Huge win for all company stakeholders: ZEE on Bombay HC injunction against EGM

Zee Entertainment Enterprises Ltd (ZEEL) has got a major breather in its ongoing dispute with two of its largest investors – Invesco Developing Markets Fund and OFI Global China Fund LLC. Bombay High Court, while hearing the case today (October 26, 2021) granted an injunction against Invesco, barring the investors from calling for an extraordinary general meeting (EGM) seeking the ouster of Punit Goenka, MD and CEO, ZEEL.

The detailed order is yet to be released.

Reacting to the development, a ZEEL spokesperson said, “The decision taken by the Hon’ble Bombay High Court is a huge win for all the stakeholders of the company.”

Earlier, ZEEL had petitioned the Bombay High Court seeking an injunction against Invesco’s requisition of an EGM, calling it “illegal and invalid”.

Hearing in the case on October 21, 2021, the Bombay High Court had proposed that ZEEL hold the EGM under the chairmanship of a neutral person such as a retired judge. ZEEL would have the right to challenge the outcome of the resolutions taken at the EGM, and the Court will decide on merits.

However, ZEEL resisted the Court’s proposal.