesday asked ZEEL to submit reply on the petition filed by Invesco and OFI Global China seeking order to call for extraordinary general meeting (EGM). The matter is scheduled for hearing in the tribunal on Thursday (October 7, 2021).

Zee Entertainment Enterprises has rejected the demand to hold EGM and remove company’s Chief Executive and Managing Director Punit Goenka. In a statement, the company last week termed the requisition notice illegal and invalid saying it had arrived at the conclusion after consulting independent counsel, legal experts including senior retired Supreme Court judges.