Relief for Zee: HC restrains Invesco from calling EGM

The Bombay High Court on Tuesday granted interim relief to Zee Entertainment Enterprises (ZEE) by restraining its single largest investor, Invesco Developing Markets Fund, from convening an extraordinary general meeting (EGM).

Invesco and its subsidiary OFI Global China Fund, which together hold a 17.88% stake in ZEE, were directed by the HC not to take any action in furtherance of their earlier requisition letter. This includes convening or holding shareholder meetings, the court said in its order.

A single judge bench of Justice GS Patel accepted ZEE’s counsel Gopal Subramanium’s argument that if the resolutions are passed, it would be potentially non-compliant and severely damaging.