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India’s Zee attempts to block investors’ EGM demand in court By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – A Zee Television banner is seen outside of a Mumbai film studio on September 24, 2021. REUTERS/Francis Mascarenhas

MUMBAI, (Reuters) – India’s Zee Entertainment Enterprises filed a court petition against a notice from two institutional investors urging the media company to hold a shareholder meeting.

Zee’s board rejected Friday’s calls by Invesco Developing Markets Fund LLC and OFI Global China Fund LLC to hold an extraordinary general meeting. They cited the inability of India’s capital market regulator and federal broadcasting ministry to approve changes to a company’s board.

Invesco, OFI and Zee together hold 17.88%. They want Punit Goenka, the chief executive, to be fired and for a new board.

Two investors had filed a petition to India’s Companies Court after Zee last Wednesday signed a merger with Sony Group Corp India to become the nation’s biggest broadcaster

Goenka will be the head of this new venture.

October 4th is the date for the next hearing in this case.

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