India’s Zee Sues Investors Invesco, OFI as Standoff Continues
Zee’s suit came a day after it said it was unable to call the extraordinary general meeting.
(Bloomberg) -- India’s Zee Entertainment Enterprises Ltd. filed a law suit asking the Bombay High Court to declare illegal and invalid a notice by investors Invesco Developing Markets Fund and OFI Global China Fund LLC calling for a meeting of shareholders, according to a stock exchange filing on Saturday
Zee’s suit came a day after it said it was unable to call the extraordinary general meeting.
“The board deliberated, and unanimously concluded that the requisition notice is not valid, as it suffers from multiple legal infirmities,” Zee informed the stock exchanges Friday.
Invesco and OFI sought a court’s intervention after the entertainment company refused to hold the meeting. The funds want the ouster of Zee board members including Chief Executive Officer Punit Goenka, who has started merger talks with Sony Group Corp.’s Indian unit with the aim of leading the combined company.
Zee doesn’t expect financial implications arising from the law suit, except for legal costs, according to the Sarturday filing.
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