Zee Entertainment moved the Bombay High Court on Saturday seeking its shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC's demand for an extraordinary general meeting be declared illegal and invalid. The company stated in a regulatory filing to the Bombay Stock Exchange.
The company added that there would be no potential financial implications with the civil suit excluding legal costs.
On Friday, Zee Entertainment had rejected the investors' demand to convene an extraordinary general meeting to discuss several issues including the ouster of CEO and MD Punit Goenka. (Full Story). The development came after the Mumbai bench of the National Company Law Tribunal asked Zee to consider shareholders' proposal to conduct an EGM.
The Mumbai bench of the National Company Law Tribunal had asked Zee to consider its shareholders' proposal to conduct an Extraordinary General Meeting.
Invesco and OFI Global China Fund collectively own 17.88 per cent stake in the company.