Mumbai Mar 22 PTI The Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund the largest shareholder of Zee Entertainment Enterprises Limited Zee against a single-judge order granting interim injunction on holding an EGM to remove Zees CEO Punit Goenka A division bench of Justices S J Kathawalla and Milind Jadhav quashed and set aside the single bench order of October 2021 The appeal is allowed The single bench order is quashed and set aside We have held that the requisition notice sent by Invesco to Zee is neither illegal nor incapable of being set aside the court said Senior counsel Aspi Chinoy appearing for Zee sought the court to direct for a status quo to be maintained The court then directed for the status quo to be maintained for a period of three weeks The bench also said it has quashed all the observations made by the single bench in its order In September 2021 Invesco had put out a requisition to the Zee Board of Directors to hold an extraordinary general meeting EGM on the grounds that it felt the company was not running as smoothly as desired The firm sought to remove three directors from the Zees Board including Managing Director and Chief Executive Officer CEO Punit Goenka When Zee refused to respond to the requisition Invesco moved an application before the National Company Law Tribunal NCLT in Mumbai which directed Zee to consider the requisition in accordance with law Zee then approached the high court seeking a declaration that the requisition notice by Invesco to hold the EGM was illegal and invalid A single bench of Justice Gautam Patel had in October 2021 in an interim order granted an injunction against holding of the EGM Subsequently Invesco filed an appeal against the interim injunction order on the ground that the high court had no jurisdiction to hear the matter and that it ought to have been heard and decided by the NCLT PTI SP GK GK

Mumbai Oct 26 PTI The Bombay High Court on Tuesday granted an interim injunction against Zee Entertainment Enterprise Ltds ZEEL largest shareholder Invesco restraining the latter from going ahead with the requisition of an extraordinary general meeting EGM seeking removal of the ZEEL MD and CEO Punit Goenka A single bench presided over by Justice Gautam Patel said I have granted an injunction to the respondents A detailed order of the court is awaited The high court had reserved its order on the issue last week after ZEEL had told the court that it was not willing to hold an EGM of shareholders as requested by its largest shareholder Invesco The submission was made in response to a previous suggestion made by the Bombay HC whereby Justice Patel had asked the ZEEL if it was willing to hold such a meeting Senior counsel Gopal Subramanium who appeared for ZEEL had told the HC at the time that the companys Board of Directors could not grant permission for something that could turn out to be illegal Invesco Developing Markets Fund and OFI Global China Fund the largest investors of ZEEL had sent a requisition to the company on September 11 to call for an EGM for the removal of MD and CEO Punit Goenka and two other non-independent and non-executive directors from the companys board It had also sought the induction of six new independent directors ZEEL however moved the HC on October 2 seeking that the court declares the requisition notice for a shareholders meeting sent by Invesco as illegal and invalid PTI AYA NSK NSK

Mumbai Oct 22 PTI The Bombay High Court on Friday reserved its order on Zee Entertainment Enterprises Ltds ZEEL plea after the media company said it was unwilling to hold an extraordinary general meeting EGM of shareholders as requested by Invesco its largest shareholder A single bench of the high court presided over by Justice G S Patel had on Thursday asked the media company if it was willing to hold such a meeting On Friday senior counsel Gopal Subramanium who appeared for ZEEL informed the court that the companys board of directors could not grant permission for something that could turn out to be illegal Subramanium said that clouds of concern had appeared on the horizon following the courts query posed in the previous hearing and the ZEEL board had decided against holding an EGM Invesco Developing Markets Fund and OFI Global China Fund the largest investors of ZEEL had sent a requisition to the company on September 11 to call for an EGM for the removal of MD and CEO Punit Goenka and two other non-independent and non-executive directors from the companys board It had also sought the induction of six new independent directors ZEEL however moved the high court on October 2 seeking that the court declare the requisition notice sent by Invesco as illegal and invalid On Friday Subramanium told the court If the board of directors are compelled to carry out the requisition then it would be violative of other provisions of laws He further stated that the existing legal provisions permitted the board of directors to reject a requisition for an EGM if it had reasons to believe that the objective of such meeting was illegal Senior counsel Kapil Sibal who appeared for Goenka questioned what would happen to the mandate if these resolutions were passed and Goenka was removed and said that the board could not exist without anyone in the two top roles Invescos counsel senior advocate Janak Dwarkadas however argued that calling for the EGM was not in violation of any law and that the shareholders had a right to call for the meeting Before calling the meeting how can you ZEEL come to the court and say look into the legality of this asked Dwarkadas The high court closed all arguments and reserved its order on the suit filed by ZEEL It is likely to pronounce its order on October 26 PTI AYA ARU ARU

New Delhi [India], October 6 (ANI): Zee Entertainment Enterprises LTD (ZEEL) has moved the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal (NCLT) Mumbai order that asked it to respond by October 7 on the plea of shareholders Invesco Developing Markets Fund and OFI Global China.