InvestorQ : Why has Invesco approached the NCLT for calling an EGM of shareholders?
Arti Chavan made post

Why has Invesco approached the NCLT for calling an EGM of shareholders?

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Rutuja Nigam answered.
3 months ago
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Invesco Oppenheimer Fund, currently is the largest shareholder in Zee Entertainment and holds nearly 18% stake in the company. It has now moved the NCLT to instruct Zee to call an EGM of shareholders. The EGM will have two primary items on the agenda. Th first is to induct the 6 nominees proposed by Invesco and the second item on the agenda is to vote for the removal of Punit Goenka from the post of CEO and MD of Zee Entertainment.

Invesco had already called for these changes but the Zee board had rejected saying that these changes needed the approval of the I&B Ministry. Hence, Invesco sought intervention of NCLT to direct Zee to call for the EGM. Invesco feels that for its 18% shareholding, it is not being adequately represented while the Subhash Chandra family with just 4% in the combined entity was getting an overt share of say in key matters.

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