New Delhi: Bombay High Court on Tuesday for a while holding an Investment Investment Investment Zee Entertainment Enterprise from calling shareholder meetings, in a victory for the TV network that sent its shares higher.
The US Investment Company Investco, which has almost 18% zee through two funds, wants an extraordinary general meeting (EGM) shareholders in an effort to overthrow the company’s CEO, and to change the company’s board.
Zee shares ended 4.3% higher after the Bombay High Court order.
Zee and Investco did not immediately respond to a comment request.
The Bombay High Court last week proposed that Zee call shareholder meetings, but master the TV network on Tuesday after the argument by his lawyer was included in maintaining a balance between the executive and non-executive director on the board.
Zee Approaching the Bombay High Court earlier this month looking for orders or detention responding to Investco from taking steps after notification to Indian companies called for an EGM.
The invesco call for shocks in Zee for corporate governance came because the company planned a merger with a local Sony Group Japanese unit.
Moving was arranged to create the largest Indian broadcasters but Investco had gathered concerns about the options provided to the famous Zee family, which included CEO of Goenka, to increase their interest in the company who joined to 20%.
The Founder Zee family currently has 4% of its shares.