ZEE drags Invesco to High Court over Extraordinary General Meeting demand

Zee Entertainment Enterprises NSE 0.96 % (ZEE) said Saturday it has filed a civil suit in the Bombay High Court against Invesco, its largest investor. The company informed the bourses that it has asked the court to declare that Invesco’s demand for an extraordinary general meeting (EGM) to discuss board changes is “illegal and invalid”.

The development came a day after the ZEE board rejected the September 11 requisition notice sent by Invesco seeking an EGM to remove MD and CEO Punit Goenka NSE 4.17 % and two other directors from the board and induct another six members. The ZEE board on Friday said the notice was “not valid due to multiple legal infirmities” after seeking advice from legal experts, including three retired Supreme Court judges and senior counsel. They subsequently advised ZEE to file a “declaratory suit” in a civil court to confirm that the requisition is not valid.