Zee digs in for a fight, stalls on EGM

Punit Goenka-run Zee Entertainment Enterprises Ltd (ZEEL) is digging its heels in for a bruising legal battle with institutional shareholder Invesco.

On Friday, ZEEL stuck to its guns and maintained that Invesco’s requisition for an extraordinary general meeting (EGM) of shareholders was illegal and invalid, effectively spurning the Bombay High Court’s directive yesterday to call a shareholders’ meeting.

Invesco plans to move a resolution seeking to oust CEO and MD Goenka and induct six new independent directors — a move that the Subhash Chandra family, the founders of Zee, believe is a ploy to push for a takeover of the media house by the Reliance group.

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