Zee Entertainment rejected shareholders Invesco Developing Markets Funds and OFI Global China Fund's request to convene an extraordinary general meeting to discuss several issues including the ouster of CEO and MD Punit Goenka. It said the requisition by the shareholders was "invalid and illegal".
"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 company said in a press statement. It added that the matter is sub-judice and the company cannot comment any further
The Mumbai bench of the National Company Law Tribunal had asked Zee to consider its shareholders' proposal to conduct an Extraordinary General Meeting.
Invesco Developing Markets Fund along with the OFI Global China Fund own 17.88 per cent stake in the company combined.