Mumbai: Investco Developing Market Funds Together with the Global China Fund LLC, both Foreign Funds, on Wednesday approaching the National Law Tribunal (NCLT) against Zee Entertainment for failing to announce the date for the Extraordinary General Meeting (EGM) to remove the date of Zee.
Executive Director and Managing Punit Goenka and rearrange the board.
Investment Adviser Invesco Vikram Nanka, with Advocate Gaurav Mehta, said the problem for the urgent hearing and the Mumbai bench from NCLT had scheduled it for Thursday.
For Zee, Senior Advisor Navroze Seervai and Sudipto Sarkar opposed the move, saying there was no urgency for 21 days.
Investco, which has a registered office in Houston, Texas, USA, and Ofi Global is the Zee Entertainment shareholder who represents almost 18% of the shared capital of the company with voting rights, making it the largest shareholder of Zee.
They said that EGM had not been summoned despite their valid request on September 11.
They tried to beg for the power of NCLT under the Company’s law to hold an EGM from Zee shareholders.
Requests by two shareholders also seek the appointment of six independent directors at the Zee Council.
A spokesman Zee said, “The corporate board remains committed to acting in the legal framework and is focused on increasing the value of growth and shareholders of the company.
This is in the process of taking the necessary steps in the law.
The company does not want to comment on impulsive steps or Premature taken by the market funds for the development of Investco and Ofi Global China Fund, LLC.
“On September 13, Zee Entertainment has revealed the stock exchange that he had received the resignation of two non-independent directors – Manish Chokhani and Ashok Kurien.
Show this, the application before NCLT added that since then there was a “silence steadfast” on their request list.
On September 22, ZEE announced the approval and implementation of a non-binding period of time with Sony Pictures (Sony India) for potential merges.
Not calling EGM is an “oppressive action” and “wrong dirty management” from company affairs, the application said.
This adds that the decision about future governance and the composition of the Company’s board lies in shareholders and not the council.
The applicant said they understood that, before the EGMS, as a request list, Zee could take various steps to make the process reach out, adding that there was a large body of the company’s public shareholders and the public interest involved.