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Even as India’s first homegrown private sector media company Zee Entertainment Enterprises celebrated its 29thanniversary — a landmark indeed — on October 2, the company also moved the Bombay High Court against two institutional investors who were seeking sweeping changes.
On Saturday, when India was observing the birth anniversary of Father of the Nation Mahatma Gandhi, Zee said it had filed a petition in court against a notice issued by two institutional investors pushing the media company to call for a meeting of shareholders, Reuters reported from Mumbai.
Zee’s board on Friday had rejected calls from Invesco Developing Markets Fund and OFI Global China Fund LLC for an extraordinary general meeting, citing the lack of approvals required from India’s capital markets regulator and the federal broadcasting ministry for initiating changes to a company’s board.
It is a rather emotional moment for me as this precious institution completes 29 extraordinary years. I am extremely proud of the immense value ZEE has created for all its stakeholders over the years. #ZEEturns29
— Punit Goenka (@punitgoenka) October 2, 2021
Invesco and OFI, which together own 17.88 percent of Zee, want its chief executive Punit Goenka to be removed and a board revamp.
The two investors filed a petition at Indian companies’ court NCLT after Zee recently signed a non-binding merger deal with Sony Group Corp’s Sony Pictures Network India (SPNI), which would create the country’s largest broadcaster, once all the formalities and regulatory approvals come through.
The next hearing for the case at NCLT is scheduled for October 4, a day when the Bombay High Court could also possibly take up Zee’s petition against the investors.
Goenka, who is set to become head of the new unnamed merged venture, in a tweet on Saturday said: “It is a rather emotional moment for me as this precious institution completes 29 extraordinary years. I am extremely proud of the immense value ZEE has created for all its stakeholders over the years. #ZEEturns29.”
Incidentally, a former group company Dish TV, which was also started by Zee founder Subhash Chandra, celebrated its 18thanniversary Saturday under a shadow of Board revamp requisitioned by Yes Bank, which holds around 25 per cent stake in the DTH company.
