Zee Entertainment Enterprises Ltd. (ZEEL) has approached the Bombay high court to seek a declaration that a requisition notice sent to it by its top shareholders, Invesco Oppenheimer Developing Markets Fund and OFI Global China Fund, is illegal and invalid. The company informed the National Stock Exchange and the Bombay Stock Exchange of the latest development on 2nd October, a day after its Board of Directors decided to decline the requisition by Invesco and OFI for an extraordinary general meeting with a proposed agenda that sought removal of Punit Goenka as CEO and Managing Director, and appointment of six independent directors to revamp the Board.
The National Company Law Tribunal (NCLT) had on 30th September directed ZEEL to consider the requisition for an EGM, made by Invesco and OFI.
Invesco and OFI had on 29th September approached the NCLT against ZEEL for failing to announce a date for the EGM they had requisitioned on 11th September.