Zee board refuses Invesco call for EGM
The board has arrived at this decision after taking opinion of legal experts
This has reference to the requisition notice received by the Board of Zee Entertainment Enterprises Ltd., from Invesco Developing Markets Funds and OFI Global China Fund, LLC. The Board, comprising of experienced professionals deliberated and discussed various legal and statutory implications of the requisition notice. The Board sought the opinions of independent counsel, legal experts including senior retired Supreme Court judges and evaluated the matter in a fair and transparent manner.
In its meeting held on 1st October 2021, the Board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC.
The Board has arrived at this decision by referring to various non-compliances under multiple laws, including the Securities and Exchange Board of India Guidelines, Ministry of Information and Broadcasting Guidelines and key clauses under the Companies Act & Competition Act, and after taking into account the interests of all the shareholders and stakeholders of the Company.
The Company cannot comment on any future actions since the matter is sub judice.
