zee: Zee moves HC over ‘illegal’ notice from top shareholder – Times of India
[ad_1]
MUMBAI: Zee Entertainment Enterprises Ltd has approached Bombay high court to seek a declaration that a requisition notice sent to it by its top shareholders, Invesco Developing Markets Fund & OFI Global China Fund, “is illegal and invalid”.
The company informed the National Stock Exchange and the BSE of the latest development on Saturday, a day after it convened a board meeting and decided to decline the requisition for an Extraordinary General Meeting (EGM) with a proposed agenda that sought removal of Puneet Goenka as company CEO and addition of six new independent directors to revamp the board.
On Friday, Zee Board said the requisition had several legal infirmities, one of which was the lack of a prior nod from the Union I&B ministry for CEO’s removal.
The company informed the National Stock Exchange and the BSE of the latest development on Saturday, a day after it convened a board meeting and decided to decline the requisition for an Extraordinary General Meeting (EGM) with a proposed agenda that sought removal of Puneet Goenka as company CEO and addition of six new independent directors to revamp the board.
On Friday, Zee Board said the requisition had several legal infirmities, one of which was the lack of a prior nod from the Union I&B ministry for CEO’s removal.
[ad_2]
Source link
