New Delhi: Zee Entertainment Enterprises said on Friday that the council had denied demand from the top shareholders to hold an extraordinary public meeting (EGM).
“The Board has arrived at this decision by referring to a variety of non-compliance under many laws …
and after taking into account the interests of all shareholders and company stakeholders,” Zee said in the submission of regulations, referring to the guidelines set by the Indian capital market regulator and the Ministry of Federal Broadcasting and Company Law.
The Board’s decision came a day after the National Law of Tribunal (NCLT) said Zee must consider the demand for top investors, developing market funds and the Global China Fund LLC, to hold an EGM.
Investco and Ofi Global, who jointly contributed 17.88% of the shares in Zee, earlier this week submitted a petition with the National Law of Mumbai Law Bench Tribunal.
The two investors took the legal road after Zee last week signed a merger agreement with the Indian Unit Sony Group Corp on a trip that would create the largest announcer in the country.
Chief Executive Officer Zee Punit Goenka will be the director of the joint entity and CEO as part of the agreement.
Investco and Ofi Global had earlier this month asked Zee to remove Goenka and two directors from the council and appoint several independent directors.