India’s Zee attempts to block investors’ EGM demand in court
A guard stands subsequent to a banner of Zee tv outdoors a movie studio in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas
MUMBAI, Oct 2 (Reuters) – India’s Zee Leisure Enterprises stated on Saturday it had filed a petition in court docket in opposition to a discover issued by two institutional buyers pushing the media firm to name for a gathering of shareholders.
Zee’s board on Friday rejected calls from Invesco Growing Markets Fund and OFI International China Fund LLC for a unprecedented common assembly, citing the dearth of approvals required from India’s capital markets regulator and the federal broadcasting ministry for initiating adjustments to an organization’s board.
Invesco and OFI, which collectively personal 17.88% of Zee, need its chief govt Punit Goenka to be eliminated and a board revamp.
The 2 buyers filed a petition at India’s firms court docket after Zee final week signed a merger take care of Sony Group Corp’s India unit to create the nation’s largest broadcaster.
Goenka is about to grow to be head of the brand new enterprise.
The following listening to for the case is scheduled for Oct. 4.
Reporting by Nupur Anand and Sankalp Phartiyal; Enhancing by Alexander Smith
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