Zee to hold EGM as Bombay HC assures it time for appeal

NEW DELHI: Ending its resistance against shareholders demand for an extraordinary general meeting (EGM), Zee Entertainment Enterprises Ltd has agreed to consider convening the EGM after the Bombay High Court assured the media firm that it would be given time to contest the resolution, if passed.

The high court has asked both the parties to propose a date and a neutral chairperson to conduct the EGM. The court said the neutral person could be someone from the India Inc, a former judge or a lawyer. The court was hearing a petition filed by Zee against its largest shareholder Invesco Developing Markets Fund’s call for EGM. It sought the court to declare the requisition invalid. However, the single judge bench of GS Patel said the petition cannot be entertained purely on the assumption that the resolution put forward in the EGM would be passed and acted upon by the shareholders.