New Delhi: India’s corporations courtroom on Friday gave Zee Leisure two weeks to file its reply to a case introduced by two institutional traders for a gathering of shareholders to debate an overhaul of prime administration and the board of administrators.
Invesco Creating Markets Fund and OFI World China Fund LLC, which collectively account for 17.88% of its shares, need Zee to name a rare common assembly of shareholders forward of the corporate’s deliberate merger with the native unit of Japan’s Sony Group Corp.
A bench of the Nationwide Firms Legislation Tribunal (NCLT) within the monetary capital of Mumbai handed the order after Zee received aid from an appellate courtroom saying it needs to be given “cheap time” to reply within the case.The approaching merger will create India’s largest broadcaster, to be headed by Zee’s CEO Puneet Goenka, whom Invesco and OFI need out
The funds additionally need the corporate’s board to be revamped.Zee’s board earlier this month rejected Invesco’s requires an EGM.Zee approached the upper Nationwide Firm Legislation Appellate Tribunal (NCLT) earlier this week searching for extra time to answer after NCLT requested it to make its submissions within the case on October 7.
Zee will now file its reply earlier than the NCLT on October 22. Invesco and OFI didn’t instantly reply to a request for remark.
Zee’s founder Subhash Chandra, additionally the daddy of the corporate CEO Goenka, earlier this week criticised Invesco for attempting to impact a hostile takeover and urged the Indian authorities and regulators to intervene.
Chandra holds no official place at Zee however his household owns 3.99% of the corporate. On Friday, Hema Malini, a veteran Bollywood actress and lawmaker, got here out in help of Zee.
“India’s first purely leisure channel is going through some hassle and desires authorities and public help …(Zee) is like an prolonged household for the Indian movie business and I want it stays with Indian Administration,” Malini tweeted.
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)