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A day after the Bombay High Court ordered Zee Entertainment to hold extraordinary general meeting (EGM), the media company has argued that the board cannot give nod to something that will turn out to be illegal.
The counsel appearing for Zee, Gopal Subramanium, has said that the company believes that holding EGM is illegal.
On October 2, the company moved the Bombay High Court against its biggest shareholders Invesco and OFI Global China Fund, saying their demand to call an extraordinary general meeting (EGM) be declared illegal.
“This is to inform you that the Company has filed a suit before the Hon’ble High Court of Judicature at Bombay (Bombay High Court) under the ordinary original civil jurisdiction (Civil Suit), inter alia requesting the Bombay High Court to declare that the requisition notice sent to the Company by Invesco Developing Markets Fund and OFI Global China Fund LLC (shareholders of the Company) is illegal and invalid,” Zee said in an exchange filing on October 2.
On October 21, the Bombay HC asked Zee Entertainment Enterprises Ltd to call an EGM as requisitioned by shareholders Invesco Developing Market Funds and OFI Global China Fund.
On October 21, the Bombay HC said that the EGM resolution had to be kept in abeyance till it decided on the legality and validity of EGM requisition.
The EGM is to be chaired by a retired judge, the court said, adding that the resolution will be subject to the approval from the Ministry Of Information & Broadcasting.
Subramanium, during the Bombay HC hearing on October 21, said that the company will inform the date of the EGM on October 22.
However, Zee – in the Bombay HC hearing on October 22 – has once again pointed out that the company’s biggest shareholders Invesco and OFI Global China Fund’s demand to call an EGM be declared illegal.Internet Explorer Channel Network