Zee-Invesco dispute: Bombay HC to pronounce order on Tuesday

The Bombay High Court on Friday said it will pronounce its order in the Zee versus Invesco dispute on Tuesday after Zee Entertainment Enterprises said that it will not be able to call an extraordinary general meeting of shareholders as it would be ‘illegal’.

Zee’s senior counsel, Gopal Subramanium, said Invesco is a foreign investor and has shares in multiple listed companies in India. As Invesco has proposed to appoint six directors on the board of Zee, it would tantamount to taking control of the company, he said. “The common sense is that there are six directors nominated, but they are not independent. The Companies Act has stringent criteria for independent directors.