[ad_1]
NEW DELHI: Zee Leisure Enterprises stated on Friday that its board has denied requests from its prime shareholders to convene a unprecedented common assembly (EGM).
“The board has arrived at this determination by referring to varied non-compliances beneath a number of legal guidelines… and after making an allowance for the pursuits of all of the shareholders and stakeholders of the Firm,” Zee stated in a regulatory submitting, referring to pointers set by India’s capital markets regulator and the federal broadcasting ministry in addition to the businesses regulation.
The board’s determination comes a day after the Nationwide Firm Legislation Tribunal (NCLT) stated ZEE ought to think about a request by prime buyers, Creating Markets Fund and OFI World China Fund LLC, to carry an EGM.
Invesco and OFI World, which collectively account for 17.88% shares in Zee, earlier this week filed a petition with the Nationwide Firm Legislation Tribunal’s Mumbai bench.
The 2 buyers took authorized recourse after Zee final week signed a merger take care of Sony Group Corp’s India unit in transfer that can create the nation’s largest broadcaster.
Zee’s chief govt officer Punit Goenka will develop into the merged entity’s managing director and CEO as a part of the deal.
Invesco and OFI World had earlier this month requested Zee to take away Punit Goenka and two administrators from the board and to nominate a number of unbiased administrators.
“The board has arrived at this determination by referring to varied non-compliances beneath a number of legal guidelines… and after making an allowance for the pursuits of all of the shareholders and stakeholders of the Firm,” Zee stated in a regulatory submitting, referring to pointers set by India’s capital markets regulator and the federal broadcasting ministry in addition to the businesses regulation.
The board’s determination comes a day after the Nationwide Firm Legislation Tribunal (NCLT) stated ZEE ought to think about a request by prime buyers, Creating Markets Fund and OFI World China Fund LLC, to carry an EGM.
Invesco and OFI World, which collectively account for 17.88% shares in Zee, earlier this week filed a petition with the Nationwide Firm Legislation Tribunal’s Mumbai bench.
The 2 buyers took authorized recourse after Zee final week signed a merger take care of Sony Group Corp’s India unit in transfer that can create the nation’s largest broadcaster.
Zee’s chief govt officer Punit Goenka will develop into the merged entity’s managing director and CEO as a part of the deal.
Invesco and OFI World had earlier this month requested Zee to take away Punit Goenka and two administrators from the board and to nominate a number of unbiased administrators.
[ad_2]