Zee rejects Invesco’s call to hold EGM to oust MD

Zee Entertainment Enterprises Ltd (ZEEL) on Friday rejected a demand from Invesco Ltd for a special shareholders’ meeting to oust its managing director Puneet Goenka, intensifying the standoff between the company and its largest investor.

This surprise move by the Zee board comes a day after the National Company Law Tribunal (NCLT) directed India’s largest publicly traded broadcaster to announce a date for an extraordinary general meeting by Sunday.

The next hearing of the case at NCLT is on Monday.

According to some executives and lawyers, the development could dash US fund manager Invesco’s efforts to force a board recast, as it could be drawn into a lengthy legal battle.