Tribunal directs Zee to announce EGM by October 3

A company court directed the board of Zee Entertainment Enterprises Ltd (ZEEL) to call a special shareholders’ meeting by October 3, handing a win to the company’s top investor, Invesco Developing Markets Fund, which is seeking to oust managing director Punit Goenka, citing mismanagement.

Zee’s counsel, Gopal Subramanium, told the Mumbai bench of the National Company Law Tribunal (NCLT) that independent directors will meet on Thursday to consider holding an extraordinary general meeting (EGM), and the firm will inform shareholders by Friday.

After an hour-long argument by counsels of Invesco and Zee, a bench of Bhaskara Pantula Mohan and CB Singh said: “We hereby direct respondents (Zee) to consider the requisition positively and direct them to comply with Section 100 of the Companies Act”.