InvestorQ : Why has Zee refused to listen to the NCLT order?
Moii Chavate made post

Why has Zee refused to listen to the NCLT order?

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Tisha Malhotra answered.
1 month ago
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Despite the order from the NCLT asking Zee to convene the EGM as demanded by Invesco Fund, the board of Zee Entertainment refused to call for an EGM. Meanwhile, Zee has filed a petition with the court to strike down the NCLT order on the EGM. Currently, Invesco Fund, holds 18% in Zee Entertainment.

Zee board of directors considered the demand for EGM to be invalid and illegal. Invesco had wanted to call an EGM to vote for the removal of Puneet Goenka as well as induction of 6 of its own nominees as directors of Zee Entertainment. Their objection had always been that the clout of Zee ex-promoters was disproportionate to their holdings. The situation could just about get uglier.

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