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 (Maharashtra) [India], January 22 (ANI): Sanjiv Goenka, the owner of the Lucknow franchise in the Indian Premier League (IPL), has said that KL Rahul will emerge as a phenomenal leader and he has everything required to succeed at the big stage.

New Delhi [India], January 17 (ANI): Narendra Kumar Goenka on Monday took charge as new chairman of Apparel Export Promotion Council (AEPC) replacing A Sakthivel. AEPC is the official body of apparel exporters in India, under the aegis of Ministry of Textiles.

Mumbai (Maharashtra) [India], December 22 (ANI): Sony Pictures Networks India Private Ltd (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday said that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.

Bengaluru Oct 21 PTI Taking objection to an advertisement by tyre major Ceat Ltd in which actor Amir Khan is seen advising people not to burst crackers on the streets BJP MP Anantkumar Hegde has asked the company to also address the problem blocking roads in the name of Namaz and noise emitted from mosques during Azan In a letter to the companys MD and CEO Anant Vardhan Goenka he requested him to take cognisance of the recent advertisement creating an unrest among the Hindus and expressed hope in future the organisation will respect the Hindu sentiment Your companys recent advertisement in which Amir Khan advising people not to fire crackers on the streets is giving a very good message Your concern to public issues needs applause In this regard I request you to address one more problem faced by people on roads ie blocking roads in the name of Namaz on Fridays and other important festive days by Muslims Hegde said In the letter dated October 14 he said it is a very common scene in many Indian cities where Muslims block busy roads and perform Namaz and at that time vehicles like ambulances and firefighter vehicles are also struck in traffic causing grave losses Also requesting Goenka to highlight the issue of noise pollution in the companys ads the MP from Uttara Kannada said every day loud noise is emitted from mikes arranged on the top of mosques in our country when Azan is given That sound is beyond the permissible limits On Fridays it is prolonged for some more time It is causing great inconvenience to people suffering from different ailments and taking rest people working in different establishments and teachers teaching in classrooms Actually this list of sufferers is very long and only a few are mentioned here he said As you are very keen and sensitive towards the problems faced by the general public and you also belong to the Hindu community I am sure you can feel the discrimination done to the Hindus since centuries he further said adding nowadays a group of Anti-Hindu actors always hurt the Hindu sentiments whereas they never try to expose the wrong doings of their community Therefore I kindly request you to take cognisance of this particular incident where your companys advertisement has created an unrest among the Hindus Hegde said as he expressed hope that in the future Goenkas organisation will respect the Hindu sentiment and will not hurt it directly or indirectly by any means PTI KSU RS KSU SS SS

New Delhi Sep 22 PTI Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies linear networks digital assets production operations and program libraries Further Zee Entertainment Enterprises Ltd ZEEL Managing Director and Chief Executive Officer Punit Goenka will lead the merged entity Sony Pictures Networks India SPNI said the merger would bring together two leading Indian media network businesses benefitting consumers throughout India across content genres from film to sports The combined company is expected to benefit all stakeholders given strong synergies between ZEEL and SPNI said SPNI As per the deal the shareholders of SPNI will hold majority stake in the merged entity This exclusive non-binding pact to combine both companies assets will enhance the combined companys digital platforms across technology and content ability to bid for broadcasting rights in the fast-growing sports landscape and pursue other growth opportunities said SPNI Further Sony Pictures Entertainment the parent company of SPNI would invest growth capital so that SPNI has a cash balance of approximately USD 1575 billion SPNI said in a statement According to ZEEL basis the existing estimated equity values of Zee Entertainment Enterprises Ltd ZEEL and SPNI the indicative merger ratio would have been 6125 per cent in favour of ZEEL However with the proposed infusion of growth capital into SPNI the resultant merger ratio is expected to result in 4707 per cent of the merged entity to be held by ZEEL shareholders and the balance 5293 per cent of the merged entity to be held by SPNI shareholders it said It also added that Zee Entertainment Managing Director and Chief Executive Officer Punit Goenka who is facing pressure from two largest shareholders of the company - Invesco and OFI Global China Fund LLC - to quit the post would lead the merged entity Last week the two investment firms - which together hold 1788 per cent of the paid-up share capital of the company that carries the right of voting had called an extraordinary general meeting of shareholders seeking to remove Goenka from the position The combined companys board of directors would include directors nominated by Sony Group and result in Sony Group having the right to nominate the majority of the board members said SPN statement PTI KRH ANS ANS

A woman’s hilarious plea to business tycoon Harsh Goenka to allow her husband to work from office has internet in splits. The wife of one of Harsh Goenka’s employees in her letter to the businessman complained that their marriage will end if the work from home situation continues. The COVID-19 pandemic forced companies across the […]