HC restrains Invesco from calling Zee shareholders’ meet
The Hindu
U.S. investment firm flagged corporate governance issues
The Bombay High Court on Tuesday temporarily restrained Zee Entertainment Enterprises’ top investor Invesco from calling a shareholder meeting, in a win for the TV network that sent its shares higher.
U.S. investment firm Invesco, which owns almost 18% of Zee via two funds, wanted an extraordinary general meeting (EGM) of shareholders in a bid to oust the Indian company’s CEO Punit Goenka and suggested that six new independent board members be appointed.
The nomination of individuals for the board does not speak well of their independence, Justice G.S. Patel of the Bombay High Court observed, adding that Invesco’s notice to remove Mr. Goenka “without proposing a replacement puts Zee into a statutory black hole.”
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