Zee Rejects Investor Calls For Meeting Ahead Of Planned Sony Merger
NDTV
The board of Zee rejected on Friday requests from two institutional investors for a meeting of shareholders, setting the stage for a courtroom battle that could affect an impending merger with Sony Group Corp.
New Delhi: The board of Zee rejected on Friday requests from two institutional investors for a meeting of shareholders, setting the stage for a courtroom battle that could affect an impending merger with Sony Group Corp.
The board's decision comes a day after India's companies court said Zee should consider a request by Invesco Developing Markets Fund and OFI Global China Fund LLC to hold an extraordinary general meeting.
"The Board has arrived at this decision by referring to various non-compliances under multiple laws and after taking into account the interests of all the shareholders and stakeholders of the Company," Zee said in a regulatory filing, referring to guidelines set by India's capital markets regulator and the broadcasting ministry as well as the companies law.
Invesco and OFI Global, which together account for 17.88% shares in Zee, had earlier this week filed a petition with the National Companies Law Tribunal (NCLT), taking legal recourse after Zee last week signed a merger deal with Sony Group Corp's India unit in move that will create the country's largest broadcaster.
