Zee moves Bombay High Court against Invesco, OFI Global China Fund

Zee Entertainment Enterprise Limited on October 2 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.

The move comes a day after the company rejected the demand for EGM, which is being sought to overhaul the board and also seek the removal of managing director Punit Goenka.

"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.

Invesco and OFI Global China Fund LLC, which together hold a 17.88 percent stake in Zee Entertainment, demanded an EGM in a letter on September 11. Apart from the ouster of Goeanka and two other directors, Invesco sought the appointment of six new directors—Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta.