Bombay High Court Granted An Injunction Against Invesco's EGM Request

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Bombay High Court Granted An Injunction Against Invesco's EGM Request
27 Oct 2021
6 min read

News Synopsis

On October 26, the Bombay High Court issued an injunction on Invesco's proposal for an extraordinary general meeting (EGM). "Invesco considers that resolutions at the EGM are somehow special, more sacred than resolutions filed by the board," the company noted. The court stated that forcing Zee Entertainment to call an EGM might be considered non-compliance. Invesco attempted to remove Zee Entertainment MD and CEO Punit Goenka from the board of directors, replacing him with six independent members.

According to Zee, the proposal for an EGM by Zee's significant shareholders, Invesco and OFI Global, was illegitimate and invalid. The Bombay High Court reserved its judgment, which will now be carried out. Dwarkadas further added that they have filed a complaint with the National Company Law Tribunal (NCLT), which has the authority to decide on the subject. The court had pushed Zee to organize an EGM the day before it reserved its order, but it emphasized that the EGM resolution had to be placed on hold until the court determined the request's legality and propriety.

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