Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
InFocus Corporate

Invesco Withdraws EGM Notice for ZEE’s Board Reconstitution

After winning its appeal in the Bombay High Court against Zee Entertainment Enterprises (ZEE), Invesco Developing Markets Fund announced its decision to withdraw its requisition notice that sought the removal of MD and CEO Punit Goenka from the board of ZEE.

author-image
SMEStreet Edit Desk
24 Mar 2022 06:02 IST

Follow Us

New Update
Punit Goenka

After winning its appeal in the Bombay High Court against Zee Entertainment Enterprises (ZEE), Invesco Developing Markets Fund announced its decision to withdraw its requisition notice that sought the removal of MD and CEO Punit Goenka from the board of ZEE.

Invesco Developing Markets Fund (“Invesco”), Zee Entertainment’s (NSI: ZEEL) (“Zee” or the “Company”) largest shareholder with an ownership interest of nearly 18 percent, today issued the following statement on the Bombay High Court’s decision recognizing Invesco’s requisition for an extraordinary general meeting (“EGM”) as legally valid and upholding Invesco’s right to requisition an EGM at Zee:

"We are pleased with the Bombay High Court’s ruling, which we view as an important reaffirmation of shareholder rights in India and the mechanisms under Indian law to hold Boards accountable to their shareholders. The ruling is a boon for corporate governance in India and a win for shareholder democracy.

"Since we announced our intention to requisition an EGM and add six independent directors to Zee’s Board of Directors, Zee has entered into a merger agreement with Sony. We continue to believe this deal in its current form has great potential for Zee shareholders. We also recognize that, following the merger’s consummation, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company. Given these developments, and our desire to facilitate the transaction, we have decided not to pursue the EGM as per our requisition dated 11 September 2021.

"Invesco will continue to monitor the proposed merger’s progress. If the merger is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM."

Invesco Zee Entertainment Enterprise Punit Goenka
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!