The Bombay Superior Court docket (HC) on Thursday questioned the board of Zee Leisure Enterprises (ZEEL) to keep an extraordinary basic meeting (EGM) of shareholders as asked for by its most significant shareholder, Invesco.
A solitary-decide Bench of Justice G S Patel stated the EGM resolutions will be stored in abeyance for a 7 days thus, providing time to ZEEL to technique the courts to contest the legality and validity of the EGM requisition designed by Invesco. The courtroom also proposed that a retired decide or a neutral particular person chair the EGM. The ZEEL board is at this time chaired by R Gopalan.
Through the proceedings, Justice Patel stated denying the right to simply call an EGM would established a “ferocious” precedent. ZEEL stated it would advise the courtroom on Friday about the EGM day.
Invesco experienced questioned the ZEEL board to simply call an EGM of shareholders to