Zee digs its heels in, refuses to hold EGM demanded by Invesco

The board of Zee Entertainment Enterprises Ltd will not hold an extraordinary general meeting as insisted by its top investor. Zee's top shareholders, Invesco Developing Markets Fund and OFI Global China Fund LLC, had on Wednesday approached the country's company law tribunal asking the media and entertainment company to hold an EGM.

In the regulatory filing, Zee had said that the board convened a meeting on October 1 to discuss the demand raised by the shareholders for the extraordinary meeting.

"In the best interests of the Company as a whole, including all its shareholders and stakeholders, we express our inability to convene the EGM on the lines requisitioned by you," the statement said.


The plea was moved by Invesco and an NCLT bench led by Bhaskara Pantula Mohan and CB Singh in its oral order directed the board of the company to consider the requisition as per Section 100 of the Companies Act.